Mid-Year Financial Check-In: 5 Things Every Small Business Should Do Now

Let’s be honest—most small business owners start the year with big goals, some new software, and maybe a fresh spreadsheet template.

By July? Things look...less tidy.

That’s why a mid-year financial check-in isn’t optional. It’s your chance to pause, correct course, and avoid scrambling during tax season (again). Here’s what I recommend every small business owner do right now:

1. Reconcile Everything Through June 30
If your bank and credit card accounts aren’t reconciled, you’re making decisions based on incomplete data. That’s how businesses overspend, miss payments, or get caught off guard come Q4.

Take the time (or hand it off to your bookkeeper) and get every account cleaned up. Trust me: peace of mind beats guesswork.

2. Run a Real Profit & Loss Report
Not just “revenue looks decent.” I’m talking about a real P&L—one that shows where your money’s going. Are your marketing costs eating your margin? Is that subscription you forgot about still hitting your account? This is the time to catch leaks.

3. Evaluate Cash Flow, Not Just Revenue
You might be bringing in more sales—but is your cash position improving? Look at your accounts receivable. Are invoices getting paid on time? Mid-year is the perfect time to tighten terms, automate follow-ups, and renegotiate where needed.

4. Check for Missed Deductions
If you haven’t categorized all your expenses, you might be missing deductions: home office, tech tools, even meals. A mid-year cleanup helps make tax season a whole lot smoother—and cheaper.

5. Get Real About Time vs. Return
Where are you spending your time? Are you buried in admin or bookkeeping tasks you should have outsourced months ago? If you’re doing $30/hour work instead of building a $300/hour business, it’s time to delegate.

Bottom Line:

Your July isn’t just about surviving summer—it’s about building momentum. A clean set of books and a clear picture of your numbers give you power. Power to scale, price correctly, plan wisely—and actually enjoy December.

If your numbers are messy, your reports are outdated, or you just need to know where you stand—get a second set of eyes. We do this all day, and we’re good at it.

Ready for a mid-year checkup?
Let’s talk.