Written by Ty Kiisel, editor at OnDeck.
At the beginning of the year, you set goals for your business. At roughly halfway through the year, it’s a good time to revisit those goals, evaluate how you’re doing and decide whether you’re on track or if you need to revise your plan.
Annual goal setting is usually based on assumptions about the market, the products or services offered in the market and your ability to deliver. Sometimes, assumptions made at the first of the year don’t pan out, and this can impact your ability to achieve your objectives.
Armed with six months of data, you can make a better set of assumptions for the remaining part of the year. If current conditions closely mirror your original prognostication, stay the course. If not, you make an adjustment—what many entrepreneurs call a “pivot”—to either take advantage of opportunities or overcome challenges you might not have expected. (more…)