
Taking a moment to pause and reflect at the halfway mark of the year can be incredibly valuable. While January often steals the spotlight for setting goals and making plans, this mid-year point is just as important, especially for those running small businesses.
So much can shift in just six months. Maybe your sales have exceeded expectations, or your expenses have risen unexpectedly. Or it could be that things didn’t unfold as you had hoped and now is the perfect time to adjust your course. Regardless of where you stand, conducting a mid-year financial check-up can provide you with the clarity and control you need.
Here’s a handy checklist of seven ways to keep your business on track for the remainder of the year.
Quick Navigation
- Review Your Financial Statements
- Analyze Your Cash Flow
- Compare Budget Vs. Actuals
- Revisit Goals & KPIs
- Review Debt & Credit
- Tax Planning Check-In
- Use Tech & Tools
- Frequently Asked Questions
- Next Steps
1. Review Your Financial Statements
Let’s kick things off with the essentials: your profit and loss statement, balance sheet, and cash flow statement.
Questions To Consider:
- Are revenues where you expected them to be?
- Are any expense categories unusually high?
- Is your net income where it should be, or is it on the decline?
By diving into your numbers, you can spot early warning signs or uncover opportunities that might have slipped under your radar. Plus, it’s a great chance to identify trends and get ready for Q3 and Q4.
Banterra Tip:
Feeling a bit lost when it comes to interpreting your reports? Don’t worry. Banterra’s local business banking experts are here to help you make sense of your financials and align your accounts with your long-term goals. Contact us today for help.
2. Analyze Your Cash Flow
It’s one thing to know how much you’re making, but it’s a whole different ball game to understand when that cash actually hits your account.
Cash flow problems are among the leading reasons small businesses face challenges, even if their financial statements look good. That’s why it’s so important to take a mid-year check-in.
Items To Review:
- Trends in incoming versus outgoing cash
- Any payment delays from your customers
- Your ability to handle upcoming expenses without feeling overwhelmed
If you’ve been feeling the pinch with your cash flow, now’s the perfect time to reassess your payment terms, speed up those receivables, or even look into a short-term line of credit.
Banterra Tool Highlight:
Banterra’s Business Online Banking platform gives you real-time insight into your cash position, allows you to initiate ACH payments, transfer funds between accounts, and even forecast your future cash needs — all from a user-friendly dashboard.
3. Compare Budget Vs. Actual Performance
At the beginning of the year, you likely set a budget. If you didn’t, it is never too late to create one. See how things are stacking up against your budget.
Check These Items:
- Are you falling short or spending more than you intended in important areas?
- Did any surprise expenses throw your plans off course?
- Are there any places you can cut back in the second half of the year?
Use this review to adjust your budget for Q3 and Q4, reallocating funds or setting new goals based on what you’ve learned so far.
Banterra Tip:
With Banterra’s digital tools, you can easily pull detailed transaction reports and export your financials, making these comparisons that much simpler and more precise.
4. Revisit Business Goals & KPIs
Now that we’re halfway through the year, it’s a great time to take a step back and ask ourselves: Are we on the right track?
If you set revenue goals, customer growth targets, or operational KPIs at the beginning of the year, now’s the moment to pull them up and see how you’re doing.
As A Result, You May:
- Keep pushing forward as planned
- Adjust your goals to be more realistic
- Set entirely new objectives based on what’s happening in the market
This is also a fantastic opportunity to involve your team in the discussion — having clear goals helps everyone stay focused and motivated.
Banterra Tool Highlight:
If you’re using Banterra’s upgraded cash management platform, you can easily access reporting tools to measure key trends over time and make more informed, confident business decisions.
5. Conduct A Debt & Credit Review
Mid-year is also the perfect time to take a closer look at your debt strategy.
Here's What To Review:
- Your current loans, interest rates, and repayment terms
- Whether you’re close to any balloon payments or facing adjustable-rate increases
- Your access to credit in case you need capital quickly
Refinancing or restructuring your existing debt could help lower your payments or free up some cash. And if you’ve been using credit cards or vendor financing, now is the time to assess how well that’s working for you.
Banterra Tip:
From equipment loans to commercial real estate and business lines of credit, Banterra offers flexible financing solutions tailored to your cash flow and growth goals. Our team is here to help you explore your options.
6. Assess Your Tax Planning
No one really enjoys thinking about taxes in the middle of the year...or ever. But taking a moment to check in with your tax advisor can save you from unexpected surprises and missed chances down the line.
Consult The Following With Your Tax Advisor:
- How your estimated payments are shaping up so far
- If you’re on track to meet your financial obligations
- Whether any purchases, write-offs, or contributions could help lower your tax bill
Being proactive now gives you the chance to make any necessary adjustments before December rolls around.
Banterra Tool Highlight:
With Banterra’s Treasury Management services, you can easily organize your records and generate clean reports, making tax prep a breeze for you and your accountant.
7. Embrace New Banking Technology
If you haven’t yet upgraded to Banterra’s advanced business banking tools, now is the perfect time. Tailored specifically for business customers, Banterra’s Online Cash Management tools bring everything you need into one convenient spot:
- Real-time account balances
- Internal and external transfers
- Secure ACH payment initiation
- User permission management
- Alerts, notifications, and audit trails
- Centralized reporting and reconciliation tools
Whether you’re running a solo operation or juggling multiple accounts across different departments, this platform gives you the insight and flexibility to manage your business more effectively.
Banterra Advantage:
You’ll continue to receive the personal service you expect from a community bank, paired with tools that rival those of national brands. That’s what we mean by banking smarter, right in your community.
“Banterra's Cash Management has allowed our company to automate all treasury functions including ACH debits and credits. This is so important because it provides a comfort level for our customers and maximum security for our company. Their Treasury Management team does an outstanding job!”
— Greg Cruse, Southeastern Illinois Electric Cooperative, Carrier Mills, Illinois
Frequently Asked Questions
Q: What If My Business Is Running Behind On Goals?
A: Use your financial review to adjust forecasts and talk to your banker about temporary financing or restructuring expenses.
Q: Can I Set Up Alerts For Account Activity?
A: Yes — Treasury Management tools let you get alerts for balances, wire limits, and user actions.
Q: How Do I Refinance Or Open A Line Of Credit?
A: Get in touch with your Banterra banker. We’ll walk you through terms and timing for your specific needs.
Useful Resource
Make The Second Half Your Strongest Yet
A mid-year financial review doesn’t have to be daunting — and it’s one of the smartest things you can do to strengthen your business.
By reviewing your financials, checking your goals, and embracing the right tools, you’ll put yourself in a better position to:
- Finish the year on a high note
- Seize new opportunities
- Reduce risks and enhance your efficiency
Whether you’re looking for guidance on cash flow, need to establish better systems, or want to finance your next big step, Banterra is here to help — with real people, effective tools, and a sincere dedication to your business’s success.
Ready To Take The Next Step?
- Talk to a Banterra business banking expert
- Check out our Treasury Management tools
- Learn more about Business Online Banking
- Or contact us directly to get started
August 1, 2025 by Banterra Bank
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