Your Midyear Financial Check-in

When was the last time you looked at your numbers? Halfway through the year is a great time to check on your finances. From getting your expenses in order to finding ways to cut costs, this checklist will guide you through tracking your business’s finances. Who knows—maybe you’ll find more ways to boost your income in the process! 

Here are a few ways you take stock of your business revenue: 

• Settle any unpaid account balances: Follow up with clients to collect any outstanding payments. 
• Circle back to declined credit cards: Check in on unpaid services or membership payments. 
• Connect with clients who have expiring memberships: Touchbase to see if they’re interested in continuing their memberships. 
• Review any suspended contracts: Reach out to previous members to see how they’re doing and to let them know they’re missed. 
• Take stock of outstanding gift cards: Review your gift cards and outstanding series reports to clean up any expired options. 
• Organize your physical inventory: Deactivate any products you no longer carry. 
• Audit your schedule and service menu: Dig into your class attendance or service bookings to see how things are performing. 
• Catch up on expenses: Get things up to date and try to identify ways to cut costs that you might not have considered. 
• Forecast your sales: Track down gaps in your income so you can find ways to address the difference. 
• Look over your income for the rest of the year: Make sure your taxes are in good shape.