Mid-year business check-in: How to reassess goals for the second half of the year

By the middle of the year, most small business owners are so busy managing day-to-day operations that any medium- to long-term strategy goes out the window. But doing a mid-year business check-in can be one of the most powerful ways to keep your business on track towards achieving your goals.

The economic climate in South Africa remains challenging: consumers are cash-strapped, and many businesses are operating in low-growth sectors. At the same time, we’ve seen positive signs: interest rates have stabilised, fuel prices have dipped even though there’s a threat of a diesel price hike in August, and some SMEs are reporting stronger cash flow compared to this time last year.

Whether your business is struggling or thriving, now is the right time to take stock. Here’s how to approach your mid-year business check-in:

Review your original goals

Start by revisiting the goals you set at the beginning of the year. These might include revenue targets, customer growth, product launches or geographic expansion. Ask yourself:

• Are you on track?
• Have any goals become irrelevant or unrealistic due to market changes?
• Have new priorities emerged that weren’t on your radar six months ago?

Be honest. This is not an exercise in self-criticism – it’s about clarity. If a goal no longer serves the business or isn’t achievable under current conditions, change it. Sticking to a goal that no longer fits can be more damaging than adjusting it mid-year.

Reassess your financial position

A financial health check should be at the centre of your mid-year review. Take a fresh look at your cash flow, profit margins, and overall expenses. Do you have sufficient runway to meet your obligations through to December?

If the numbers aren’t looking good, this is your opportunity to act. That could mean reducing overheads, renegotiating supplier contracts, increasing prices (where justified), or chasing slow-paying clients.

For businesses in a stronger financial position, consider whether now is the right time to invest – perhaps in new technology, employee training, or marketing to drive growth in the second half.

Reconnect with your customers

What your customers wanted in January might not be what they need now. Use this midpoint to gather customer feedback – through surveys, informal check-ins, or direct conversations.

Ask what’s working, what’s not, and what new challenges they’re facing. This feedback will help you refine your offering and stay relevant. Businesses that succeed are the ones that stay close to their customers and adapt quickly to meet changing needs.

Re-evaluate your team’s capacity

If you have employees, your team’s performance and morale should be part of your check-in. Are workloads realistic? Are your people clear on their goals and expectations? Is anyone at risk of burnout?

It’s a good time to have one-on-one conversations, reallocate responsibilities if needed, and address any productivity gaps. You may also find that certain skills are missing in the business - in which case, consider training or short-term external support to bridge the gap.

Your team’s wellbeing directly impacts your business performance. Don’t overlook it.

Refocus your efforts

After completing your review, identify the two or three key priorities that will make the biggest difference between now and year-end. Resist the urge to take on too many new initiatives. Instead, channel your energy and resources into the activities with the highest potential impact.

That could be converting more leads, improving operational efficiency, or increasing repeat business. Whatever you choose, define clear outcomes and deadlines – and check in monthly to keep momentum going.

Jeremy Lang, Managing Director at Business Partners Limited

*** The views expressed here do not necessarily represent those of Independent Media or IOL.

BUSINESS REPORT