Mid-Year Financial Check-In: How to Course Correct for a Stronger Second Half

The halfway mark of the year is the perfect time for small business owners to pause, assess, and make proactive financial adjustments. The decisions you make now can directly impact your ability to finish the year strong — or leave you scrambling to recover later.

At Maverick Business Partners, we believe that mid-year isn’t just a checkpoint — it’s an opportunity to refine your strategy, correct course where needed, and set the stage for long-term growth. Here are a few key areas to focus on this July:

1. Review Year-to-Date Financial Performance: Take Stock of Where You Stand

Your year-to-date (YTD) financials reveal how well your business has performed so far and can highlight both strengths and areas that need attention.

Pro Tip 1: Compare actual revenue and expenses against your original budget. Are you on target? Have any categories exceeded expectations or fallen short? 

Pro Tip 2: Evaluate profit margins, overhead costs, and any new or unexpected expenses that may have impacted your bottom line.

Key Insight: Understanding your YTD position allows you to make informed adjustments and avoid surprises in Q3 and Q4.

2. Accounts Payable & Receivable: Tighten Up Cash Flow

Uncollected invoices and unpaid bills can easily create strain on your cash flow as the year progresses.

Pro Tip 1: Follow up on any overdue invoices and implement automated payment reminders to encourage on-time payments. 

Pro Tip 2: Review vendor accounts and ensure all bills are paid on schedule to maintain good relationships and avoid late fees.

Key Insight: Staying current on both receivables and payables protects your liquidity and helps ensure stability heading into the second half of the year.

3. Plan for Third Quarter Estimated Taxes: Avoid Last-Minute Scrambling

Q3 estimated tax payments are due September 15. Use July to start preparing so you're not caught off guard.

Pro Tip 1: Work with your bookkeeper or accountant to calculate your projected tax liability based on your YTD income. 

Pro Tip 2: Set aside funds now to avoid any financial strain as the payment deadline approaches.

Key Insight: Proactive tax planning reduces the risk of penalties, interest, or cash flow disruptions later.

4. Evaluate Retirement Plan Contributions: Maximize Tax-Advantaged Savings

If your business sponsors retirement plans, mid-year is a great time to review contribution levels.

Pro Tip 1: Consider making additional employer contributions if cash flow allows — it can reduce taxable income and support employee retention. 

Pro Tip 2: Review employee participation rates and consider educating your team on the benefits of maximizing contributions.

Key Insight: Thoughtful retirement planning benefits both your business and your employees — and offers tax advantages along the way.

5. State-Specific Compliance: Stay Ahead of Regulatory Deadlines

Many states have unique mid-year filing requirements or regulatory deadlines.

Pro Tip 1: Review your state’s tax and compliance calendar for any filings or renewals due this quarter. 

Pro Tip 2: Use this opportunity to confirm all business licenses, permits, and registrations are up to date.

Key Insight: Staying compliant avoids costly penalties and helps ensure your business operates smoothly.

Let Maverick Help You Finish the Year Strong

July’s mid-year checkpoint is a valuable opportunity to recalibrate and optimize your business finances. Whether you need help reviewing your financial performance, planning for taxes, or improving cash flow, Maverick Business Partners is here to guide you every step of the way.

With strategic bookkeeping, financial coaching, and advisory services, we’ll help you finish strong and set up a stable foundation for future growth.

About Maverick Business Partners

 At Maverick Business Partners, we provide more than just bookkeeping services—we partner with you to ensure your financial stability. From cash flow forecasting to strategic expense management, we help you make informed decisions that support business growth. Let us handle the financial details so you can focus on what matters most—growing your business with confidence.

Need a reliable bookkeeper? Contact Maverick Business Partners today, and let us help you take control of your cash flow for long-term success.