Refocus, Reforecast, and Reignite Your Business Strategy
1. Review Your Year-to-Date (YTD) Financial Statements
Start by reviewing your income statement, balance sheet, and cash flow from the first half of the year. Compare your actual results to your forecasts and budget projections.
Ask yourself:
- Are revenues in line with expectations?
- Did any unexpected expenses pop up?
- Are there any positive trends you can capitalize on?
This snapshot gives you the foundation you need to adjust course—or double down on what’s working.
2. Reassess Your Budget and Forecasts
Once you understand your YTD numbers, update your budget and forecasts for the rest of the year. This includes:
- Adjusting for seasonal trends
- Reallocating resources to high-performing areas
- Preparing for upcoming investments or expenses
If you’re seeing strong growth, this is your opportunity to invest strategically. If you’re behind, use this time to tighten spending and refocus your efforts.
3. Evaluate Your Cash Flow Management
After you’ve looked at your statements and evaluated your budget, it’s time to evaluate your cash management. A healthy business needs healthy cash flow. Consider the following:
- Are you collecting receivables on time?
- Are there areas where expenses can be reduced or better timed?
- Do you have enough liquidity to cover operating costs for the next 3–6 months?
If not, consider reviewing your payment terms or speaking with your AbbyBank team about cash management solutions.
4. Revisit Your Business Goals and KPIs
Now’s a great time to check in on the goals and key performance indicators (KPIs) you set at the beginning of the year:
- Are you on track to meet your goals?
- Have priorities shifted since January?
- Is your team aligned and motivated?
If you’re exceeding expectations, set stretch goals to keep the momentum going. If not, adjust your targets so they remain realistic and measurable.
5. Consult with a Financial Advisor or Accountant
Your accountant or financial advisor can help you:
- Prepare for year-end tax planning
- Evaluate potential risks and mitigation strategies
- Identify funding options if you’re planning to expand
An outside expert can offer fresh insights and help you navigate decisions that impact your long-term financial health.
Final Thoughts: Set the Stage for a Strong Second Half
A mid-year review helps you correct course early and make proactive decisions for your business. It doesn’t have to take long—but it does make a difference.
Need help reviewing your financials or planning your next move? Our team at AbbyBank is here to provide personalized guidance and business banking tools designed to support your success.