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Mid-year Review: A Financial Health Check For Your Business
We’re not quite sure how it’s happened, but somehow, we’ve reached the midpoint of the calendar year and if there’s ever a more perfect time to check in on your business finances – it is now. We’re not talking about drowning in spreadsheets. Think of it more as setting yourself up for a strong, steady second half of the year, and laying the groundwork for a successful finish. Our aim is to help you refocus, refresh, and plan, because understanding where you are is key to knowing where you’re going.
So, where do you start?
We have pulled together six important items for your mid-year checklist to help you move forward with purpose:
Get clear on your numbers: financial statements and budget review
Firstly, you want to assess your first half of the year, and examine:
Next, check your budget and compare it against your actual performance; ask yourself some questions…
- Were these numbers expected?
- Are you confident with your spending strategy?
- Is revenue where it should be?
If any of your answers are a no, now is the time to review where you’ve over or under spent and adjust your budget accordingly to reflect your current reality. Now is also a perfect time to create a budget if you haven’t yet got one. We can help you with this, contact us here.
Stay on top of cash flow & tidy up those debts
Cash flow management is the foundation of any healthy business because when cash flow is strong, so are your day-to-day operations. If things are feeling tight at this mid-point – it’s time to reassess. We want you to think about:
- Are your payment terms working for you, or do they need tightening?
- Could you utilise tools to help with things like payment collections?
- Current loans or credit options: are there better deals out there?
- Are you keeping a close eye on spending patterns and timing expenses to avoid unnecessary strain on cash flow?
If any of these feel a little wobbly, you may want to consider speaking with a member of our team about cash management solutions, we’re here to help.
Keeping your cash flowing and your expenses well controlled means stability in the short term and a strong position to grow in the months ahead.
The smallest details have the biggest impact
Here, we’re focusing on the little things: those overlooked expenses that tend to slip through the cracks. But guess what? They’re more important than you think. While each one might seem minor on its own, small savings can add up significantly over time and make a real difference.
Take some time to zoom in on the finer details of your business spending. Start by ensuring your bookkeeping is accurate and up to date – clear records will always support better decision making.
Next, review your regular expenses. Look for areas where you can cut back without sacrificing quality. With half the year behind you, you’ve got enough data to spot trends and identify where a lot of your money is going. You can think about things such as:
- Switching to more cost-effective suppliers
- Renegotiating contracts or service terms
- Reviewing utility bills for potential savings
- Cancelling subscriptions or tools that no longer serve your business
Smart planning: tax strategies
This mid-point of the year is a brilliant time to take a few steps back and make sure you’re not missing any tax-saving opportunities. It’s all about working smarter, not harder, and here’s how:
Refocus your forecast and re-align your goals
It’s time to pause, reflect, and check in on your business goals…
- Do they reflect your current financial reality?
- Are the goals and KPIs you set in January still relevant?
- Have circumstances changed?
Whether you’re ahead, behind, or somewhere in between, now’s the time to update your financial forecasts. If you find yourself feeling overwhelmed because things aren’t quite where you’d hoped – don’t panic. This isn’t about starting over, it’s more about fine-tuning your direction to make the second half of the year your strongest yet!
Take the time to spot new opportunities for growth or areas where you can scale back. Re-align your targets so they’re realistic, motivating, and measurable.
Tip: consider switching to a rolling forecast, rather than a “set-it-and-forget-it” type forecast. It will adapt as your business evolves and react to real-time data, giving you flexibility when forward planning.
Savings, support & accountability
Having a dedicated savings pot, especially for your tax bill, can make a big difference when deadlines approach. Even small, regular contributions will reduce pressure later and help you stay in control. If you haven’t already, we highly recommend that you start setting funds aside.
This is also a good point in the year to revisit your wider savings goals:
- Are you covered for emergencies?
- Is your cash working for you in a high-interest account?
- Do your short- and long-term plans still line up with how you’re saving?
Not sure where to begin? Lets talk. A quick call could highlight savings you may have missed, help you get organised, and give you the accountability to finish the year strong.
Did you know? – Just a 30-minute professional check-in can highlight tax savings or avoid future issues.
Whether you’re reassessing goals, refining your forecast, or just want a clearer picture of where things stand, our team at MJB Avanti are here to provide tailored guidance and practical advice. Get in touch today and let’s keep your business moving in the right direction.
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