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Run a 1/2 Yearly Revenue Report
Financial Checkup
Half the year has flown by, and it’s the perfect time for a financial temperature check. This week, let’s focus on understanding our progress so far this year toward our annual goals.
Habit of the week:
Run a 1/2 Yearly Revenue Report
This week, dedicate some time to running a revenue report from January to June for the past six months. This isn't just about seeing numbers; it's about aligning your business strategy with your financial reality.
Why it matters:
A mid-year revenue report clearly shows where you stand against your annual goals. It helps you assess the effectiveness of your business efforts, understand client ebbs and flows, and recalibrate your strategies through the end of the year if necessary.
Quick Start Guide:
- Generate Your Report: Use your invoicing or accounting software to create a detailed report of all payments from January to June.
- Analyze the Data: Look for key metrics such as total revenue, number of new clients, and comparison with last year's performance.
- Ask Critical Questions: Are you on track to meet your yearly goals? What strategies have worked, and where do you need to adjust? Do you need to do more networking or perhaps have more time for invoicing? How much money is outstanding right now?
Cami's Tips
- Make Adjustments: If you're behind on your goals, consider what changes you can implement to catch up in the year's second half.
- Celebrate Wins: Remember to acknowledge what has worked well. This can boost morale and provide a successful template for future actions.
- Plan Strategically: If you're ahead, it's time to set new, more challenging goals.
- Scheduling Billing & Chase Payments: In May, I fell behind in billing and had to make up for it in June. If this has happened to you, make sure you aren't leaving money on the table!
Routine Checkpoint:
Remember, consistent check-ins are crucial for staying on target or recognizing when a course correction is needed.
Make this bi-annual revenue review a regular habit.
What's Your Take?
How did your mid-year revenue check-in go? What insights did you gain, and how will they influence your strategy moving forward? Please share your thoughts and join the discussion in our Facebook group
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about the author
Cami MacNamara is a web designer and owner of WebCami LLC, a Seattle-based agency since 2002. She created Web Designer Habits to help solopreneurs build smarter systems, stay productive, and run a business that works for them.