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When growing up, you remember your parents telling you on the first day of school: “Make sure you learn your three R’s, Reading, Writing, & Arithmetic.”

As business owners, we should make sure to fulfill our responsibility in delivering our three “R’s:” Review…React…Refine.” No manner how boring, as owners we must spend time making this review, as this comparison of your financial results of June 30 is crucial to managing your business.

Review…..React…..Refine

As you review the financials of your organization for the period ending June 30, you must react to changes that will help you refine the execution of the business plan for the balance of the year. You have a responsibility to your business – you must do a thorough job of reviewing information from your accountant or from your system.

A number years ago, I had a client who loved their business; but he hated the detail of spending time during the year to review their results. They would develop a plan and if they had adequate cash to pay the bills they believed all was okay. They never paid any attention to their financials.

There is an adage that says:

I believe if you have a complete understanding of what transpired in the first half of the year, you still have the time to correct issues which, if not changed, will not allow you to make your numbers. I explained this to the owner of their business and that led to using QuickBooks reports. We refined the execution plan for the balance of the year and based on the careful review and corrections to the business, they made their year-end numbers.

You must evaluate your company’s performance – Review, React, Refine the execution plan if necessary to meet your year-end numbers. You must spend quality time in evaluating your results for the first half to understand how to move ahead in the right direction.

At Elanstrategic our tag line states that we provide “actions to create value.” This time of year is your last shot to help move ahead and cross the finish line with you best results.

If you or your staff need the help with a review to react or refine the direction for your business, contact Elanstrategic today and set up a FREE consultation. ​Call 612-670-3851 ​or Email Yale!