It’s Halftime: Reviewing Your Company’s Mid-Year Performance
You lead a team of remodeling-industry professionals. You all set out to make this a great year for your company — a victory — and now it’s halftime! Take the opportunity to head back into the locker room (or your office) to review your business goals and look ahead. Will 2018 be a win? What strategies will you use in the second half to make that happen?
Unlike Hollywood’s version of halftime — the coach giving a rousing speech to a captivated team while the soundtrack swells — halftime for remodelers is about analysis and adjustment.
You have to assess performance — what’s working and what’s not. Ask the question: “Where do we exceed expectations and where are we lagging?” Halftime is for making your objectives clear, so that all your team members know what to do in the second half to win the year.
5 Critical Steps To Take at Halftime to Boost Your Chance of Victory
- Have a clear measure of victory for 2018. Do you have a budget? What are your expectations for sales, gross profit and net profit? What should your balance sheet look like when the year ends? These numbers should be clear, written and shared with the team.
- Know where you stand right now. You should have accurate financial statements through the end of June. You should know whether you’re ahead or behind. These should be in writing and shared with the team.
- Understand what’s working and what’s not. Know what’s driving your numbers. Know your lead sources. Determine how many leads converted to design contracts, and how many those converted to construction. Are we finishing jobs on-time and on-budget? Are our customers happy and sending referrals? Are our employees motivated and committed to staying part of the team? Get the best information from those who actually do the work.
- Determine what to adjust. You can’t fix everything at once, and you don’t want to get away from the fundamentals of your business. In most cases, small, incremental improvements should be made to improve performance in the most critical areas.
- Manage, support and motivate. Be sure your schedule leaves ample time to manage your business, while supporting your team to keep them focused and motivated to their best. Your job is to create the plan, call the plays and keep individual performances on track for the benefit of the team as a whole.
You have the same amount of time in the second half as you did in the first, so don’t panic. Take a breath, take some measurements, and use second half to make 2018 the victory you were expecting!
Want More Halftime Strategies?
Don’t miss the Free Webinar coming up on on July 25th “Mid-year Check-up: 7 Key Strategies to Get Back on Track!”
Doug Howard and Tim Faller will walk you through various ways to analyze your progress so far in 2018 and make key changes to help build your business. Doug will present the business perspective and Production “Guru” Tim will address the production side.