We’re officially over halfway through the year—so it’s time for a mid-year review! Right now, I want you to revisit and refresh your business finances. And as you hear the energy in my voice, I hope it re-energizes you, too. Because truly, it can be so exciting and empowering when you actually understand your numbers.
Now, you might be thinking: “Erika, I’m just not smart enough to do this.” Or, “I get so confused when I look at reviews—those numbers blur together!” If that’s you, I want to stop you right there and remind you: you absolutely are smart enough. Yes, accounting can have its complex parts. But what I’m walking you through today? Anyone can do it—with the right tools and support.
So, let’s shift that thinking just a bit. As you read, jot down anything that feels confusing or sparks a question. Get those questions answered, and keep taking steps forward. This is how you build confidence with your numbers—one step at a time.
First up: your goals.
Did you set any at the beginning of the year? Maybe financial goals—or goals around your bookkeeping habits or consistency?
Ask yourself:
- Am I hitting those goals? If not, why?
- Do I need to dig into my sales?
- Review my expenses?
- Or do I need to simply block out time and commit to regular check-ins?
If consistency has slipped, don’t worry. You can get back on track. Small shifts can make a big difference.
If you’re unsure how to even set financial goals, here’s the truth: goal setting is actually a huge part of budgeting. And if that feels overwhelming, check out my mini-course, Get Comfy with Budgeting—it walks you through setting realistic, doable goals step-by-step.
So, first thing to review: your goals—and the budget you built (or want to build) around them.
Next up: your income.
Think about the first half of the year. What packages, services, or digital products have been your best sellers? Which ones haven’t performed as well?
If you don’t have a quick and easy way to figure out which of your products, services, or packages are selling best (and which are underperforming), that might be another goal to set for yourself. Whether it’s through your CRM or your bookkeeping software, finding a system that tracks this clearly is key.
Once you have that information in front of you—take a look. Are there any surprises,certain offers doing better or worse than expected, or are you putting a lot of marketing effort behind something that’s not selling? Or, are you surprised by something that’s doing really well without much promotion? These are important insights, and they come to light when you sit down and really review your income.
Also, start looking for trends—especially seasonal ones. For example, if you’re a fitness coach, you probably see a bump in income in January and February when people are revamping routines. Did you run any special offers—like a Spring Break deal, Easter promotion, or Valentine’s Day special? Think through how those impacted your sales.
We call this “seasonal analysis” in the financial world—spotting patterns tied to months, holidays, or certain times of year. And if you really want to get strategic, go back and compare this year to last year. What did your income look like at the six-month mark last year vs. this year? Were there months where you did better this year—or not as well?
Some bookkeeping tools let you run reports with side-by-side comparisons, or you can pull up a simple spreadsheet. Either way, this type of comparison can be really eye-opening. So, at this point, we’ve reviewed your goals and your income.
Now—you know what’s coming—it’s time to look at your expenses.
Go back through and ask:
- Is there anything I need to cut?
- Are there subscriptions I’m not using?
- Are there contractors or services that aren’t giving me the return I expected?
- Am I part of any groups or programs that just aren’t worth the investment?
But also—here’s a part we don’t talk about as often— Is there anything you need to add? Maybe it’s something you’ve been planning and budgeting for, and now it’s time to act. Is it time to hire? Join a mastermind? Upgrade a tool?
This is the moment to check in and ask: Do I have the room to spend on that right now? If not now, when can I make that investment?
And we cover all of this—planning for future spending, figuring out what’s affordable, and deciding the right order to invest—in my course Get Comfy with Budgeting.
So if you need help walking through that process, jump in there. But in the meantime, take this moment to really review your expenses with fresh eyes. It can make a huge difference in how you move forward for the rest of the year.
Another area we don’t always think about mid-year—but absolutely should—is taxes.
Have you already made your estimated payments? Is your tax situation the same as it was earlier this year—or have there been any big changes that might affect what you owe?
This is the perfect time to pause and make sure you’re not setting yourself up for a stressful surprise at tax time. Even a quick review can make a huge difference.
Now, at this point, we’ve walked through:
- Reviewing your goals
- Looking at your income
- Evaluating your expenses
- And checking in on taxes
But I’ve got to say this—none of that is easy to do if your bookkeeping isn’t up to date. So if you haven’t updated your books yet this year, start there. Get those numbers current so you actually have the info you need to review.
And if you use QuickBooks and need help getting that system working smoothly, jump into my program Get Comfy with QuickBooks. I’ll walk you through how to confidently use it, step by step. Most of my clients can do their monthly bookkeeping in under an hour now—because they finally have a system that works for them.
If bookkeeping has been that one thing you keep putting off, now’s the time to tackle it. Because once it’s done, you’ll be able to:
- Track your goals
- Review your progress
- And make smart, informed decisions for the rest of the year
That’s what I want for every business owner—to be able to look at their numbers and say: Am I where I want to be? And if not, what needs to change?
So to recap:
- Review your goals
- Check in on your budget
- Look at your income and expenses
- Make sure your taxes are in order
- And make sure your bookkeeping is up to date
I hope this helped you take that deeper dive. We don’t always do this kind of check-in every month, but the middle of the year is the perfect time to refresh and realign.
Just take a breath, dig into the numbers, and move forward with clarity and confidence. You’ve got this!
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