Do you want to know what’s been working well in your business over the last few months?

Are you feeling as though there’s somewhere that needs more of your attention but not quite sure where?

Cue your six-monthly financial review.

Taking stock to review the first six months of the year can be hugely valuable – and not just for the remainder of the year – but for your long-term future.

The age-old challenge? Time.

Any small business owner knows that time isn’t always on their side.

But this analysis doesn’t have to be a financial overhaul.

Using this guide from Liberis, you can work through your business’s finances over the last six months in just 60 minutes.

Just follow your ABCD.

Start by assessing your cash position.

Cash flow is what keeps your business moving; it determines whether you can act on opportunities, absorb unexpected costs, or simply operate without friction.

At this point, you might know roughly where you stand, but not precisely – and that gap matters.

Spend the next 15 minutes working through the below points to determine your cash position.

• Reconcile your bank accounts, credit cards and cash transactions
• List all outstanding invoices
• Map what’s coming in and what’s going out over the next 30 to 60 days

Is there an action you need to take away? Below are some examples:

• Chase an overdue invoice
• Follow up on a late payment
• Bring forward cash where you can

With day-to-day running and operational planning usually being all-consuming among small business owners, financial admin can often find itself at the bottom of the to-do list.

But isn’t the feeling afterwards usually one of relief and a sense of completion?

Balancing your books halfway through the year gives you time to reset and adjust as your business needs.

So, use this time to get ahead.

Set aside 10 to 15 minutes to review the below:

• Your VAT position and any outstanding filings
• Any upcoming deadlines, including the Self Assessment 31st July payment on account, if it applies to you
• Your current tax setup, including allowable expenses and contributions
• Any liabilities or upcoming payments, i.e. suppliers

Then ask yourself:

• Am I about to overpay or underpay tax?
• What would improve my cash flow position now?

Once your numbers are in order, you can step back and look at what they are telling you.

Many businesses look at performance regularly, but not always in a way that leads to helpful change.

At the end of H1, you will likely have enough data to see patterns emerging – review these and use it to your advantage.

To help you review your numbers, ask yourself the following questions:

• How have I performed against my original goals?
• What are my main sources of revenue?
• Where are my costs under pressure?

Then, do a bit more digging. Find out:

• What’s consistently performing well?
• What’s taking time or money without return?
• Where are you seeing the most demand?

The final step is where everything comes together.

Now that you’ve reviewed your finances, you’ll be clearer of your business’s financial position.

Deciding how you approach H2 will likely mean reinforcing the part of the business that has been performing well so far, but there are other things to consider, too.

Ask yourself:

• What will I double down on?
• What will I reduce or stop?
• Where needs investment to move the business forward?

Now, take the final part of your 60-minute review to define one clear priority for the months ahead.

This doesn’t have to be a long list; it can be one, focused decision that will shape how you spend your time, money and energy.

Then write it down and use it to guide your next move.

This exercise is small, but the impact is not.

Taking time to complete your review doesn’t just change how you operate, it gives you clarity at a point in the year where many businesses might still be uncertain.

It also allows you to act earlier if anything doesn’t seem right, rather than reactively down the line.

Over time, this will make your business more resilient and better prepared to deal with economic windfall.

For some small businesses, the process of a financial review will reveal a gap between where they are and where they want their business to be.

Are you seeing an opportunity for growth, but lack the capital to act on it?

Have you identified pressure on your cash flow that is limiting your ability to be flexible?

Or are you looking for financial security to help manage your business’s ups and downs?

Access to funding could help when facing these challenges.

Whether it’s smoothing your cash flow or supporting investments in stock or new equipment, a business cash advance from Liberis can give you the confidence to make long-term decisions for your business.

We work with our partners to make funding available directly within the platforms you already use; meaning you can access funding for the moments that matter, without disrupting your business operations.

If you’d like to know more about funding with Liberis, you can explore funding options here via our website.

Now you know how to do a financial review, take the next 60 minutes to work through your ABCD guide and get clear on where you stand.

And if you are ready to strengthen your cash flow or invest in growth, explore how funding with Liberis could support your next step.

This product is provided by Liberis Limited, Scale Space Building, 58 Wood Lane London, W12 7RZ (company number: 05654231). This product is a form of receivables finance not a loan. Liberis is not authorised by the Financial Conduct Authority, so complaints about this product are not covered by the Financial Ombudsman Service.