Mid-year financial review | blog.firstffcu.com

As the year reaches its halfway point, it’s the perfect time for small business owners to take a step back and assess where things stand so far. A mid-year check-in is a powerful strategy to realign your goals, improve operations, and finish the year strong.

Here are five essential tips to help guide your mid-year business review:

1. Reevaluate Your Goals and Key Performance Indicators (KPIs)

Remember those big goals for your business you set at the start of the year? Now’s the time to ask:

What progress have you made so far?
Are your current targets still relevant?
What adjustments are needed to hit your year-end objectives?

Whether you’re ahead of schedule or need to pivot, revisiting your KPIs ensures that you stay focused and aligned with your vision.

2. Assess Your Financial Health

Strong financials are the backbone of any successful business. Now is a good time to take a deep dive into:

Cash flow: Are you consistently in the black?
Expenses: What recurring costs can you reduce or eliminate?
Profitability: Are your margins improving, and what can you optimize?

Analyze the numbers – identifying small adjustments now, can lead to major improvements by year-end.

3. Check-in with Your Team

Your team plays a crucial role in executing the vision. Use mid-year as an opportunity to:

Have one-on-one conversations to understand team needs and goals.
Gather feedback on processes, tools, and workload.
Recognize accomplishments and plan for professional development.

A motivated, aligned team will always outperform a disengaged one.

4. Review Your Tools and Systems

Technology should be working for you, not against you. Ask yourself:

Are there any tools slowing your team down?
Could automation or new systems increase productivity?
Are your invoicing, payroll, or inventory processes efficient?

Even minor tech upgrades can save time, cut costs, and improve the customer experience.

5. Measure Customer Satisfaction and Retention

Happy customers are the key to long-term success, and mid-year is a great time to find out how well you’re meeting their expectations.

Look at customer retention, repeat purchases, and feedback.
Analyze survey responses, support tickets, and online reviews.
Use this information to improve your service and offerings.

Use these insights to fine-tune your approach and ensure your customers stick with you through the rest of the year and beyond.

A mid-year check-in is more than a to-do item on a checklist. It’s your chance to reset, refocus, and finish the year with purpose. Learn more about how First Financial can help support your small business by emailing us at business@firstffcu.com and checking out our small business services.

Can you believe it’s June already? The official start of summer will be here before you know it. Being that it’s now mid-year, this is a significant time to re-evaluate your financial goals from January. Think about what is working and what you may need to change up for the second half of the year. Keep reading to get some ideas on how to complete your mid-year financial review.

Organize Your Financial Records

If your financial records are a mess or you don’t know where to find important documents, now’s the time to get organized. Make sure you have original documentation for wills, deeds and any paperwork for inherited assets. Other records of importance? Be sure you are maintaining files on tax returns, retirement plan and investment statements, mortgage records, insurance policies, bills, important receipts, financial account statements, pay stubs, benefits information and any estate planning documents. You can either choose to maintain records of these documents in paper form or electronically on your computer or tablet – just ensure you have some record of this list or know how to access them quickly if needed.

Check Your Credit Score

Your credit score is a good indicator of your financial well-being. Double check your credit score at least annually to look out for any red flags, like missed payments or possible identity theft. Also checking your monthly account statements or regularly logging into online banking or your financial institution’s mobile app, can help you spot any fraudulent account activity right away.

Feed Your Emergency Fund

Credit cards are not substitutes for having cash on hand. It’s important to regularly add to your emergency fund, which should only be accessed for unexpected emergencies – like home or auto repairs. A good way to add to your emergency fund? Allocate your direct deposit. Even if you start with taking $20 out of each paycheck and having it deposited right into your emergency savings account every payday – this can really add up over time and most likely, you won’t even miss it. If you’re not sure how to set this up, ask your Human Resources or company payroll department for assistance.

Put Up Digital Walls

Cyber crimes are increasing in number by the day. It’s time to make sure you’ve updated your online passwords, that you’re using encryption or two-factor authentication to login to websites whenever possible, and that you aren’t sharing sensitive data or doing your banking over public Wi-Fi networks.

Re-Evaluate Your Financial Goals

Do your financial goals still make sense for the rest of the year? A lot can happen in 6 months, and you may have had some scenarios that warrant a second look. Have there been any other major financial changes this year? Think family, income, asset, debt or business related events. If there have already been or you know there will be changes to any of these items before the end of the year – reach out to a financial professional today.

At First Financial, our members are like family and we are here to help you achieve your financial goals. For more personalized financial assistance call 732.312.1500 or visit your local branch today. Don’t miss out on more financial tips and advice – be sure to subscribe to our monthly e-newsletter.