The purpose of a mid-year review is to improve your chances for success!

Effective business leadership not only handles day-to-day issues but also plans for contingencies and best/worst/most likely scenarios. Common concerns leading to a Mid-Year Review include:

  • Finances: What steps can be taken to make more money? How about making sure you’re on-track to satisfy banking covenants and conditions?  Is your cash flow strong or is a crisis on the horizon?  Are your A/R agings in line?
  • Sales:  Is your sales pipeline full?  Are you on schedule for net new customers? What is average revenue per customer?  What are your customer acquisition costs?
  • Marketing: Are your current marketing strategies working effectively?  Are your online/digital, advertising, promotional, and other communication programs attracting new clients?
  • Manufacturing: Is material sourcing a concern?  Where do you stand with raw materials, work-in-process and finished goods, as related to job orders and delivery dates?  Are customer rejects and other quality control measures in-line?
  • Distribution: What is your inventory carrying cost, turnover and inventory-to-sales ratio? What are your warehouse capacity metrics?  How is your performance in on-time shipments?
  • Personnel: Are you staffed properly to support all departments’ goals through year-end? This is also a good time to insure you retain your top people and attract quality talent.

The purpose of a mid-year review is to improve your chances for success!  This essentially boils down to three critical components: (a) evaluate business performance, (b) create solutions to address problems, (c) and provide critical management guidance.  As a key part of your team, MyCFO works with you to develop innovative solutions and to establish systems to monitor success.

Keep in mind that complacency is the enemy of long-term business success — and nothing causes this more frequently than a short-term period of strong sales, profits and an abundance of cash.  The result can be “We don’t have time for a mid-year review, we’re swamped and everything is going great.”  However, the goal of any business should be long-term success, so preparing for the inevitable downturn, while enjoying plentiful resources, is an important commitment.

Don’t delay, improve your business today!

The time and money invested in a mid-year review can be minor in relation to the potential outcome.  The professionals at MyCFO can offer invaluable expertise in this process.   Contact us today for a free initial consultation!