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Essential Mid-Year Planning Tips Every Female Founder Needs for Business Growth

business growth marketing strategy Jun 26, 2024
Essential Mid-Year Planning Tips Every Female Founder Needs for Business Growth

It's the end of June, which means it's time for a mid-year review. While often overlooked, this practice can make a significant difference in your business's success over the next six months. So, let's get started!

Summer is my favorite season for business planning. There's something about the warm weather and the slightly laid-back vibe that gives me the mental space to reflect and strategize better than I can in January. This year, I'm inviting you to join me in taking some time with your team to reconnect with your goals set at the beginning of the year. We often get so caught up in the day-to-day grind that we forget to pause and evaluate our progress. Trust me; this period of reflection can be the game-changer you need.

Step 1: Assess Your Performance and Goals

The first step in our mid-year review is to take a comprehensive look at our performance metrics. If you’ve been diligent about tracking your marketing metrics, now’s the time to scrutinize those numbers. If not, start by examining your core leading and lagging indicators from January onwards.

- Lagging Metrics: These are your end-results like sales revenue and email list growth.

- Leading Metrics: These are actionable steps like the number of ads run, social media posts, or podcast mentions that drive those end-results.

Reflecting on these metrics gives us the data we need to understand what’s working and what’s not. Often, we avoid looking at these numbers because they can be painful. But this discomfort is crucial; it's what propels us into action.

Step 2: Identify Opportunities and Challenges

After assessing your performance, the next step is to identify opportunities and challenges. Focus on the areas where you aren't meeting your goals. What support do you need? This could be anything from technical tools to consultant advice.

For example, my performance on LinkedIn hasn’t reached the milestones I set for myself. To address this, I hired consultants to optimize my profile and studied successful accounts for inspiration. It’s vital to sit in that discomfort and let it motivate you to find solutions. Remember, every pain point is an opportunity for growth and learning.

Step 3: Bring It to the Team

Once you’ve gathered all this data and insight, it’s time to bring it to your team, whether that’s one person or ten. Transparency and collaboration are crucial here. I prefer to have a meeting where I share my findings and then invite my team to provide their insights and ideas. This participatory approach not only fosters a sense of ownership but also yields better, more diversified solutions.

One of the often-overlooked benefits is involving your consultants or freelancers in these discussions. These external team members bring a wealth of insight from their experiences with other businesses. Their input can be incredibly valuable in seeing challenges from different angles and identifying opportunities you might have missed.

Step 4: Set New Targets and Find Your Supports

With your team’s input, the next step is setting new targets and figuring out what additional resources you'll need to hit those goals. This could mean investing in new tools, courses, or even hiring experts to provide external perspectives and strategies. Remember, getting to the next level often requires skills and knowledge that you might not yet possess. Don’t shy away from seeking mentorship or joining a mastermind group. The return on this investment can be profound.

Step 5: Implementation and Continuous Monitoring

Finally, put your plan into action. Break down these goals into daily or weekly tasks and regularly monitor your progress. This continuous cycle of planning, executing, and reviewing ensures that you're always on track to meet your targets.

Ladies, it's easy to let the hectic pace of entrepreneurship consume our focus. However, taking the time to step back and assess our progress and goals, involve our teams, and seek the right kinds of support can catalyze incredible growth. Use this summer wisely and remember, the effort you invest in your mid-year review can set the stage for a powerhouse end to the year.

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