We interrupt this month’s regularly scheduled blog topic about Landing Pages and Paid Ads to discuss an extremely important topic that is time sensitive.
Your mid-year review.
How is it that many of us do a check up on our cars, our lawnmowers, our bodies, and our A/C units… but not on our businesses? Our business is our livelihood, and possibly the livelihood of many others, but we rarely take the time to make sure we’re on the right track for growth.
SO… we’re at the middle of the year, the end of Q2, the close of H1 (half 1). The question that begs to be answered is…
How has your year been so far?
You probably started out 2017 with high hopes. This year is going to be different. This year, I’m going to get sh!t done. I’m going to get organized, put systems in place, hire a coach or 3, set up the Profit First system, find and work with a good mentor, raise rates, get a new website done, change member management systems, or any other number of things you had on your “list” of goals.
That is, if you even took time to write out your goals and create a plan.
We use GPS tools, and directions, and recipes because, in life, we need a plan. We need to know where we’re headed and what our final destination is.
Why is it then, that many small business owners go through their days without a plan? WIthout any reflection, except to beat themselves up for not doing better?
Most people probably know they should do some sort of reflection on what has been, but many just don’t know how – they don’t know what to review and evaluate.
Whether you own a gym that has 500 members or you just opened your doors 6 months ago, setting some time aside to reflect will serve your business – and you – well.
There are 3 basic groups of people reading this blog:
- You created a plan/goals and are right on track (or doing better) than where you thought you would be.
- You created a plan/goals and then well, basically forgot about it, and are frustrated because you’re not further along than you had hoped.
- You didn’t create a plan at all so you’ve taken each day as it has come.
If you’re in group #1, huge congratulations. We have a significant number of our clients like this in our private Facebook group. They are crushing it and seeing big, positive changes in their business. They have been differentiating themselves from the competition and their progress has been exciting to follow. But, even if this is you, you should take pause and reflect so that Half 2 is even better than Half 1.
If you’re in group #2 or #3, it’s not too late to create a plan and accomplish big things in 2017. You’ve likely heard the quote “if you keep doing what you’ve always done, you will keep getting what you’ve always got.” So, put a stake in the ground that enough is enough. No more flying by the seat of your pants. Like you tell your athletes, the disciplined see the results. Mark this day as the beginning of your next 6 months.
So what’s involved in a mid-year review?
First, get away from your gym. Take a couple of hours to a half day (half day is ideal), bring a notebook/pen or computer, and go to a coffee shop, or park, or favorite cafe. Just be sure to pick a place that puts you in a good mood where you can be creative and think. Turn off your phone and email, and just be still. Be with you. Prepare yourself to sit with your progress, hopes, fears, successes, shortcomings, and desire for more and better.
Second, ask yourself a simple question… “Am I happy with what’s been accomplished so far this year?” Write your answer down.
Third, pull out your list of goals that you created in December or January, if you have them, and review. Here are some questions to ponder: 1) do you have a plan, or are you winging it? 2) are you on track with your goals? 3) how far do you have to go, and how will you get there?
Fourth, examine these key components of your business with a few questions to get you started:
- Systems and Processes – What % of yours are documented and followed? Which ones are you going to complete in the next 6 months?
- Cash Flow and Budget – How are you doing in terms of revenue and, even more importantly, profit? Are you on track to meet your desired income by year end, or are you falling short? Do you need to raise your rates? Have you set up the Profit First system?
- Marketing and Members – Do you have a event/marketing calendar in place? What’s your retention rate? Do you need more members, or do you need to charge more or reduce your expenses?
Fifth, wrap it up by thinking about you over these last 6 months. Are you working too many hours? …or not enough? Are you giving your family, significant other, friends, etc. your best? Are you excited about your business, or facing burnout? Again, write this down.
Sixth, depending on your answers to the above, answer these questions: How can you improve things? Where can you see quick wins, and where are the longer term plays that will move your business forward? Create your plan.
Finally, treat yourself. Buy yourself lunch, or dinner, or a beer prior to heading back to work.
If you want to take this a step further, and you’re serious about constant improvement in your business, check out our online learning platform, Hub. In it, we provide a detailed Business Check Up course with a scoring rubric. It will show you exactly where you are and where you can improve to further professionalize your business. Check it out (for free!) today!