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:

Profit and Loss

Looking at what you are earning and spending will identify any trends and changes to be aware of.

Balance Sheet

Knowing what your business owns and owes will generally give you a better understanding of your financial position.

Cash Flow Statement

Insights into the money moving in and out of your business. This will help you to stay alert for any red flags - these could be anything such as rising costs, shrinking profit margins, or negative cash flow. Treat these as warning signs that something may need a closer look!

Next, check your budget and compare it against your actual performance; ask yourself some questions…

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:

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:

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:

Make the most of available reliefs

Check if you’re claiming everything you’re entitled to, capital allowances, allowable business expenses, pension contributions, and more. These can all help reduce your taxable income.

Review your estimated tax payments

Has your income changed since the start of the year? You might need to adjust your payments to avoid overpaying or facing a surprise tax bill later.

Plan major purchases wisely

Tip: are you in the middle of thinking about making a big purchase or investment? Buying equipment before year-end, for example, could unlock valuable tax relief.
Discuss with us here

Reassess your business structure

As your business grows or changes, your current setup may not be the most tax efficient. It’s worth reviewing whether staying as a sole trader or switching to a limited company makes more sense.

Seek professional advice early!

Mid-year is the perfect time to speak with your accountant. A quick conversation now can highlight opportunities, help you make smart decisions, and set you up for a stronger year-end, contact us today!

Refocus your forecast and re-align your goals

It’s time to pause, reflect, and check in on your business goals…

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:

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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