147: Business Growth With Mid Year Financial Insights Whether You Are Starting A Business
147: Business Growth With Mid Year Financial Insights Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Reviewing your financial statements regularly will help you keep a pulse on how your business is doing. I know from experience that when I’m working with many of my smaller business clients, especially those who are solopreneurs, it’s hard for them to find the time to review their financial statements on a monthly basis, so I want to focus on the importance of a mid-year review of your financial statements to help your business grow. In today’s podcast episode, I am talking about what you can do as you aim to expand and succeed in your business by effectively reviewing your financial statements at this mid-year point. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; take the time with me to explore how a mid-year financial statement review can be a game-changer for your business…
Find out how you can work with me by either scheduling a free consultation or signing up for the BALANCE Life Coaching program, where you can get private one-on-one coaching every week. Find out where you’d like to see yourself and your business in the future. We’ll create a laser-focused plan, including which action steps you need to take to get started on the path to success:
Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here:
Ready to set up your business? I have a program I’m creating to help you get your business set up so that you can start making money. Sign up for this program here:
Are you ready to try coaching? Schedule an Introductory Coaching Session today. You’ll have the opportunity to dip your toes in and see how you like coaching with an Introductory Coaching Session. I’ll spend the whole time coaching you on anything you’d like coaching on in your business or your personal life:
Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for. Are you ready to generate revenues and increase the profit in your business:
If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here:
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You:
Join Our Facebook Community: https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique
The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration! You can learn more and sign up here:
Looking for a payroll solution for your business? You can get an exclusive 15% discount on your payroll services when you sign up here:
QuickBooks Online - Save 30% Your First 6 Months:
Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you:
Show Notes:
Reviewing your financial statements regularly will help you keep a pulse on how your business is doing. I know from experience that when I’m working with many of my smaller business clients, especially those who are solopreneurs, it’s hard for them to find the time to review their financial statements on a monthly basis, so I want to focus on the importance of a mid-year review of your financial statements to help your business grow. In today’s podcast episode, I am talking about what you can do as you aim to expand and succeed in your business by effectively reviewing your financial statements at this mid-year point. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; take the time with me to explore how a mid-year financial statement review can be a game-changer for your business…
Welcome Back…If you’ve been listening to this podcast for a while, you know that I highly encourage my listeners to review their financial statements on a monthly basis. Not only does this require you to keep your bookkeeping up to date so that you have accurate financial data to review, but the pulse you have on how your business is doing is so much greater. If you are a business owner who finds it hard to keep up with the monthly bookkeeping and are not doing your financial statement reviews on a monthly basis, you need to make sure that you are, at the very least, doing a mid-year review of your financial statements. Now that half of the year has gone by, you need to get your bookkeeping up to date so that you are not struggling at the end of the year with twelve full months of bookkeeping that takes up all of your evenings and weekends just so that you can have the data ready for you to get your tax return done. Think about all of the information you could be utilizing if you were gaining knowledge from your financial statements throughout the year. You have to do your bookkeeping anyways; you might as well do it when you can reap the benefits from it. When you, at the very least, do catch up on your bookkeeping at this mid-year point, you are going to be proactive by having your first half of the year up to date so that you can do a thorough review of your mid-year financial statements. You’ll know exactly the path you are on to not only reach the goals you’ve set for your business this year, but you’ll also have all the data you need to successfully start your tax planning. When you do your mid-year review of your financial statements, you’ll be able to see where your net income is sitting in comparison to prior years, and you’ll be able to see what your potential tax liability may be so that you can start preparing.
A mid-year review of your financial statements is simply a review of how your business has done financially for the first half of the year. Once you know you have all your bookkeeping transactions recorded and you’ve done all of your bank reconciliations, you can be confident that your financial statements are reflecting an accurate picture of your financial data. You’ll want to review your Balance Sheet to ensure each of the items listed is accurate, and when you compare your current Balance Sheet to your prior year, you’ll see exactly how your assets, liabilities, and equity are comparing. Your Income Statement, on the other hand, will show you your net income or net loss for the year so far. When you are looking at your income statement, make sure that you are reviewing the entire first six months of the year. If you are using a computerized bookkeeping system such as QuickBooks Desktop or QuickBooks Online, you can also simply customize your report to show the prior year’s information as well so that you can compare how you are doing this year to date to how you did last year at this same exact point in time. By reviewing these two financial reports, you’ll gain an understanding and a clear picture of your business’s financial performance and position.
A mid-year review is a checkpoint to ensure you are on track to meet your financial goals. It allows you to identify any potential issues or areas of concern early in the year so you have time to make any necessary adjustments for the remaining portion of the year. You can start to see trends, opportunities, and potential risks that may have gone unnoticed if you didn’t do a mid-year review. This is helpful for all business owners, but especially for solopreneurs who are wearing all the hats as business owners. This mid-year review will help you not only stay up to date with your financial information, but it will give you the opportunity to make any changes needed to meet your goals or fine-tune your strategies for the remainder of the year. If you are still finding it hard to find the time to get your bookkeeping up to date during this mid-year review, you may want to think about hiring a bookkeeper to help you with these tasks. It is such an important part of your business, so if you are unable to prioritize staying up to date with your bookkeeping, start asking yourself if it is time to get some additional help in this area so that you can make smart business decisions.
Now that you know what you should have in place to do your mid-year review, you may be asking what in particular you should be looking at. I recommend you focus on one of the key aspects of your business with the Income Statement. This report will reflect all of your revenues and your expenses. Analyzing your revenue streams and identifying the most profitable ones can guide your business decisions for the rest of the year. As far as expenses go, you can evaluate if there are any areas where cost-cutting measures can be implemented without impacting your revenue or the quality of what your business has to offer your customers. The analysis of your Income Statement as well as the comparison to the prior year, will allow you to identify any financial challenges you may experience before they become a significant problem. For example, knowing where you are sitting this year compared to last year will help you understand your potential tax liability and will give you time to prepare for a higher tax payment you may need to make. You may also see that your profit margin is not quite what you were hoping for. If this is the case, you still have time for the remainder of the year to make changes to improve these amounts. If you are finding that you are just not meeting the goals you have set for the year, it gives you the opportunity to look into the problem and find a solution so that you can be more on track to meet these goals over the next few months. You may need to get help with setting realistic and achievable financial goals for the remainder of the year. When I work with my clients, the mid-year financial review is a huge player when we are reviewing their goals. We often need to reassess them or dig deeper to see what is causing the results they are currently getting. We work together to create a well-informed action plan to optimize their financial performance in the future.
Don’t let another year go by in your business without a mid-year financial review. This is a place where many business owners underestimate the impact of the process. Look at reviewing your financial statements and embrace the work you do when performing a mid-year review as a powerful tool for growth and improvement. By implementing a process in your business where you do a mid-year review on an annual basis, you will be adding another tool in your toolbox as an overall strategy for achieving the goals you set in your business. This process will help you stay ahead of the curve and maintain a competitive advantage. Growing your business is a usual strategy for most business owners. Enjoy the journey your business is taking and utilize your financial statements as a compass that guides you to reach success in your business. I work with business owners and accountants to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, I’d love for you to join me in my Balance Life Coaching program so that you can live a more purposeful life. Each week we meet privately, one-on-one, and you get to bring whatever is on your mind on any given week. It could be your highest priority you want to work on, whatever you want more of in your life, or if there is something that is weighing on you heavily that you need coaching on, and we’ll work through it together. Having a certified life coach like me helping you through all of this allows you to feel so seen and cared for, and the results are amazing. Everyone benefits when they work with a certified life coach. After every call, you feel energized, and you know exactly what to do for the week to come, and relief knowing we will meet again the next week to go over anything that comes up after the call. You’ll gain self-awareness while you take each step toward your goals. This is a new coaching program, and I am opening it with special pricing for a limited time. The investment is an easy yes for you. I’ve set this program up in the most supportive way for you. If you are ready to join the Balance Life Coaching program, you can go to www.FinancialAdventure.com and click on the work with me button. You’ll see the link to join as well as additional information about the program. Sign up now. There are limited spots available for this program due to the one-on-one aspect, and it will sell out. If the payment link is gone, you can get on my waitlist to join the program when additional spots are available. I help people get results and live a more joyful life. I coach everybody on everything. Everyone has something they want in their lives, and I help them get it. I know this is something you’ve been waiting for. I’ve been asked by many of my listeners to create this exact program, I made the final touches on the program, and it is now available for you. I know how much you wanted it. The faster you get access to the program, the quicker you’ll see the possibilities available to you. I also have a risk-free guarantee. I believe so strongly that everyone benefits from coaching that when you sign up today, if for any reason you are not satisfied with your first session, you can send us an email, and we’ll refund you immediately. Are you ready to enjoy your life now? Why would you want to wait? Make this investment for yourself. Take the journey with me…make it happen for yourself. Ask yourself why you need this program in your life right now. Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
