As we step into July and the third quarter, it’s the perfect time to pause and take a hard look at your business plan. The year’s halfway point is ideal for determining if you’re on track, need to pivot, hire staff, and set up your company for success. Whether it’s tax planning, hiring timelines, or shifting market conditions, revisiting your plan now gives you enough time to evaluate your progress and make crucial adjustments. Here are some of the most critical aspects of your business plan to check up on this month. FINANCIAL HEALTH Your finances are essential to your company, so start by reviewing your critical financial documents: your Profit & Loss statement, Balance Sheet, Budget Variance Report, and Cash Flow Forecasting Statement. Compare your numbers to your Business Plan and the previous year to see if you met your revenue goals. Cash flow problems can seriously hinder your business, so this is an opportunity to find areas for improvement in managing inventory and payments. Even though tax-day isn’t until April, start preparation early by identifying possible deductions or credits. GOALS AND TIMELINES Evaluate your goals for the year. Examine what you have achieved, what you are still working toward, and where you need to tweak your strategies for the remainder of the year. Summer is also a good season to adjust timelines for yourself, like hiring staff. The Summer Strategy Session Revamp Your Business Plan and Reclaim Your Momentum
Inspired by OMGChocolateDesserts.com
Chocolate-Covered Banana Brownies
Ingredients Banana Brownies •
Chocolate Topping • 12 oz semi-sweet baking chocolate, chopped • 1 cup heavy cream • 3/4 cup creamy peanut butter • 3–4 large bananas
1/2 cup unsalted butter, melted
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1/3 cup light brown sugar 1/2 cup sugar
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• 1/4 tsp salt • 1 large egg •
1 1/2 tsp vanilla 1/2 cup mashed banana
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1 cup flour
Directions 1. Preheat oven to 350 F. Grease an 8x8-inch pan with cooking spray. 2. In a bowl, whisk together melted butter, brown sugar, sugar, and salt. Add egg and vanilla and whisk. Add mashed banana and whisk, then whisk in flour. 3. Pour the batter into the prepared pan and bake for 25 minutes, or until the center has set. 4. Place chopped chocolate in a heatproof bowl. 5. Bring heavy cream to a boil, pour over chocolate, let it sit for 1–2 minutes, then stir until chocolate is completely melted. Stir in peanut butter until smooth. 6. Slice bananas and arrange over cooled brownies. 7. Pour chocolate mixture over bananas and place in the fridge for 15 minutes before serving. INSPIRATION “Freedom lies in being bold.” —Robert Frost
Summer is traditionally a time where the hiring
process slows down some as many people take vacations, but you still need to look vigilantly and set deadlines for critical hires. If you wait too long and only start looking in late fall, many qualified candidates may be reluctant to leave their companies due to end of year bonuses.
MARKETING STRATEGIES Marketing is just as important as your day-to-day business operations. It helps you reach new clients and stay top of mind for your loyal customers. What do your “year to date” marketing efforts look like, and are there new avenues or platforms you may be missing out on? Take a look at your analytics and metrics to see what campaigns are working and leading to sales and which campaigns aren’t converting. This is an opportunity to strengthen your brand or explore new promotions. By reviewing key areas of your business this summer, you are setting yourself up for success in the rest of the year and beyond. Contact Douglass & Runger today at 901-388-5805 to help align your legal strategy with your business goals.
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