You tune-up your car to keep it running efficiently and smoothly. It is crucial to do the same for your business. 

1. Print out Balance Sheets and Profit Loss Statements that reflect your activity for the first half of 2008. Dissect and analyze the numbers.
2. Devise a 90-day plan, listing all expenses that need to be paid and all payments to be collected in that period. If there's a shortage of cash pinpoint areas to cut back. 
3. Schedule appointments with your attorney, accountant, insurance agent, banker and advisory board to review your current status and discuss your future. 
4. Read over your business plan to see if you are in line with projections. You may want to consider revising your estimates in light of performance during the first half of the year. If you do not have a business plan this is an excellent time to create one. (See www.bplans.com) 
5. Review your overhead expenses. Look for ways to decrease them. 
6. Sit down with your accountant to make sure you are setting aside enough cash to make your quarterly payments which are typically based on last year's taxes. Now that the year is half over, determine if you need to adjust the remaining payments - especially if you are paying more than you owe. While you'll get the overpayment back as a refund or credit, you don't want to give the IRS an interest-free loan. On the flip side, adjust the payment if you're paying too little to avoid a big tax bill and under-payment penalties come April 15. 
7. In light of the steep increase in gas prices check your profit margins to make sure you are still making the kind of money you anticipated. The rise in gas prices has caused price increases throughout the economy and you may need to adjust your prices accordingly. 
8. Bankers are typically not as busy in the summer. Make an appointment with your banker and start developing a relationship.
9. Take advantage of current tax breaks to upgrade your equipment. While you have until the end of the year to do so, you must place equipment in service to claim these write-offs. First-year expensing applies to the purchase of both new and used equipment (as long as its use is new to you); bonus depreciation only applies to new equipment. You do have to pay cash to qualify for these write-offs. You can finance your purchase and still claim deductions. 
10. Have you created enough leads to enjoy a steady cash flow? If not, take some time to develop your lead generation plan for the remainder of the year. Where are you going to find leads? What new technologies exist that can help you find fresh leads? What worked best and worst for you the first half of 2008? 
11. Make it a priority to get rid of the administrative tasks that can be handled by someone else. Doing so will leave you with more time to focus on lead generation and other activities that bring in the money. Outsource "low-value" tasks, hire a virtual assistant or a part-time PA.
12. Check with your clients to make sure they are happy. If they are not happy find out why and FIX IT!
13. Consider expanding your customer base by tapping into a specialty market or finding a larger market or new geographic market.
14. Schedule at least one day a week to work ON your business instead of merely IN it so you take on a strategic big picture thinking approach.
15. When you have completed a thorough assessment of your business look at an area where you may need to improve. Schedule an appointment with an expert who can help you in this area, take a class or read a book on the subject.
16. Minimize your risk. Prepare for the worst. Sample disaster plans are available on the SBA's site and can be customized for your business. Develop a contingency plan.
17. Review insurance policies. Talk to your agent about necessary decreases or increases. If you rent an office, do you have renter's insurance? Your landlord's policy does not cover your property.
18. Make back-up copies of all critical records, such as accounting and employee data, customer lists, production formulas and inventory. 
19. If your company is profitable, consider implementing employee benefit plans. This will not only increase current employee morale but will also serve as an inducement when hiring new workers - something you may need to consider as your business continues to grow.
20. Re-evaluate your retirement contributions (SEP or Simple IRA, 401K, etc.) to date. Make sure you are where you want to be at this point.
    

Tuning up your business mid-way through the year not only helps you keep your business running effectively and smoothly, but helps you ensure greater success at year's end.