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Update Your Business Plan and Reconnect to Success

Are You On Track and Planning For Your Success? It may be time to update your business plan and reconnect to success.

“How did I end up here?” These words were recently uttered by a business owner who reached out to us for help. He’d had some idea of where he wanted to be on January 1st. Months later, he was scratching his head. What went wrong?

Wherever you started this year, with or without a formal business plan mapped out, you likely had some goal in mind.

midyear business plan updateWith six months concluded, you now have real data to compare to what you established as your financial goals when you started this year. How are you progressing? Are you on pace with, ahead of, or behind where you wanted to be?

Even if your production numbers are looking good, you may be experiencing a feeling of unrest related to other areas of your business. One tool our clients take advantage of to address this is the Wheel of Business, you can download it here.

This visual representation is a quick way to check in with your satisfaction in each of the eight critical facets of your business. We go into great detail on each of these in our book, Snapshot Business Planning. If you haven’t already picked up your copy, you can find it here.

On your Wheel of Business, you’re asking yourself, “How satisfied am I in each of these areas?” You might have a high level of satisfaction, for example, with your Marketing facet. However, you might feel there’s so much to be done with your Client Retention facet. Whatever your specific situation, determine in which of those eight facets you have the lowest level of satisfaction. Then, clarify:

  • What is working and what is not working in that facet?
  • What is one step you could take to improve your level of satisfaction?
  • Who will help you accomplish this step?
  • By when do you want to have it implemented?

For each facet where you decide you want to raise your satisfaction level, repeat this process.

When we work with our clients during VIP Planning, we spend time setting goals in each of the facets, and then at the end of the process, we review all those goals and help them identify what their Top 6 Goals are.

If you did this part of the process, either with us onsite or by following the Snapshot Business Planning book, then take this time mid-year to check in with your progress on those Top 6. You may need new action steps, or if you’ve achieved some of those goals, you may want to re-establish your Top 6.

You have nearly half the year ahead of you to adjust your course and redirect yourself for a successful second half. And reach out if you’d like support in mapping out your plan!

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