Every Company Should Conduct a Mid-Year Review

By Dave Costello, TCV Growth Partners (and his silent partner, Microsoft Copilot)

As the calendar flips to the second half of the year, it's the perfect time for companies to pause, reflect, and re-calibrate. A mid-year review isn't just a checkpoint, it's a strategic opportunity to assess progress, realign goals, and energize your team for a strong finish.

Benefits of a Mid-Year Review

• Performance Tracking

A mid-year review helps to evaluate progress against annual goals. You can easily identify what is working and what needs adjustment.

• Strategic Realignment

Performing the review helps to reassess priorities based on market changes or internal shifts. It enables companies to adjust strategies to stay competitive and relevant.

• Employee Engagement

It provides a mechanism to obtain feedback from team members and recognize achievements. Often it’s an opportunity to reignite motivation and clarify expectations.

• Resource Optimization

It can answer questions related to proper allocation of resources. Do we need to reallocate budgets, time, and talent to where they can be most effective? Let’s identify and avoid waste to improve efficiency and maximize performance.

• Risk Management

It enables companies to spot potential issues early. A company can develop contingency plans before problems arise or escalate. You can review what has changed in the market and evaluate the risk to your business.

Summary

A mid-year review can be incredibly powerful. It gives you a clear picture of where things stand, helps you realign your strategy as needed, and re-energizes your team for months ahead. Think of it as a reset button—one that keeps your goals relevant, and your people focused. Whether you are a startup or a seasoned enterprise, here's how to make the most of your mid-year review:

Steps to Conduct a Mid-Year Review

• Set the Stage

Start by setting aside dedicated time for the review. Bring in key team members and make sure everyone understands the purpose: to evaluate progress, not to assign blame.

• Review Goals and KPIs

Look at your goals and key performance indicators. Are you on track? Are there areas where you’re falling behind—or even exceeding expectations? Use your budget to actual comparisons or your periodic strategic plan evaluations and KPI metrics to help.

• Gather Feedback

It’s a great time to gather feedback. Talk to your team. What’s working well? What’s getting in the way? You might be surprised by the insights that come from simply asking the right questions and providing a forum for team members to respond. Don’t forget to ask customers or other stakeholders for their comments and thoughts as well.

• Analyze Strengths and Gaps

Once you’ve got a clear picture, take a step back and look at the bigger strategy. Are your goals still aligned with the current market or company direction? If not, don’t be afraid to pivot. Flexibility is a strength, not a weakness.

• Revisit Strategic Objectives

Build a plan for the second half of the year. Set clear priorities, assign responsibilities, and make sure everyone knows what success looks like. As Dwight Eisenhower said, “Plans are worthless, but planning is everything”.

• Create an Action Plan

In the end, a mid-year review isn’t about performance metrics. It is about clarity, alignment, and motivation. It is your chance to course-correct, refocus, and finish the year with purpose.

• Celebrate Wins

And don’t forget to celebrate the wins—big or small. Recognition goes a long way in keeping morale high and momentum strong. Winning breeds winning so make sure you talk up the wins with everyone on the team!

Final Thoughts

A mid-year review is more than a formality—it's a powerful tool for driving success. By taking a thoughtful, structured approach, companies can stay agile, focused, and aligned with their long-term vision. Don’t wait until year-end to find out what went wrong. It’s too late to make corrections if you wait. Take charge now and set the stage for a strong finish. Do a Mid-Year Review!

TCV Growth Partners is a strong advocate of strategic planning. Our process includes implementing a strategic plan with Quarterly Action Plans (QAP) that ensures success.  A mid- year review tied to a QAP will make your organization more competitive and profitable.

If this resonates with you but you think you need some guidance or help to get started reach out to me at dave@tcv-growth.partners.  Let’s have a conversation about how TCV Growth Partners (www.tcv-growth.partners) can help with planning for success!