“Every year seems to speed by more rapidly than the one before,” notes Andrew Maren, founder and CEO of the Fintech company ProfitShare Partners. “We’re already in June of 2023 and every entrepreneur and SME owner aiming for improvements and success knows what this means… the check-up that keeps your motor running.”
Whether you’re leading a successful Fintech or grocery store, or starting out as an entrepreneur pitching the Next Big Idea to local businesses, Maren’s advice is consistent: “Review your year so far. Re-read your plans for the rest of the year. Renew your enthusiasm for your business.”
Mid-year is the perfect time to check your mileage, refresh your tyres for the miles ahead, and get back on the road will all pistons firing, Maren suggests. Here’s how:
1. Check the goals you set for 2023 in January
- Did you reach your mid-year goals? If not, create a numbered list of the goals you met, followed by another numbered list of those you haven’t met. If your achievement list outweighs your “not yet” list even by one goal, give yourself a pat on the back – and then review the reasons you didn’t meet all your goals, and how you could do things differently in the next six months.
- New goals for the next six months: Write a list of new goals that are adapted to the current state of your business. Include:
- Current financial situation
- Growth you’ve had since the start of the year. If there has been no growth, think of ways you could diversify or generate new revenue streams within the next six months.
- Tick off where you implemented learning programs or incentives for staff in the last six months. Do a search online for free learning programs that pertain to your business and encourage staff (and yourself) to learn something new before this year is up.
2. Note new technologies: Barely a month goes by without some new tech being launched that could help you reach your goals quickly – and often at little cost, compared to return on investment (ROI). Be on the lookout for:
- ChatGPT – read up about it; sign up (free); and investigate the opportunities it can show you in your specific area of business. Not that it doesn’t have a few glitches, but as a search tool for small business, it’s exceptional.
- MarTech – another area that software is helping businesses of all sizes in Marketing Technology. Take a free trial and see how MarTech can make a difference to your marketing strategies in the next few months.
- Security courses and software – learning how to keep your company safe from the ever-more sophisticated cyber criminal can be a life-saver. There is no such thing as “knowing all there is to know” about cyber-security, and SMEs are a prime target.
“Remember,” urges Maren, “to keep your original list from the start of the year, along with your mid-year review and new additions. ProfitShare Partners did not become the success it is today without ongoing reviews and re-news.
“Profits and financials aside, we can only measure our efforts by looking at how far we’ve come and what we need to change or repeat to do better. Entrepreneurs… start your engines…”Andrew Maren