How to Prep for a Mid-Year Financial Review Without Losing a Weekend

mid-year financial review

We get it. A mid-year review sounds about as fun as cleaning gutters in July. Still, skipping it is how small problems turn into fourth-quarter fires.

Your books already know if things are going off track. You just need to check in.

Why June Is the Best Time to Catch a Financial Screw Up

Things shift fast in small business. What worked in January might be draining you by June.

That marketing expense you shrugged off? It’s added up. That “just for now” hire? Their cost is eating into your margin. And those quick cash wins? Not as profitable as you thought.

Reviewing now helps you:

  1. Catch problems before they snowball
  2. See if you’re ahead, behind, or way off
  3. Make changes while you still have time to course-correct

It’s not busywork. It’s how you stay in control.

What to Look at First

You don’t need a finance degree. Just open your profit and loss report and look month by month. Are you making what you expected? Are expenses creeping up? Is profit steady or shrinking?

Then check your balance sheet. How much cash is left? Are you carrying more debt than you thought? Do unpaid invoices make you nervous?

If you made a budget, compare it to what actually happened. If you didn’t, this is a good time to create one for the rest of the year.

What You Might Catch (That’s Worth Fixing Now)

  • You’ve fallen behind on estimated tax payments
  • Several invoices are 30+ days overdue
  • Your cost of goods has climbed, but pricing hasn’t
  • You’re still paying for software no one uses
  • Payroll has ballooned, but revenue is flat

This is not about running reports for fun. It’s about seeing what’s really going on before it blindsides you.

The One Question Every Business Owner Should Ask

“If the next two months are slow, can we stay profitable?”

That single question cuts through the noise. If the answer is no, you’ve got two options: boost cash or cut costs.

Start by identifying your fixed expenses. Then look at how much revenue you actually keep after variable costs. That’s your safety margin.

If that number’s thin, don’t wait. Build a plan now. It’s a lot easier to fix in June than in October when cash is tight and clients vanish.

Not a Numbers Person? That’s Fine

You don’t need to love spreadsheets. You just need someone who can walk you through what matters and what doesn’t. That could be a bookkeeper, your tax advisor, or us.

What matters most is doing it now, not waiting until your CPA asks you in January why you didn’t.

Book a fast, no-nonsense review

We’ll help you figure out what’s working and what to fix before Q3 gets away from you.

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