You often hear in sports that you can’t evaluate a team or a player’s performance until a certain point in the season or after a milestone statistic. In baseball, 100 at bats is a good indicator of what to expect. Looking at your team’s record after a quarter of the season will help you determine if you are on your way to the playoffs or if you need to make some adjustments.
First, evaluate your team. Are the players meshing well? Are you coaching in the right areas? Developing and retaining your staff is crucial to a successful team.
Review your stats. Take your 2013 financial statements and tax returns and use them to compare and evaluate your 2014 results so far. How do your current results stack up to your budget, projections and business plan?
Monitor the progress of your strategic initiatives set at the beginning of the year. Create a list of the goals that have been met and goals that still need work. If you don’t have strategic initiatives, it’s time to develop some.
If you are knocking it out of the ballpark, it is time to analyze your long-term goals. It’s important to evaluate what’s essential to your business, such as potential investments in personnel, equipment/machinery or even capital. It may be time to start thinking about succession planning.
Most importantly, don’t wait to do these things. A delay in making tweaks or all-out changes could cost you a chance to make it to the World Series or in other words, to make any impact towards a successful year.
If you would like more information please contact Mark Radetic or your MarksNelson professional.