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Paul Sobotta, CLU®, ChFC®, CFP®, RICP®
Financial Planner
CA Insurance Lic. #4169793
Kyle Sobotta, CFP®
Financial Planner
Prudential Advisors
205 Washington Street
Arcadia, WI 54612
Phone: 608-323-7032
Fax: 608-323-7964
Email: paul.sobotta@prudential.com
July/August 2024
Mid-year Review Keeps You on Track
Reviewing your business’s financial progress and outlook at the end of the year to make sure you’re on track to reach your goals is a no-brainer. But it’s also a good idea to see where you are at mid-year. That way, you will have time to make adjustments that could be the difference between a mediocre year and a successful one.
Your Business Plan
Revisiting your business plan at mid-year provides an opportunity to assess the strategies you have put in place. Your review can help you determine if your financial goals are in sync with your business objectives. If they aren’t, you’ll be able to reconcile the differences and possibly end the year on a positive note.Industry and Market Changes
Significant changes in your industry or in the financial markets could have an impact on sales and profits. A mid-year check gives you time to modify your strategies and potentially keep your balance sheet in the healthy zone.Quarterly Tax Payments
An increase in your business’s revenue during the first half of the year is something you’ll want to celebrate. But don’t forget about taxes. Adjusting your estimated tax payments for the third and fourth quarters to reflect revenue growth can help prevent underpayment penalties when you file your return.Adequate Insurance Coverage
Sustained business growth should prompt a check of your insurance to determine if you need to add coverage. As your business’s valuation increases, you’ll generally need more protection from loss. Remember, too, that adding staff to a growing business means increased costs for worker’s compensation and health insurance.Your Financial Picture
You can gauge your progress by reviewing profit and loss statements, balance sheets, and cash flow statements from January through June and comparing them with statements from the same period last year. Keeping good records should be a priority.Succession Planning
Identifying potential successors and grooming them to take over your business should be part of a well-crafted succession plan. A mid-year review can ensure that succession planning is an integral part of your business strategy.Your financial professional and tax advisor can review your business plan and offer suggestions.
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