Today’s “Mid-Year Review”
As many of you prepare for your mid-year review, here are some key considerations to keep in mind.
Let me start with a point: this year’s mid-year review stands apart from prior ones for several reasons — the sweeping initiatives and policy changes under the Trump administration, shifting dynamics in the economy and financial markets, the growing influence of AI across technology, industries and startups, and the evolving state of startup funding and operations.
Historically, the "mid-year review" was a structured performance assessment conducted midway through the calendar or fiscal year by the Board, CEO and CFO, and Executive Leadership Team (ELT). However, the tone and focus of these meetings often shift based on broader market conditions and business context, and in some years political situation.
In today's unpredictable, volatile, and uneven economic environment, a mid-year review entails a clear-eyed assessment, exploration of strategic options, and candid acknowledgment of persistent uncertainty.
Key focus areas for this year’s mid-year review include the following:
Macroeconomic and Geopolitical Assessment: Succinctly evaluate global economic trends and geopolitical risks—such as tariff impacts and other trade tensions, interest rates, inflation, tax-related issues, and political shifts—to inform strategic decisions, manage risk, and identify emerging opportunities.
For some companies, this should include a focused political and geopolitical assessment to anticipate potential disruptions and policy shifts—particularly those likely to emerge from a second Trump administration—that could impact strategic industries (e.g., AI and cryptocurrencies, semiconductors, etc.), tarrifs, regulatory landscapes, trade policy, supply chains, and market access.
Company Performance Review: Assess progress toward annual goals with a 2025 focus on agility in AI-driven markets, skills readiness, alignment with evolving priorities (AI, security, cost), and sustaining employee well-being and engagement amid post-remote transitions.
Leadership and Team Assessment: Evaluate leadership effectiveness, team dynamics, and organizational alignment, with a focus on adaptability, collaboration, execution, and fostering resilience and innovation in a rapidly evolving environment. This encompasses CEO succession planning, board evaluation, and committee initiatives. (This may require an executive session.)
Operations Review: Often the most impactful—and highest-priority—component of the mid-year review, this evaluates the company's go-to-market execution, progress toward product-market fit, revenue generation and ARR performance, competitive standing, and the effectiveness of its fundraising strategy and results.
Next Steps: A range of actionable follow-ups—in some cases, specific meetings—are defined. For example, scheduling post-Labor Day meetings to reassess the pipeline and fundraising.
Today's mid-year review emphasizes dynamic recalibration over static performance measurement, providing comprehensive assessment across macroeconomic risks, corporate performance, leadership effectiveness, and operating execution to guide strategic pivots in volatile markets. Organizations and investors use it to ask:
Are we moving fast enough?
Are we capital efficient?
Are we aligned with AI-driven shifts?
Are we managing risk appropriately for today's market realities?