Mid-Year Financial Status
We have obviously passed the mid-year mark as we headed into July more than four weeks ago.
By now, you should have finished the financials from June or received them from your accountant and have looked at the first half of the year.
On a monthly basis, I look at the profit and loss statement (P&L), balance sheet, key metrics like charges, collections, AR, total patient visits, total new patients, and other critical aspects of a PROFITABLE organization.
You don’t want to wait until the end of the year to see how you’re doing. You need to dive in now and “course correct” if necessary or double down on areas that are going well. Knowing where you stand is also important in making decisions for the rest of the year and how you will enter into the next year.
If you are not doing these things, you need to start doing them now.
Your accountant should be providing you and you should be reviewing these key reports every single month. If your accountant can’t or won’t do it…you need a new accountant. If they don’t understand the importance of this, they shouldn’t be advising you.
So take some time over the coming days and check in to see if your business is exactly where you want it be and headed in the right direction. Doing this is a key component in separating successful business owners from those who aren’t.
Have a great week.
Lowell