The transition from Q2 to Q3 marks the halfway point of 2024, presenting an opportunity for business owners to check in on their progress and forecast how the rest of the year will go. Whether you find its all-systems-go or need to make adjustments, taking time for a midyear business review allows you to realign your goals and enter the year's second half with confidence and purpose.
As you sit down to evaluate, work through the following steps for a well-rounded, big-picture view of your business's performance for the year.
Review your sales numbers
At this point of the year, it’s a good time to look at historical data and identify trends that can help you develop projections for the rest of 2024. Examine sales data from the past six months and compare your numbers to the first half of 2023. Year-over-year comparisons can reveal shifts in the market and inform your sales strategy going forward.
“Tracking things like inquiries, sales, and customer feedback year over year is crucial,” confirms The Wedding Duo’s Serena Fournier. “This data helps us analyze the health of our business at the midyear point. It also allows us to make projections for the future.”
Fournier notes that her team uses YOY data to make crucial business decisions, including “adjusting pricing, buying equipment, and adding team members.” For instance, if sales are strong, it may reveal a need to hire more support or purchase more equipment to accommodate the rise in bookings. Conversely, a drop in sales might indicate that your pricing doesn’t meet market expectations.
In a similar vein, Brian Franklin of Vows & Speeches recommends looking at your typical client’s booking timeline to make better marketing decisions. “We took a look at the amount of time between when clients hired us and their actual event day over two years,” he shares. “This gave us a lot of surprising intel on when business comes in, how many of our clients are panic buyers vs. advance planners, and what our seasonal patterns really were. It helped us with forecasting and marketing strategy.”
You may not be able to see into the future, but with historical data, you can make reasonable predictions that guide your business to a successful second half of the year.
Reinvigorate your team
After six months of hard work, a midyear slump is not uncommon. The motivation from the new year has fizzled out, but the excitement for the holiday season hasn’t yet started to build. For some, working through the heat of summer can feel like a drag.
To combat the summer blues, find ways to revive team morale and rebuild motivation. For example, you could host a team retreat, treat them to lunch once a week, or schedule an early departure day each month.
Or, take a page out of Fournier’s book and drum up some healthy competition. “Every year, at the midyear point, we run a contest for our team,” she reveals. “This helps them get excited about achieving goals through the end of the year. It also keeps them motivated to perform their best.”
In addition to boosting your team’s spirit, it’s also a prime time to check in with your employees, provide feedback, and offer support in reaching their goals.
Bite Catering Couture’s Vijay Goel shares how he uses this time of year for performance reviews and planning for the rest of the year. “We get to recognize and reward improvements in capabilities and skill development and ensure that we put those new skills to use as the second half seasonally heats up,” he explains. “The discussion at the midyear check-in is generally about scaling up, so there is a natural excitement that comes with the second half of the year.”
With the busiest months for weddings still ahead, make sure your team feels energized and inspired to learn, grow, and succeed in the final half of the year.
Invest in publicity
If business is slow or you’re looking to engage a new market, it’s worth dedicating more attention to your promotional efforts. With holiday parties and engagement season still several months away, focusing on brand outreach in the summer allows plenty of time to test and optimize your marketing strategy before peak booking season.
Franklin shares how he started ramping up his marketing approach halfway through the year. “We started spending a lot more time focused on public relations and direct-to-consumer advertising,” he says. “A few news articles have been huge for us, and it served as a great proof of concept that when the public learns about our services directly, rather than through planners directly, it still sells.”
A good place to start is by reviewing your existing marketing channels and identifying the most (and least) successful ones. Drop any tactics that don’t produce results and reinvest those resources into proven strategies. And if there’s a channel you’ve wanted to try, be it TikTok or industry press, consider experimenting with it for a few months!
As you navigate through the second half of the year, remember that maintaining momentum is crucial for ongoing success. Regularly reviewing your numbers, keeping your team motivated, and investing in publicity efforts can help your business stay on course for the rest of 2024 and beyond. Stay focused, flexible, and forward-moving—your midyear efforts will no doubt pay off in the long run.
