June means we’re halfway through the year. Time to stop, look at what’s working (and what isn’t), and set yourself up for a strong second half.
After working with 100+ business owners, we see the same pattern: businesses that do mid-year check-ups finish the year stronger than those that just keep their heads down and hope for the best. The second half of the year is when smart business owners pull ahead.
Here’s how to review where you are and prepare for your best Q3 yet.
What Most Businesses Do: Keep working harder, hoping things will improve on their own. Wait until December to look at their numbers and realize they’re behind on their goals.
What Smart Businesses Do: Take a step back in June, honestly assess what’s working, fix what’s broken, and make strategic adjustments for the second half.
The Difference: Businesses that do mid-year reviews are 40% more likely to hit their annual goals because they course-correct early instead of scrambling at year-end.
Before you can plan for Q3, you need to know where you actually stand financially—not where you think you stand.
Look at: Monthly revenue trends from January through May. Are you ahead, behind, or on track for your annual goal?
Red Flags: Revenue is flat or declining, you’re not sure which products/services are most profitable, or you’re working harder but not making more money.
What to Do: If you don’t have clear revenue reports, get them. You can’t plan for Q3 without knowing your Q1 and Q2 performance.
Look at: Your actual profit margins, not just total revenue. Many businesses are busy but not profitable.
Red Flags: You don’t know your profit margins, you’re making less per sale than last year, or you’re afraid to look at your expenses.
Reality Check: Revenue doesn’t pay your bills—profit does. If you don’t know your real profit margins, you’re flying blind.
Look at: When money comes in versus when it goes out. Many profitable businesses still struggle with cash flow timing.
Red Flags: You’re constantly worried about making payroll, you can’t predict your cash needs, or you’re using credit cards to cover regular expenses.
Here’s the truth: If your books are a mess, your Q3 planning is just guesswork.
Clean Slate for Q3: Get organized now, and you’ll have clean data to make smart Q3 decisions about hiring, spending, and growth investments.
Tax Season Prep: Starting organized bookkeeping in June means you’ll be ready for tax season instead of scrambling in January.
Growth Planning: You can’t plan for growth without knowing your real numbers. Professional bookkeeping gives you the data you need to scale confidently.
The Mistake: Most business owners think about taxes once a year—during tax season. By then, it’s too late to do anything except pay what you owe.
The Smart Move: Mid-year tax planning can save you thousands because you still have time to make strategic decisions.
Equipment Purchases: Need new equipment? Buying before year-end can create significant tax deductions.
Retirement Contributions: Maximize SEP-IRA or Solo 401(k) contributions based on your actual income, not estimates.
Estimated Payment Adjustments: If your income is higher or lower than expected, adjust your quarterly payments to avoid penalties or overpaying.
Business Structure Review: Growing fast? Mid-year is perfect timing to consider S-corp elections or other tax-saving strategies.
Tax planning isn’t just about deductions—it’s about strategic timing and understanding how different decisions affect your overall tax picture. A tax professional can help you:
Be Brutally Honest: What’s actually driving your success, and what’s just keeping you busy?
Look for: Products or services with the highest profit margins, marketing that actually brings in customers, systems that save you time.
Double Down: If something is working, do more of it. Don’t get distracted by shiny new strategies when you have proven winners.
Look for: Low-profit services you keep offering out of habit, marketing that costs money but doesn’t bring results, systems that waste more time than they save.
Cut or Fix: Mid-year is the perfect time to stop doing things that don’t work. Every hour and dollar you waste on ineffective activities is time and money you can’t invest in growth.
Don’t set Q3 goals based on wishful thinking. Use your actual Q1 and Q2 performance to set achievable targets.
Trying to improve everything at once leads to improving nothing. Pick your top 3 priorities for Q3 and focus there.
Q3 includes summer slowdowns for many businesses, back-to-school spending for others. Plan based on your historical patterns, not general business advice.
Real Business Example: Mid-Year Course Correction
The Business: Marketing agency, $400K revenue goal for the year.
Mid-Year Reality Check: Only $150K revenue through May—significantly behind pace.
Result: Hit $380K for the year—not their original goal, but much better than the $300K they were headed for without course correction.
Mid-year check-ups aren’t about perfection—they’re about honest assessment and smart adjustments. The businesses that finish strong are the ones that face reality in June and make changes while there’s still time.
Ready to get your books organized for Q3 planning? Visit https://downiesolutions.com or email hello@downiesolutions.com to schedule a bookkeeping consultation. We’ll help you get the financial clarity you need to make smart Q3 decisions.
Need mid-year tax planning? Our tax professionals can help you identify opportunities to save money and avoid year-end surprises. Don’t wait until December when your options are limited.
Want tools to stay organized? Check out our https://downiesolutions.com/shop for planning templates and financial tracking systems.
Downie Solutions helps business owners build strong financial foundations and make strategic decisions based on real data. Based in Brooklyn, NY, we serve clients nationwide with bookkeeping, tax planning, and business advisory services.
I’m Shaneque, founder of Downie Solutions. Through this blog, I share practical insights on financial strategies, tax planning, and business growth—so you can navigate your finances with confidence and make smarter moves for your business. No fluff, just real, actionable advice to help you succeed.
Labor Day may mark the unofficial end of summer, but for taxpayers it kicks off something else entirely: crunch time. If you’ve been putting off your returns, the last stretch…
Here’s the thing about worker classification – it’s one of those decisions that seems simple until it’s not. And when you get it wrong? The IRS doesn’t just send a…
Got an IRS notice? Your next move determines whether this costs you hundreds or thousands. That envelope sitting on your kitchen counter isn’t going away, and neither is the problem…