Welcome February & Business Goals Check-In

 Kickstart February: Reviewing January’s Numbers for a Stronger Month Ahead

Welcome to February! The new year is in full swing, and for small business owners, that means one important thing—it’s time to review January’s numbers and set realistic goals for February.

Whether January was a record-breaking month or came with a few bumps in the road, analyzing your financials now can help you make smarter business decisions moving forward. So, grab your planner, a cup of coffee, and let’s break down how to use last month’s data to set yourself up for success.

Step 1: Review Your Revenue & Expenses

Start with the basics—how much money came in, and how much went out? Look at:
✅ Total Revenue: Did you hit your sales goals? Were there any unexpected spikes or slow periods?
✅ Top Expenses: Where did most of your money go? Any surprise costs you didn’t plan for?
✅ Net Profit: After expenses, how much did you actually take home?

If you use accounting software like QuickBooks, Xero, or Zoho Books, pull a profit and loss statement to get a clear picture of your numbers.

Step 2: Analyze Cash Flow

Your profit might look great on paper, but what about actual cash in the bank?
📌 Did you have any late payments from clients?
📌 Were there big expenses that drained your cash reserves?
📌 Do you have upcoming expenses you need to prepare for?

Understanding cash flow helps prevent financial stress and ensures you have enough to cover upcoming payroll, taxes, or inventory restocks.

Step 3: Check Progress on Your Goals

In January, you probably set some business goals—financial or otherwise. Now’s the time to check in:
✔️ Did you hit your revenue target?
✔️ Were you able to stick to your budget?
✔️ Did you implement any new marketing strategies, and did they work?

If you fell short, don’t panic! This is your chance to adjust and set more realistic targets for February.

Step 4: Set SMART Goals for February

Based on what you learned from January, set clear goals for February. Keep them SMART:
🔹 Specific – Instead of “make more money,” try “increase revenue by 10%.”
🔹 Measurable – Track progress weekly to stay on target.
🔹 Achievable – If you hit $5,000 in sales last month, jumping to $15,000 might be unrealistic.
🔹 Relevant – Focus on goals that truly impact your business growth.
🔹 Time-bound – Set a deadline to hold yourself accountable.

Final Thoughts: Make Reviewing Your Numbers a Habit

The more often you check in with your financials, the easier it becomes to stay on top of things. Schedule a monthly finance review—just like a client meeting—to go over your numbers, adjust your strategy, and keep your business moving forward.

Need help making sense of your books? Let’s chat! Book a free consult to make sure your finances are on track for a successful year.