5 Steps to Setting Yourself Up for a Great Second Half of the Year
We are already halfway through 2022 and, while you’re running your business each day, it’s easy to get distracted from the annual goals and strategies your business needs to be successful long term. June is an ideal point in the year to set aside time to review several areas of your small business and make sure you are on track for 2022 and a great start to next year.
Here’s our small business mid year checklist to help guide you through your review.
Check Your Business Registration and Filings
Visit your state’s Secretary of State website and ensure your business is up to date on your registrations and filings. Each state has a different renewal timeline and it’s easy to miss your deadline. If you haven’t already done so, file your 2021 taxes or prepare to pay your quarter two estimated taxes for 2022.
Employee Reviews and Feedback
No matter the size of your business, mid year is not only a good time to assess employee performance, but also ask for feedback. Your employees can be your best resources, and they may see blind spots in your business that you are missing. Plus, they can help you make needed adjustments over the next six months to reach your goals.
You probably review your financials weekly or monthly, but mid year is a good time to take a look at your finances from a broad perspective. If you have one, meet with your accountant to check in on your annual financial goals and discuss the second half of the year. If applicable, your accountant can also help you plan for your quarter 3 and 4 estimated taxes.
When you are conducting your small business mid year check, it’s a good time to review each of your contracts and ensure all the terms are being met by both you and the other party. Also, keep an eye on the termination date for each of the contracts to see: 1.) if it automatically renews; 2.) what you need to do to get a new one if it doesn’t auto renew; and most importantly 3.) what steps you need to take if it auto renews and you don’t want to continue in the contract.
If you believe there is a discrepancy, think it may be time for a revision, or what to know what steps to take as you near the termination of an agreement, contact us for a contract review and we can help you create a plan moving forward.
Start Thinking Towards 2023
As a business owner, it’s never too early to start planning for next year. Use this midpoint of the year to take some time to plan for 2023 or at least the start of next year. Review this year’s goals and assess what you might need to change for next year. Even with the best intentions, the last part of the year is always busy so set time aside now to plan so you are ready for the start of the new year.
For help doing a small business mid year check or if you need additional support for your in 2022 and beyond, contact us.