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Why You Need a Mid-Year Review of Your Company

It’s hard to believe that May is next week, which means we are almost at the half-way mark for 2018.  But, before you get too deep in your plans for the summer, make sure you schedule a mid-year checkup for your company. No, we’re not talking about the height/weight/blood pressure kind of checkup, we’re talking about the income statement/balance sheet/cash flow kind of checkup — a review of your business’s financial operating fundamentals.

If you review your vital financial information only when year-end rolls around, you may not know there’s a problem until it’s too late. The more often you take your company’s “pulse,” the sooner you’ll be able to notice — and react to — changes in your business situation.

Check Your Vital Signs

What should you be looking at? Start with the operating fundamentals. For example, what’s the status of accounts payable? When’s the last time you ran an aging...

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