Crucial Steps that Can Make or Break Your Year!
Now that we’re over halfway through 2023, it is time to assess your business and work to ensure a successful conclusion to the calendar year. Whether the year is going great, poorly or somewhere in-between, taking the time to perform a mid-year review can significantly improve the chances of achieving success.
Working with your CPA, this process evaluates your business based on key financial, accounting and business-wide benchmarks. You should look at both big-picture goals (such as new targeted markets and product lines) as well as drilling-down to key data that helps to identify whether operations are on-track (e.g., sales goals and profit margins per division/product line/sales teams, receivables collections, expense management, vendor relationships, bank loan criteria compliance, etc.).
While every company is different, there are 8 steps that MyCFO typically implements with clients as part of the mid-year review:
- Evaluate YTD performance
- Identify impediments to success
- Consider new opportunities
- Reset metrics
- Reallocate resources to achieve goals
- Identify measures to improve profitability
- Manage cash flow more effectively
- Provide leadership direction for personnel
Due to our decades of experience working with hundreds of clients, MyCFO is able to add considerable value in each of these steps. After implementing our recommendations, our clients typically find that they become more effective across the board in each department.
Don’t delay, improve your business today!
The time and money invested in a mid-year review can be minor in relation to the potential outcome. The professionals at MyCFO can offer invaluable expertise in this process. Contact us today for a free initial consultation!