How to conduct a mid-year financial assessment

A mid-year financial assessment is the best way to evaluate whether or not you are on target to hit your goals. It’s also the perfect time to pivot if you’ve gotten off track. However, to point yourself back in the right direction, you have to know where you’re currently standing.

5 Steps to Conduct a Mid-Year Financial Assessment:

1. Check-in With Yourself. First and foremost, how are you feeling about your business at the mid-year mark? Do you feel like you’re on your way to achieving whatever it was you originally set out to achieve? If not, this is a great time to get clear on whether you’re running your business or whether your business is running you.
2. Revisit Your Budget. The mid-year check-in provides a perfect budget review opportunity. Take a look at what you forecasted for the year in terms of revenue and expenses.
3. Review Your Financial Statements. Profit and loss statements, balance sheets, and cash flow statements are standard financial documents to review during a financial checkup. Compare your financials right now to your financials from this time last year to trends and cycles.
4. Evaluate Your Goal Progression. Remember those goals you set for your business at the start of the year? It’s time to see where you’re at in meeting them. Whether you set concrete financial milestones or identified systems and processes you wanted to employ, take some time to see if you’ve made meaningful strides toward getting there.
5. Check-in On Your Taxes. This is a good time to make adjustments to your 3rd and 4th quarter estimated payments if you’re forecasting an increase in revenue for the second half of the year. If you haven’t made your estimated tax payments, then it might be worth scheduling an appointment with your tax professional. Putting off making tax payments causes unnecessary stress. Attending to taxes all year can make for an easier, less stressful spring.

Building good habits as an entrepreneur, like running a mid-year financial checkup, is critical to the success of your business. But habits aren’t always easy to establish or maintain. Maybe you don’t even know where to start. If your business needs support, contact us today to schedule a consultation.

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