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Summer Financial Checkup: Assessing Your Business's Mid-Year Health


As we sit squarely in the middle of the year, the warm embrace of summer provides more than just a chance for relaxation—it presents an invaluable opportunity for business owners to conduct a mid-year financial checkup. Given the dynamic nature of business landscapes, taking a moment to assess how your business is performing against its yearly objectives is critical. This mid-year review is a strategic exercise to ensure your business remains on course or to pivot your strategies where necessary.

Assess Year-To-Date Performance

Kickstart your assessment by collating all your financial documents: your profit & loss statements, balance sheets, and cash flow statements. This analysis will help you understand whether your business metrics align with the goals you set at the start of the year.

Review Your Budget

Budgets are living documents that need to be revisited and adjusted as business conditions evolve.

  • Determine whether you are adhering to your budget. If not, why?

  • Are there significant deviations, and what factors are contributing to these?

Get Ahead in Tax Planning

Mid-year is the perfect checkpoint for revisiting your tax planning. Use this time to strategically plan for potential tax implications based on your current performance.

Forecast and Plan for the Future

With the insights gained from your review, project the remainder of your year.

  • Are you on track to meet, exceed, or fall short of your targets?

  • Identify adjustments to improve performance for the rest of the year.

Establish Actionable Steps

Formulate concrete steps to address the insights and opportunities identified during your review.

A mid-year financial health check is not just a good practice; it's necessary to navigate the complexities of running a business. This review positions you to make informed decisions and strategic pivots crucial for achieving your year-end targets. Embrace this time to recalibrate, ensuring your business sustains its health and flourishes in the latter half of the year.


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