Check Your Business Health in Just 15 Minutes a Month
Quick Check, Big Impact | Fast Financial Clarity
You don’t need to be a numbers person—or spend hours in spreadsheets—to check your business health.
In fact, with just 15 minutes a month, you can spot red flags, track your progress, and make smarter decisions without getting lost in the details.
The secret? Knowing where to look.
This post will show you how to check your business health quickly and confidently using three simple reports, what questions to ask, and how to spot early warning signs—so you stay in control of your business, not buried under it.
Why Check your Business Health Monthly?
Many small business owners don’t look at their numbers until tax time—or until there’s a problem. But by then, it’s too late to course-correct.
Checking in once a month helps you:
- Make decisions with real data, not guesswork
- Avoid unpleasant surprises (like cash flow gaps or overspending)
- Track growth and know what’s working
- Build confidence in your financial decisions
And the best part? You don’t need to look at every line or run 10 reports. A quick monthly check-in can be fast and effective when you focus on the right things.
The 15-Minute Financial Check-In: What to Review
You’ll use the same three reports we covered earlier in the series—the Profit & Loss, Balance Sheet, and Cash Flow Statement. If you missed that post, you can read it here.
But instead of digging deep, this check-in focuses on just a few key metrics from each report—so you get the insight without the overwhelm.
Minute 1–5: Review Your Profit & Loss (P&L)
The P&L tells you how much money came in, what went out, and what’s left over. For this check-in, focus on:
- Revenue: Is it up or down compared to last month?
- COGS/Direct Costs: Are they being tracked? Are they rising?
- Gross Profit Margin: Is it consistent with your expectations?
- Operating Expenses: Any new or unusual increases?
- Net Profit: Did you make money, and how does it compare to prior months?
Ask: “Am I making money—and keeping enough of it?”
Minute 6–10: Review Your Balance Sheet
This report shows your business’s financial position at a single point in time. For your quick check:
- Cash: Is it trending up, down, or holding steady?
- Accounts Receivable: Are clients paying on time, or are invoices piling up?
- Debt (Loans/Credit): Is your debt increasing or being paid down?
- Retained Earnings: Is the business building wealth over time?
Ask: “Am I financially stable—or running lean?”
Minute 11–15: Review Your Cash Flow
Even profitable businesses can run into cash problems. This report connects the dots between profit and your bank balance.
Look for:
- Cash from Operations: Are you bringing in more than you spend?
- Major Outflows: Did anything big hit this month (equipment, tax payments)?
- Owner Draws: Are you pulling more cash than the business can handle?
Ask: “Am I running cash positive—or just scraping by?”
Bonus: What to Watch For (Red Flags)
As you check your business health, keep an eye out for these quiet warning signs:
⚠️ Red Flag | What It Might Mean |
Revenue is flat but expenses are rising | Profit squeeze ahead |
Net profit drops 3+ months in a row | Time to review pricing or spending |
COGS is climbing faster than revenue | Margins are shrinking |
Cash is dropping despite good sales | Billing delays or overspending |
Receivables are aging | Clients aren’t paying fast enough |
Spotting these early allows you to fix issues before they affect payroll, taxes, or operations.
Want to Simplify Even Further? Try a Dashboard
If you’re a visual thinker, consider customizing your dashboard in QuickBooks Online.
- Go to the Dashboard (Home screen).
- Click the Business Overview tab
- Click Customize in the upper-right corner. Each widget tile will show highlighted in green.
- Click Add/Remove Widget to either “delete” or “add” a tile
- Select and drag widgets to reorder them.
- Select and drag the sides of a widget to resize it.
- When you are done, click the Done button to save your changes.
Tip: While in your dashboard, it’s also worth it taking a look at the Cash Flow and Planner tabs.
Make It a Habit: 15 Minutes on the Calendar
The hardest part of staying financially informed isn’t the math—it’s making time. That’s why I recommend:
✅ Schedule your review on the same day every month (e.g., the 5th or the 1st Friday)
✅ Set a 15-minute timer
✅ Use the same 3 reports every time
✅ Keep a notes file to track trends and questions
You’ll be amazed how much more confident you feel—just from a quick monthly rhythm.
Check your business health—Without Doing It Alone
Still feel unsure what the numbers are telling you? That’s normal. Many business owners avoid reports not because they don’t care—but because they’ve never been taught how to read them.
That’s where I come in. I offer a free bookkeeping review where we walk through your key reports together, identify any red flags, and help you create a simple system to stay on top of your business health—without stress.
This concludes our “Master Your Financial Reports” series
Thank you for following along! I hope these posts have given you both the knowledge and the motivation to look at your reports with confidence. Remember, the more you understand your numbers, the better equipped you are to make smart business decisions. Here’s to turning insights into action!
References
Intuit QuickBooks – Get started and adjust settings after you sign up for QuickBooks Online
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