June marks the midpoint of the year — and for small business owners, it’s the ideal time to pause, review, and realign. Whether you’re managing a local retail shop, a home-based service, or a fast-growing startup in South Carolina, a mid-year financial checkup can help you finish the year strong.
At Peavy and Associates, we work with businesses across Conway, Surfside Beach, and beyond to make sure their financials are not just in order — but working toward long-term success. Here’s a checklist to guide your mid-year business review:
1. Review Year-to-Date Profit & Loss
Start by examining your profit and loss statement (P&L). Compare your current income and expenses to your budget or previous year’s performance. Are you meeting revenue goals? Are expenses higher than expected? This insight helps inform decisions for the rest of the year.
2. Evaluate Cash Flow
Cash flow is the lifeblood of any business. Analyze your inflows and outflows to see if you’re maintaining a healthy balance. If cash is tight, now’s the time to explore options like cutting unnecessary costs, renegotiating vendor terms, or improving invoicing processes.
3. Check Tax Withholding & Estimated Payments
Have your earnings increased this year? You may need to adjust your estimated tax payments. Missing quarterly payments or underpaying can result in penalties later — a review now helps you stay on the IRS’s good side.
4. Assess Your Payroll and Staffing
Are your current staffing levels meeting your needs? Are payroll taxes and withholdings being handled correctly? With hiring and labor costs fluctuating, mid-year is a good time to review your payroll systems and compliance.
5. Revisit Financial Goals
Reevaluate the goals you set at the beginning of the year. Are you on track? If not, what adjustments can you make? This may include refining your business model, boosting marketing efforts, or tightening operations.
6. Plan for Q3 and Q4
Use what you’ve learned so far this year to map out a clear plan for the rest of 2025. Whether that means launching a new product, applying for funding, or investing in technology, now is the time to prepare.
At Peavy and Associates, we go beyond tax preparation — we partner with small businesses to provide year-round accounting, consulting, and financial planning services. If you’re ready to take control of your business finances, now is the perfect time to meet with our team.
CONTACT OUR CONWAY OFFICE
Conway, SC Offices
Main Conway Office:
1516 E HIGHWAY 501, Unit 104
Conway, SC 29526-9471
📞 Telephone: (843) 347-0849
📠 FAX: (843) 347-0857
📧 E-mail: peavy@peavyandassociates.com
🌐 Website: www.peavyandassociates.com
CONTACT OUR SURFSIDE OFFICE
Surfside Beach Location
The Courtyard, Suite 304
1500 Business Hwy 17 North
Surfside Beach, SC 29575
📞 Telephone: (843) 238-4863
📠 FAX: (843) 238-5447
📧 E-mail: amy@peavyandassociates.com
🌐 Website: www.peavyandassociates.com