Ye ole 2HYBP. I love the term. I got the it from working with a couple guys from Okidata years ago. It’s just what they called it. The second half year business plan.
June is coming to a close. I know – It’s hard to believe the year is almost half over. As they say – time flies. In our business year, it’s almost half-time and now is the time to start putting together the 2HYBP.
Your initial 2015 business plan was published in November or December with data and assumptions from whenever. Fact: We now have better data, a solid history for the year, and hopefully a good read about orders and sales for the second half of the year.
It’s time now to look at second quarter goals and take stock as to where you are. Make a focused final push to finish the half out strong.
Finance people – Start planning the quarter financial close so you can get your data finalized quickly. Many general ledger accounts can be analyzed and finalized now. Get started on the close now.
As a business leader, it’s now time now to begin to 2HYBP planning cycle – start getting your historical info, meet with your team, and prepare to update your operating plan for the second half of the year.
I am working with a client now with 2 business segments – a wholesale model and a direct to consumer business. The initial targets we set for each business made sense in December, but now with actual results, we are making some significant changes with the direct to consumer business. We didn’t hit the targets we thought we we would – partially our fault and partially the reality of the market. Nevertheless, we are redoing the 2HYBP so we finish strong. You need to do the same.
Quarterly, I recommend getting out of the office with your team to ensure everyone is in sync. People take vacations in the summer, so get the meeting on everyone’s calendar now.
Remember – a lesson learned from triathlon racing and my business consulting – finish strong! Now is the time to focus on a strong finish to the 2nd quarter, prepare for half-time and the second half.