Time for a Mid-Year Review

It’s already July. Half of the calendar year is gone. You know what that means, don’t you? It's time to assess what you have accomplished at work so far this year, and how you are going to make the most of the next six months. Although the year is only half gone, the time has come to start making plans for 2011 goals and budgets, so you'd better be sure you have 2010 solidly in hand.

Don’t let another month go by before doing the following:

REVIEW SPENDING & REMAINING BUDGET: Figure out whether your expenses are falling into line in comparison to your budget. Determine whether the pace of your spending will keep you on track through to the end of the year. Did you budget major expenses that you do not have a solid plan to spend? Have you earmarked your capital expenditures for action? If your goals changed in a way that affects spending, figure out whether you need to “give back” any approved funds. Remember, although being grossly under budget may come as a nice surprise to someone in your finance department, it reeks of bad planning – just like being over budget. Make whatever adjustments are necessary to put you in line at the end of the year. If approved mandates have pushed you over budget, make adjustments in other categories if possible, or be sure that all the right people are aware of the impact of the coming discrepancy.

ASSESS PROGRESS AGAINST PERFORMANCE GOALS: You committed to achieving specific things this year. Have you kept your eye on the ball? Are you accomplishing the things you must accomplish, or spending too much time on things you find more appealing? Be realistic when analyzing how well you are doing toward meeting your goals. Document proof of what you have achieved. If you need to realign your daily efforts with your goals – do so now, because October/November will be too late. Post your goals somewhere you can’t help but see them every day. If you’re stuck in the mud – find help from a mentor or a supportive colleague.

PROVIDE FEEDBACK TO EMPLOYEES: Your team members deserve structured feedback more than the once a year they get a formal review. Schedule opportunities to touch base with all your direct reports during the middle of the year (assuming you are still several months away from their performance review). Your goal should be to give honest feedback, coaching, advice, and/or direction that allow them to make any necessary adjustments BEFORE their formal review. No one should be blindsided about issues at the end of the year when decisions are being made about performance ratings/rankings and pay increases based on merit.

SEEK FEEDBACK FROM YOUR BOSS: Touch base with your supervisor to be sure his/her expectations are still in line with your plan and goals. This is the time to know if you need to change gears or refocus your energy and efforts.

Dive into the rest of this year armed with a renewed sense of planning. Don’t let the second half of 2010 get away from you!