Is Your Business on Track? Here’s How to Do a Mid-Year Financial Review (Step-by-Step)

Half the year is gone — do you know where your money went?
If you’re running your business without reviewing your finances, you’re flying blind. Now is the perfect time to pause, reflect, and reset.

At Taisha Associates, we’ve seen how a simple Mid-Year Financial Review can help business owners avoid surprises, regain control, and finish the year strong. Whether you’re a freelancer, retailer, service provider, or small manufacturer, this guide will walk you through the process in less than 10 minutes.

Let’s break it down.

Why a Mid-Year Financial Review Is Critical

Think of a mid-year financial review as a health check-up for your business. It helps you:

✅ Track whether you’re on target with your financial goals
✅ Identify cash drains and unnecessary expenses
✅ Uncover blind spots that could become bigger problems
✅ Plan proactively for the rest of the year

Without this review, you’re guessing your way through business — and that’s risky. Especially in Nigeria’s fast-changing economy, clarity is everything.

What You Need to Get Started

Before diving in, gather the following documents and records:

• Income and expense reports (January to June)

• Bank statements and reconciliations

• Balance sheet (assets, liabilities, and equity)

• Profit and Loss (P&L) statement

• Tax payments and obligations to date

Pro Tip: If your records aren’t up to date, take this as a sign to update them. Your decisions are only as good as your data.

The 5-Step Mid-Year Financial Review Process

Here’s a simple process you can follow — no accounting degree required:

1. Review Revenue Trends

Are your sales increasing, remaining steady, or declining? Identify your top-performing products or services. This helps you focus your energy where it matters most.

2. Check Your Expenses

Look for waste. Are you overspending on subscriptions, rent, logistics, or staff costs? Small leaks sink big ships.

3. Analyze Profit Margins

Are you charging enough? Are your costs too high? Calculate your net profit margins and evaluate your pricing strategy.

4. Review Cash Flow

Do you have enough money to cover your next 3 months of expenses? Remember: Profit is theory, cash is reality. Even profitable businesses can collapse without cash flow.

5. Compare Budget vs. Actuals

What did you plan in January, and what happened? Learn from the differences and adjust your strategy for the second half of the year.

Set Clear Goals for the Second Half of the Year

Use the insights from your review to plan:

• Set monthly revenue and profit targets

• Plan for taxes early — don’t wait for December

• Cut or reallocate expenses where needed

• Review and adjust your pricing or services

• Most importantly, keep your bookkeeping updated

Whether you’re using Excel, QuickBooks, or working with a professional (like us ), staying consistent with your records is your business superpower.

✅ Final Thoughts: Take Control of Your Business Finances

Your mid-year review is not just about looking back — it’s about moving forward with clarity and confidence.