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The middle of the year can be a great time to do a self audit of your business. Look at your annual goals, evaluate if you are on track to meet them, identify your successes, and analyze to find any areas that need improvement to make adjustments. A quarterly business review can set you up for success.

 Quarterly Business Review

Here are some items you should evaluate quarterly:

  • Legal
  • Business Structure
  • Finances
  • Marketing
  • Staffing


Check your legal standings by going over your contracts and licenses to make sure they are updated. It might be a good time to check in with your business attorney to make sure your business is covered legally.

Business Structure

Reevaluate if your current business structure still makes sense. Are you registered as a sole proprietor, but your business has grown to the point that it makes sense to become an LLC? Does it make sense for your business to become an S-Corp now? Discuss your options with both your attorney and your accountant.


How close are you to your financial goals? Are you hitting the sales goals you set? Are your expenses where you expected them to be for this point in the year? How are your savings and retirement accounts looking?  Have you invested back into your business or education? Are you setting money aside for taxes? Have you collected W-9’s from any contractors you’ve paid $600+ to this calendar year? Meet with your accountant to make sure everything is on track.


How has your marketing strategy worked for the last quarter? Are you reaching the clients or customers you are targeting? Which branch of your marketing has brought you the best results? Where is there room for improvement? Does your website, blog, or social media need to be updated? How are your word of mouth and referrals? Do you need to follow up with past customers or clients?


What does your staffing forecast look like for the second half of the year? How is the workload? Is it time to expand your team? Conduct quarterly business reviews to collect feedback.

Quarterly Business Review

During your quarterly business review, collect the data, analyze, and evaluate it. Then you can use it to create a prioritized list of action items to course correct or adjust for the next quarter.