Did you ever notice how great coaches seem to inspire their players the most when the chips are down? They inspire confidence even when heading into the locker room at the end of a quarter or halftime with a major deficit on the scoreboard. Long-time fans understand they’ve still got a chance, knowing the coach is hard at work adjusting the game plan, implementing the changes, and motivating players to get back on the field with a focus on winning.
You just know the team has a fighting chance. It’s those second half-adjustments that make all the difference in the world.
The same principle applies in business. The last six months of the year should be a period of enlightenment for IT channel-related businesses when MSPs build and strengthen their sales efforts and vendors tweak their messaging and programs so they can better support their partners.
That also signals the start of the second half of the event season. For vendors that means assessing accomplishments and any missteps and adjusting their plans to make up lost ground or finish out the year in a much stronger position. It’s a time for creativity and execution.
Unfortunately, many companies fail to make those “second-half” adjustments. Despite having relatively unfettered access to a “treasure trove” of resources, from free and low cost legal and financial services to training and vertical education, relatively few companies take advantage of those valued materials and programs ̶ especially at “mid-season.”
Pause and Reflect
July is the perfect month to make business adjustments. Not only does it signal the halfway point of the year, but it’s typically the time when most people enjoy vacation or time away from the office. In other words, business activities and communications slow down somewhat, including the tradeshow circuit.
It’s the perfect time to convene a one or two-day management summit to assess and refresh your August to December plans and programs. Pause and reflect on what went well (and what didn’t). Review employee and channel partner comments and other feedback and discuss what the team could do to strengthen its performance the rest of the year.
If falling behind on annual objectives, make the second-half adjustments that will put everyone back on the right path. On the flip side, when the company is outperforming expectations, it’s the perfect time to set realistic stretch goals and tweak your plans to ensure team members have the tools and support to make it happen.
Things to consider at the halfway point:
- Can sales and marketing budgets be increased? When revenue is outpacing expectations, this can be a no-brainer, but the company may also need to double down on its investments in these areas to make up income deficits.
- Investigate new events or activities that could strengthen revenue or partnership opportunities. Priorities may have changed since finalizing the annual budget, and a reallocation of resources may provide the company with a higher ROI.
- Review the personnel pipeline. Do you need to adjust the hiring and training timelines? What other investments could you make in the second half to boost the company’s prospects for 2019 and beyond? With IT specialists in high demand, if your candidate pipeline is robust and the funds are available, it might be the perfect time to bulk up the workforce.
Looking for advice on building or adjusting your channel plans? From sales and marketing development to integration, co-marketing, and event strategies, we can help. Drop us a line of give us a call today.
The GetChanneled team is actively engaged in the industry, and we would love to lend our insight whenever and wherever it will help. Thanks for following our blog, and be sure to send us your ideas, suggestions, or questions!