Mid-Year Financial Check-In: What Should Be on Your Radar?

We’re halfway through the year—and it’s the perfect time to hit pause, take a step back, and check in on your business’s financial health. A mid-year financial review can help you spot trends, address challenges early, and adjust your strategy so the second half of the year is even stronger than the first.

Whether you’re a new entrepreneur or an established small business owner, here’s what you should have on your radar in your mid-year check-in:

1. Revisit Your Financial Goals

Start by looking at the goals you set at the beginning of the year.

• Are you on track to meet them?

• Have your priorities shifted?

• Are there new opportunities or challenges that need to be accounted for?

If goals no longer align with where your business is heading, now’s the time to revise them. Setting realistic, actionable goals for the rest of the year helps keep your focus sharp.

2. Review Year-to-Date Financials

Dig into your income statement, balance sheet, and cash flow statement. Compare your actuals to your budget and identify any significant variances.

Ask yourself:

• Are revenues in line with expectations?

• Have your expenses increased unexpectedly?

• Are there areas where you’re overspending—or underspending?

This is a great opportunity to identify waste, tighten up spending, or invest more in areas that are performing well.

3. Assess Cash Flow Health

Cash flow is the heartbeat of your business. Mid-year is a good time to assess:

• How much runway you have

• Whether customers are paying on time

• If you’re managing inventory effectively

If cash flow is tight, consider adjusting your payment terms, reducing non-essential expenses, or exploring financing options.

4. Check In on Taxes and Compliance

If your business is incorporated, you’ve likely already filed your corporate tax return. But you still need to stay on top of:

• GST/HST remittances

• Payroll taxes

• Quarterly installments (if applicable)

Missing deadlines can lead to penalties and interest, so make sure everything’s up to date. It’s also worth reviewing your tax strategy—are there any credits or deductions you’ve missed? Could you benefit from adjusting how you pay yourself (salary vs. dividends)?

5. Update Your Budget and Forecast

Based on what the first half of the year has shown you, now’s the time to refresh your budget. A revised forecast helps you plan for the months ahead and make smarter decisions around hiring, marketing, inventory, or investments.

Build in flexibility, and consider creating a few scenarios (best case, worst case, and realistic) to help you prepare for different outcomes.

6. Book a Meeting With Your Accountant

A professional accountant can provide valuable insight at this point in the year. They’ll help you:

• Understand your numbers

• Plan for taxes

• Make smart financial decisions for Q3 and Q4

They can also help you identify any blind spots you might have missed.

Let’s Make the Second Half Stronger Than the First

Taking the time to do a mid-year financial check-in isn’t just good practice—it’s a smart move that can keep your business on track for success. If you need help reviewing your financials or planning for what’s ahead, we’re here to support you.

Let’s connect and set your business up for a strong finish to the year.