It’s July, well almost, tomorrow is. But that means we’re halfway through the year already. The longest day has come and gone, so have two heatwaves and the schools are on the verge of breaking up. With that in mind, there’s a question that needs to be asked, is it time for a mid year strategic review to see how your plan for the year holding up?

Would your answer be “it’s working great! Been a real asset”, or “it’s completely unrecognisable from what we had in January”? Or “it’s around here somewhere… give me a second”. Chances are you’ll be in the second category, which is fine, that’s what usually happens, they bend and flex over time. That’s just part and parcel of what they do.

But now is the perfect time to take a step back and take a beat. Don’t worry, a mid year review doesn’t need to be a huge exercise. It just needs to be reflective on what you set out to achieve back in January and ask three simple questions:

What’s actually working

That’s not what you had hoped would work, but what the numbers and your gut both agree on (yes your gut is useful!).

What’s quietly draining time or budget without much to show for it?

Be realistic here. Sunk costs can be a trap. There’s still six months left of the year, so plenty of time to change tack if needed.

What’s changed since you wrote the plan?

Markets shift, competitors change, and customers’ needs evolve. Life doesn’t stand still. A strategy written in January with December’s information might already be out of date, especially in the crazy world we currently live in.

Realign for H2

So, while it may be tempting to barrel on with the original plan simply because it’s the plan, remember your strategy is not like the 10 commandments, it isn’t set in stone. Your strategy is meant to be a living breathing thing that evolves throughout the year.

My suggestion? Give yourself half a day. Look at your goals, analyse your results to date. You may be behind or, fingers crossed you may be ahead (I hope you are) but either way chances are there are actions you can take to realign yourself to the market and make the most of the second half of the year.

The businesses that finish the year strong aren’t the ones that adhered strictly to their January strategy, they’re the ones that regularly review and realign it, looking clearly at their actions and results and adjusted as necessary.

Sometimes it can be hard to see the wood for the trees when you’re stuck in the day-to-day of your own business. If you want an objective pair of eyes to help you run your halfway strategic review, we’re just a message away!