An end-of-year P&L review is a great way to refocus, reassess your goals and priorities, and evaluate whether you’re on the right path.
As part of our ongoing KPIs series, we look at last year’s KPIs to plan for the new year.
- KPIs in Focus Driving Growth
- KPIs in Focus Pricing Strategies
- KPIs in Focus Understanding Staff Utilization
- KPIs in Focus Key Performance Indicators
- KPIs in Focus Business Budgeting
We know how we are doing for most of us – we have a back-of-the-envelope feel, but we haven’t looked at actual numbers compared to the budget since last year’s budget process.
For small-business owners, conducting a mid-year check-in is essential to staying on track for meeting annual revenue and growth goals. Take a holistic approach to the review – it is more than comparing actuals to budget.
- Itemize your goals and review the metrics used to measure them.
- Assess performance to date and solve for gaps.
- Review the pipeline going into the year’s second half. Is Business Development on track?
- Research your competitive landscape – don’t be blindsided by a disruptive innovation from one of your biggest rivals.
- Are your taxes on track? If your revenue has increased since your initial projections, your tax liability might have changed, too. Reexamine your calculations during your mid-year check-in to ensure you don’t incur underpayment penalties. Or share your financials with your CPA so they can re-evaluate your expected tax liabilities.
You may exceed our growth goals in some areas of your business but still behind in others. We can identify gaps in your business efforts through thorough analysis. A mid-year review provides an opportunity to reallocate time and resources to strengthen your business and head into the second half of the year with a renewed focus on success.
Take a look at your mid-year financials. Are you on target to achieve your 2023 goals? Do you need to adjust your strategy? Or give us a call if you would like help assessing your performance.