The halfway point of the year is a good time to evaluate key areas of your business and revisit goals. This check-in will allow you to make adjustments so you can correct course, if needed, and finish the year strong.
Review these areas as a starting point, and add others that may also be important.
- Revisit your goals. Look back on the objectives you set at the beginning of the year. How much progress have you made? What has held you back? Have your priorities shifted? Create a plan for the coming months to achieve your objectives. Consider setting smaller sub-goals that will help you reach your overall objectives.
- Check in with your team. Meet with your employees to review their responsibilities and how they feel their work is going. Consider adjustments that could be made so that their skills and talents are fully used. For example, an employee who is particularly tech-savvy might want to take the lead in recommending new software to improve processes or training the team on new technologies.
- Re-evaluate your tools. Ask your team whether upgrading or changing your technology and tools could help them work more productively. Weigh the costs of the changes against the potential gains. You may not need to make wholesale replacements — tuning up technology or equipment may also improve performance. If you do replace equipment, be sure to keep records that would support a tax deduction.
- Update your books. Review your transaction record alongside your bank statements, credit card records, and sales receipts to ensure that it’s up to date. If your point-of-sale system is set up to work with your bookkeeping software, your sales transactions should have been captured automatically. Having up-to-date books will help you generate financial reports that provide a more complete snapshot of your business’s financial health.
- Review financial statements. Set a time with your accountant or business banker to go over your year-to-date income statement, balance sheet, and cash flow statement. This will help you understand how profitable you are, how comfortably you can take on more debt, and how healthy your cash flow is. What you learn can help you plan corrective actions that put your business in a stronger position.
- Evaluate spending. Review your expenses to see if there are opportunities to trim your spending. Look for subscriptions you no longer use or services you could pay less for. Internet, telephone, and insurance are a few areas to explore. You might also investigate office supplies pricing. For example, companies like Wal-Mart and Amazon may offer lower prices than traditional office suppliers for certain items.
Want more tips to help you reduce costs and manage funds more efficiently? Check out our online resources or talk with a business banking professional. Call 1-800-428-7463 or stop by your nearest Citizens Bank branch.