June marks more than just the start of summer—it’s the halfway point of the year. That makes it the perfect time to check in on your business’s financial health. Whether you’re running a growing operation or managing a small shop with tight margins, a mid-year financial review helps you course-correct, refocus, and finish the year strong.

If you’ve never done one before—don’t worry. Peoples Bank and Trust is here with five simple steps to help you evaluate where you stand and plan for what’s next.

1. Take a Fresh Look at Your Financial Statements

Start by reviewing your balance sheets, income statements, and cash flow reports from the first six months. These documents tell the story of your business: where you’ve earned, where you’ve spent, and what you’ve got left.

Look for:

  • Gaps between projected and actual income
  • Unexpected expenses
  • Trends in cash flow

You can’t plan for the second half of the year if you don’t know where you’re starting from.

2. Rework Your Budget and Forecasts

Your original budget and projections were made at the start of the year—but a lot can change in six months. Now’s the time to adjust your numbers based on real data.

Ask yourself:

  • Are you hitting your revenue targets?
  • Are there areas where you can cut back?
  • Can you shift resources toward products, services, or marketing channels that are performing well?

Planning ahead now helps prevent surprises later—especially if your business is seasonal or you anticipate changes in demand.

3. Examine Expenses and Profit Margins

Use your financial review to do a deep dive on expenses. Are there places where your costs have crept up? Are any vendors overdue for renegotiation?

Ideas to explore:

  • Eliminate unused software subscriptions
  • Reduce inventory waste
  • Compare suppliers to ensure you’re getting competitive pricing

Small changes can add up to a big impact on your profit margin.

4. Review Debt and Financing Terms

Mid-year is also a good time to evaluate any business debt. Are your payments manageable? Could you benefit from refinancing or consolidating loans?

You may want to:

  • Check interest rates and terms on current debt
  • Speak with a banker about refinancing if rates have improved
  • Explore new business loan options to fund growth

If you’re not sure where to start, reach out to the team at Peoples Bank & Trust—we’re here to walk through your options.

5. Set New Goals and Metrics for Q3 and Q4

With a clearer picture of your finances, it’s time to set (or reset) your business goals. Whether that means scaling back for sustainability or pushing forward with new initiatives, define Key Performance Indicators (KPIs) that reflect your current path.

Be realistic, stay flexible, and celebrate small wins along the way.

Need help with your mid-year financial planning?

Peoples Bank & Trust is ready to support you. Let’s talk about your goals and how we can help you reach them.

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Peoples Bank & Trust Co.
Member FDIC, Equal Housing Lender
NMLS #407724