Midyear Checklist For Small Businesses
Alrighty folks, we’ve reached the halfway point of the year! Congratulations on keeping your business wheels turning, your employees thriving, and the money flowing (some in, some out). I know it can be tough to keep track of everything, so I commend you on all the hard work you’ve done to keep things moving. Because I am also a small business owner and I like lists, I decided to craft a checklist for myself to help at the mid year point with my business. That list is below. Maybe it can help you too! If there is something on this list that I can help you with, please don’t hesitate to reach out to me.
1. Review Your Financial Statements
This is where you want to start. It’s impossible to evaluate your financial goals if you don’t know where you are in the first place. You’ll want to take a look at the Big Three: the income statement, the balance sheet, and the cash flow statement. The income statement will tell you if you’re at a profit or a loss and why, the balance sheet will tell you where your money is right now with regards to your assets, your liabilities, and any equity you have in the business, and the cash flow statement will tell you where your money is going to and coming from. When you have these three, you can compare your actual results to your budget and forecasts, and you are ready to proceed to…
2. Evaluating Your Goals
Your next step is to revisit the goals and key performance indicators (KPIs) you set at the beginning of the year. Using the Big Three from step one, you can evaluate whether you are on track to meet your goals and KPIs, or not. The results of your evaluation will allow you to decide “do I need to make a change towards business practices”, or “do I need to change my goals.” Adjusting your goals is okay! Business is a fluid environment, and business owners need to be prepared for change. It is important to dream both big, and real. Sometimes we dream a little too big, and this evaluation is a reality check. I do recommend making a few types of goals at the beginning of the year so you can set yourself up for flexibility while also maintaining a long-term structured focus, but that’s for another post. 😎
3. Update Your Second Half of the Year
With your new data in hand regarding your goals and your financial status, you are in a great position to make the adjustments necessary for your 2nd half of the year. Updating your budget and financial forecast will allow you to much more accurately operate through the 2nd half of the year and have fewer surprises come January.
The financial goals and the budget aren’t the only things that a business should focus on, though! Especially if you have employees, there are so many more things you can do at the halfway point of the year to encourage success.
4. Self and Employee Morale Review
Conduct stay interviews with your team. And with yourself! Asking important questions to yourself and your employees about the work environment can lead to meaningful actions taking place that provide a better business establishment for you and your team.
5. Compliance Reviews
The halfway mark of a year is a great time to check in with your compliance in the various areas of your business. Confirming compliance in storage of client or employee information, conducting safety checks throughout work sites and storage sites, having your IT security reviewed, and checking your EEOC reporting status are some ways you can prevent experiencing compliance issues.
Use this checklist! Don’t be afraid of the new-year monster, tackle that beast now by being proactive instead of reactive and getting your midyear checklist done. See you on the other side!