2019 Half Over:
Build Healthy Business Financial Habits
It is surprising but true, half of 2019 is done. Checking in on business finances should be done monthly at the very least, but the halfway mark for the year is a great time to look at financial reports and have enough data on which to make decisions. This is also a good time to not only look at your books but also all of your business goals in general to measure the progress and make any course corrections as needed.
There are steps that should be taken at the half-way mark in order to make sure your business financials are in order and you are in the best position to take on the rest of 2019 and beyond.
Be proactive with your books: Do not leave your books to last minute or tax time. If you haven’t looked at your books at all this year, it is quite difficult to remember what expenses were from January in July. Also, without having your books done, there is no way to know how your business is doing financially. Decisions are difficult to make without the data to support them.
Build a paper/digital trail: Take the time to be organized with your record-keeping. Either keep receipts in order in a proper filing system or take copies of them and store them properly in a digital system such as Dropbox. Regardless of the system you choose to create the trail, be detailed, either write or type the details of the purchases.
Track your results: In setting goals for 2019, being at the half-way point in the year, is a great time to take a look and see how your business is progressing against the goals you set. You can make sure you are on track or adjust as needed so that you can achieve those goals. This is also a good time to change those goals if they no longer apply or can no longer be met and the priorities of the business has changed.