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How to conduct your mid-year sales review

How to conduct your mid-year sales review

As we enter into May, now is the perfect time to take a moment to really look at how your business is performing and how you can improve in the next quarter.

A lot of businesses aren’t sure how to perform a mid-year sales review, or what to do with the information once it is done, other than to file it away. This month I want to share with you a framework for a mid-year sales review, along with some tips on what to do with it.

How To Do A Mid-Year Review 

Stage 1 – Year To Date Sales Performance. In this section, you should be taking all of your sales data, complete and in progress, and comparing it to your targets and quotas. This part of the process is all about the numbers, so take this chance to assess where you are compared to where you wanted to be. If you are performing better than you expected, it’s time to celebrate and reward your employees. But if you are underperforming, it’s time to examine your approach, figure out what’s not working and explore new avenues. At this stage, there are still considerable months of the year left to improve and catch up to those targets. 

Stage 2 – Year To Date Accomplishments. Forget all about the numbers for a moment. It’s time to look at what your business has accomplished outside the statistics. Look at any donations to charity, special accomplishments, outstanding performance, positive steps and any important endeavours you have achieved and conquered for the business in the last 6 months. 

Stage 3 – Year To Date Shortfalls. Unfortunately, this section focuses on the negatives of the past 6 months. It’s a chance to take a long hard look at where you fell short of the mark, in any capacity. Again, try not to focus on ‘the numbers’ too much in this section, but if you fell short and didn’t reach your targets this makes a good starting point. Your sales team are an important part of this process. Make sure you chat to them about what they feel could be improved upon in the next 6 months and what’s been holding them back from getting more sales. Sometimes something as simple as investing in some refresher training or goal resetting can work wonders.

Stage 4 – Yearly Projections. At the beginning of the year, you should have set yourself a set of targets and goals for the business. These could have been for any element of the business, but you should at least have some for your sales teams. Now is the perfect time to reassess and adjust your goals and is the most important part of the mid-year sales review process. After all, where you are right now is important, but where you go from here is even more important. In this section, you need to demonstrate that you have a plan and a solid strategy to reach your goals for the end of the year.

Room For Improvement?

Unless you are outperforming all of your competitors in the market the odds are there will be some room for improvement in your sales. This is no bad thing! The important thing to bear in mind is that you need to act on it. Often, simply investing in some refresher training for your sales team can yield dramatic results for your sales figures.

For more information, advice on your mid-year sales review or advice on how to improve your sales for the next 6 months, get in touch with me today.

James Akin SmithHow to conduct your mid-year sales review