Presented by Allen Barron, Inc. and Janathan L. Allen, APC
As mid-July rolls onto the landscape, dreamy images of mid-summer are abruptly juxtaposed with daunting pictures of mid-year business review time.
“For many businesses, the mid-year review can become a nightmare for a variety of reasons,” explained Janathan L. Allen, Esq., Partner in Allen Barron, Inc., “from lack of a well-defined business plan to measure your current outcomes to the challenges of analyzing accurately the reasons why your business may not be making the mid-year target towards year-end goals.”
The mid-year business review process is somewhat inaccurately named and perceived, insofar that it really involves not just a look back at the first six months, but a look forward beyond the next six months into the coming year. “Where we start with our clients,” advised Allen, “is where the business is financially in terms of whether they’re meeting the goals defined at the start of the year. You first have to figure out what’s working and what actually isn’t, in order to see where to make mid-course corrections to achieve those stated goals.”
The Allen Barron strategy then incorporates holistic planning with an understanding of the interrelated nature of accounting, taxes, legal considerations, marketing and financial planning. “Mid-year review is essentially the time to start reviewing budget, expenses, and laws in terms of changes coming in 2015,” said Allen, “so that you’re prepared to hit the ground running in January 2015.”
The mid-year process is not as overwhelming or tedious as it portends. “Three things a business should look at are the budget, the actual financials, and cash flow. The question to ask is what areas of the company are working well to meet your goals, and what areas have issues that need to be dealt with,” explained Allen. “Often we define success simply in terms of cash flow-so as sales decline, expenses get cut which is only a solution if the plan is to spend remaining cash flow to continue the downward spiral.”
Remember that your mid-year review is not just a reality checklist. With holistic, innovative consulting, a wake-up call regarding your business practices can be the catalyst to realizing your dreams.
For more information, contact:
Allen Barron, Inc.
16745 W. Bernardo Drive, Suite 260
San Diego, CA 92127
Toll Free: 866-631-3470