Midyear Check-In: Business Tips for Small Businesses in 2024

Congratulations – we are halfway through 2024!

I often find myself wondering “where did the time go?!” I think that’s a feeling most small business owners can relate to. Between life and business, things can feel hectic and overwhelming. That’s why it’s so important to take a pause this time of year to complete a quick business check-in.

Conducting a midyear review is essential for small business owners. It offers a valuable opportunity to reflect on the first half of the year, assess what has worked well, and identify areas that need improvement.

Most importantly, a midyear review can reignite your spark and have you excited to finish out the year strong! When we are in the day to day of business it’s easy to forget what we’re working so hard for.

Taking time to pause and reevaluate gives you the ability to set up yourself and your business for continued success in the remaining months of the year.

Come with me and find some helpful advice as I share some key business tips for small businesses in 2024.

Your Mid-Year Check-in Starts Here

Step 1.

Reflect on the first half of the year

Whether this this your first mid-year review or you’re a seasoned pro, knowing where you’ve been is essential.

Work through these prompts to see where you are right now:

1. Original Objectives & New Plans: The best place to start is at the beginning.

• What aspirations did you have for your business at the beginning of the year?

• What milestones (planned or otherwise) have you hit so far?

• Do any of your intentions need to be adjusted?

It’s totally normal for businesses to evolve and change! Now is the perfect time to adjust where you’re headed. 

2. Analyze Your Metrics: Dig into any and all data available on your business. This could include sales figures, website traffic, social media engagement, and customer feedback. Identify trends and patterns to understand what’s driving your success and what you might need to improve.

3. Financial Health Check: Review your company finances to ensure your business is financially healthy. Analyze your cash flow, expenses, and profits. This will help you make informed decisions about budgeting and investments for the rest of the year.

4. Customer Feedback: Connect with your customers to gather feedback. This can provide valuable insights into their needs and how well your products or services are meeting them. Use this information to improve your offerings and overall customer experience.

5. Team Evaluation: Check in with your team to understand their challenges and achievements. Are they meeting their targets? Do they need additional resources or support? Ensuring your team is motivated and aligned with your goals is crucial for continued success.

Step 2.

One of my favorite business tips for small businesses? Plan ahead

Now that you've assessed where your business currently stands, let’s look into the future.

Start by setting realistic and measurable goals based on your original goals, midyear review and any new findings.

Break these goals down into actionable steps with clear deadlines to keep you on track.

Next, update your marketing, sales, and operational strategies to align with these new goals, remain flexible and ready to Ross Gellar “PIVOT!” if need be.

Identify areas where you can invest in growth, this can mean launching new marketing campaigns, developing new products, or seeking out training.

Finally, establish regular check-ins to track your progress towards these goals. This gives you the accountability you need and allows for quick adjustments (those “PIVOT!” moments) if things aren't going as planned.

Step 3.

Embrace the Unknown

One of the most beautiful parts of being a business owner is never really knowing what is coming next! (Okay, it’s also terrifying.)

As you plan for the future, keep in mind that moving towards success can be scary. Sometimes you have to start before you’re ready.

Embrace the unknown, trust yourself, and take that leap. Your big scary dream is waiting for you on the other side… so be brave! Trust in your vision, and don't be afraid to take bold steps towards your dreams.

At Copperheart Creative, we understand that stepping into the unknown can be daunting. But we love helping our clients take that first big step because it's often where the greatest opportunities are!

We’re here to help you turn your big dreams into reality.

Does your 2024 business plan include upping your branding game? Reach out to learn more about our process and get on our books today!