Joseph Soares is a former advisor to the Prime Minister of Canada and a managing partner at HR firm IBPROM Corp.
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Personally, I've always found the month of August to be a transformative period. Every year, I make it a point to take the entire month off. Not only is it a reward for hard work, but it’s also an opportunity to reboot, refresh and recharge. This ritual allows me to disconnect from the daily grind and let my mind wander, free from the constant barrage of emails and meetings. This year, at a remote Portuguese archipelago in the middle of the Atlantic, I was reminded of the importance of perspective, the need to look at the bigger picture and the significance of recalibration in our professional journey.
For companies, a year is marked by myriad milestones. From the early optimism of January kick-offs to the mad dash of December closes, business ebbs and flows with the seasons. But summer, with its sunlit afternoons and well-deserved vacations, can offer more than just a respite. It's a golden opportunity, a pause that invites reflection. As many team members return rejuvenated from their breaks, it's the perfect time to embark on a mid-year review of corporate objectives.
Why Mid-Year Reviews Matter
The initial strategic planning phase at the start of the fiscal year is often met with enthusiasm. Objectives are set, targets are identified and the path forward is clear. But as Mike Tyson wisely said, "Everyone has a plan until they get punched in the mouth." The unpredictable nature of business, even more so in our volatile global landscape, means objectives set in January might require recalibration by July.
A mid-year review ensures corporations aren't merely sticking to a plan for the sake of adherence. Instead, they're adapting and evolving based on the data they've accumulated, the lessons they've learned and the obstacles they've encountered.
Consider rental platform Airbnb's 2020 pivot. The Covid-19 pandemic severely impacted the travel industry, and Airbnb's bookings plummeted by 72% in April 2020. Recognizing this drastic change, the company swiftly recalibrated its approach. Instead of promoting travel experiences, it highlighted local stays and experiences, emphasizing longer-term stays suitable for remote work and changing travel habits. By the end of the year, Airbnb's resilience and adaptability allowed it to launch a successful IPO in December. This shift underscored the necessity of timely reviews and adaptations.
5 Steps To An Effective Mid-Year Review
In today's rapid-paced business world, waiting until the end of the year to review and recalibrate can be a missed opportunity. A mid-year review allows for agility, a trait successful corporations increasingly need. Here are five steps to ensure you perform the most effective review.
1. Revisit Original Objectives: Start with a reflection on the goals you outlined at the beginning of the year. This exercise extends beyond mere progress tracking. Delve into whether these targets still resonate with the evolving business landscape. Pose critical questions like "Are these objectives still apt?" or "Has the market or our company direction shifted in a way that necessitates an alteration in goals?"
2. Gather Data: To craft informed decisions, it's pivotal to analyze performance metrics and fiscal data, as well as feedback from team members. This multifaceted approach ensures decisions rest on a robust foundation.
3. Invite Cross-Functional Feedback: Elevate the review process by including voices beyond the executive echelons. Encourage input from varied departments. For instance, the insights from your sales team might diverge from those of marketing, but both offer rich value for considering your objectives.
4. Adjust And Adapt: Post reflection and data analysis, discern the adjustments required. This could encompass crafting fresh objectives, tweaking existing ones or persevering with renewed determination. For effective alteration in objectives, consider market trends, anticipate future industry shifts and prioritize organizational synergy.
5. Communicate Changes: Post deliberation, it's vital to articulate the decisions with full transparency to all vested parties. This is paramount for ensuring harmonized efforts and a cohesive march toward common goals.
Seizing The Moment
As employees come back from summer sojourns, tales of adventure and relaxation in tow, companies should harness that refreshed energy for the betterment of the corporate narrative. The mid-year review is more than just a check-in. It's a strategic pit stop, ensuring we're both on the right track and nimble enough to adjust course as needed.
In the ever-evolving corporate journey, these planned pauses, reflections and recalibrations are what ultimately determine success. And as the leaves begin their transition from green to gold, may our corporate objectives too transition toward realization and success.
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