Event planners are usually busy during the summer months. And you might be booked solid with various events and client engagements right now. But it’s mission-critical to carve out time and commit to conducting mid-year reviews of your event planning business. Now that we’re kicking off June, sit down with your event planning business strategies, analytics, and financials. It’s to your advantage if you hope to improve and finish out 2023 with record-breaking success.
What to Include in Your Business Review
If you’re not familiar with how to conduct or structure your mid-year event planning business review, start with this list. Gather your data, strategies, and details for careful review and assessment of your business’s current position.
Business Goals: bring your company goals and objectives that you set for yourself and your teams earlier this year to measure your progress toward them.
Strategies: verify that your methods are still working with efficiency in time and money.
Cash Flow: review your budgets, expenses, and revenue to spot trends or concerns that may need to be addressed.
Marketing: sit down with your marketing efforts, strategies, channels, personas, and budgets included to verify ROI.
Once you’re organized and ready to dive in, you can start to leverage these key benefits of a mid-year business review.
1. Mid-Year Reviews Allow You to Make Changes
Instead of waiting (and flying blind) until the end of the year to learn you’ve made a mistake somewhere, the mid-year review allows you to spot missteps now. You can then make necessary changes and still have the time needed to implement new ideas or processes to turn things around before 4Q ends.
2. Act While Competitors Are Snoozing
Summer is when some company leaders take breaks. They’re on the golf course, planning vacations and loosening their demands on productivity. As an event planner, making competitive improvements in June, and taking advantage of others who may be procrastinating, can net big results. Stay sharp and use the mid-year review to calibrate a more competitive direction.
3. Confirm What You Already Suspect About Your Business
Chances are, you’re already aware of how your event planning business is doing. You’ll know if things have been great or if you’re in a slump. But instead of relying on gut feelings, the mid-year review of your business can confirm (or debunk) those suspicions. If you learn in the review that you’re on track (just as you thought you were,) you’re at least informed now. And if you discover you’re not where you need to be, you have time to make the necessary changes.
4. Re-Engage with Fresh Perspectives
With fresh perspectives and insights gained from a mid-year review of your event planning business, you can re-engage with more energy, ready to tackle the remaining six months of this year with renewed purpose. Embrace 3Q and 4Q fully informed about where you are now as a business, where you need to be in the coming weeks, and what you'll need to do differently to get there.
5. New Opportunities Might Be Available
Waiting to review your business metrics at the end of the year means you might miss out on BIG opportunities. Conducting a mid-year review, with a pulse check in June, could allow you to spot great opportunities for strategic partnerships, collaborative efforts, new networks, big client targets, or community activism.
Consider committing to conducting a mid-year review of your New York event planning business this month. The insights you learn can be game-changing for your company. Learn more about boosting your business and success from other event industry pros, top influencers, and entrepreneurs at The Event Planner Expo 2023! Tickets for this October conference are available now!
