Time really flies. We’re already almost halfway through 2013 – so now’s the time for a financial check-up to review the financial health of your business. First, be sure all of your income and expenses have been accounted for and recorded correctly on your books. Then, review your actual revenue and net profit and compare it to the goals you set at the beginning of the year. If you are right on track, congratulations! Keep it up! If not, consider what adjustments you can make to help you meet your goals by the end of the year. Review your expenses to see if there are any expenses that can be reduced or eliminated. Also, consider ramping up marketing efforts to increase sales.
Mid-year is also a good time to review your companies debts and determine if you should consider accelerating paying them off. You should also review any long overdue collections and determine next steps. Also, be sure all assets and debts have been recorded on your books correctly so you are a step ahead when tax time comes around. A quick review of financial health now will help set your company up for success for the rest of the year.