3 Key Questions to Ask at your Mid-year Strategy Review

As you enter the latter half of the year, this is an ideal time to pause, reflect on the strategy you set out at the beginning of the year, and evaluate how you want to focus your efforts for the next six months. Often leaders think of strategy as committing to a plan and rolling it out over the course of the year, noting the successes and obstacles along the way.

However, that assumes a completely static environment where there are no extrinsic factors that could impact your business, for better or worse. If we have learned anything over the past few years, we need to be agile and future ready as the unpredictable has become our new normal. This is especially true for your strategy. It should have some flexibility or you can miss out on new opportunities or ways to better utilize resources if you don’t take time to review other than at the end of the year.

Here are 3 key questions to help frame your mid-year strategy review:

1) Are there any changes to the timing or scope of your strategic priorities?

Perhaps when you set the timeline, there was an expectation around external funding that didn’t come through and is now delaying the project. You would want to agree to either a new deadline or expected deliverable by year end.

Or it could be that once your team started on the work, they realized that it would be more beneficial to expand the scope in order to achieve greater impact. If this is the case, then it may be best to adjust the timeline and goals beyond year end.

Note: Be aware that this is not to allow for scope creep or lack of accountability where we lose focus and/or endorse a moving goal post. However, we do need to recognize when there are situations outside of your team’s control that impact their ability to achieve success or it can lead to morale challenges.

2) Where do we need to accelerate, adjust, reallocate, postpone or stop?

Closely connected to the first question, you should walk through your full strategic plan and evaluate each priority or workstream based on the first six months of performance and what is forecast for the rest of the year. By conducting this holistically, you and your leadership team can agree on how you want to focus your resources and efforts for united success.

3) What are the impacts to your work, resources, and talent?

Through the first two questions, you may be making some tough decisions like stopping a favorite project or reallocating funds due to the broader needs of the organization. It is essential to make these decisions, and equally necessary to discuss the implications and mitigate negative reactions.

This is often the hardest step in any strategy review but avoiding it will only lead to challenges when you implement any changes.

Once you’ve completed this process with your leadership team, it’s time to communicate. This is best done by first highlighting any successes or wins that you’ve already had this year. You want to ensure that your teams feel recognized for their hard work to date before discussing any potentially challenging news around changes. Then walk through the high-level plan with what’s changing and what’s not. The more transparent you can be with why you’ve made these decisions, the more your team will understand and be willing to adopt any adjustments. Finally, it’s time to follow through and implement. Monthly check-ins can help ensure that your strategy refresh is translating into your teams’ actions, evaluate any additional adjustments, and inform your future strategy.

Now that you’ve reflected on, reviewed, and refreshed your current year’s strategy, it’s time to look ahead to next year.

Need help with your mid-year review or strategy refresh? Reach out here to connect for my services.

Next up: How to Cast a Strategic Vision in Uncertain Times