Here we are at the beginning of August, and I bet you’re feeling one of two ways: either you’re in full summer mode trying to squeeze in a few more lake days, or you’re already starting to sweat about the year flying by.
I get it. August has this funny way of making us realize we’re closer to year-end than New Year’s. But here’s what I’ve learned after helping hundreds of Montana and Wyoming business owners: August is actually the perfect time to check your financial foundation. Not in a panic-inducing way, but in a “let’s see where we stand” way.
Think of it like checking your truck’s oil before a long haul. You’re not expecting disaster—you just want to know everything’s running smooth before you need it to.
Why Your Financial Foundation Matters (Especially Now)
Last week, I met with a contractor from Kalispell who told me, “Sue, I think my business is doing great, but honestly? I’m not sure. I just deposit checks and pay bills.” Sound familiar?
Here’s the thing: you can’t build a second story on a shaky foundation. And you definitely can’t weather a Montana winter with cracks in your base. The same goes for your business finances. August gives us just enough runway to shore up any weak spots before the Q4 rush hits.
The 5-Minute Foundation Test
Grab a coffee (or that afternoon iced tea), and let’s run through these five simple questions. No judgment here—just honest assessment.
Question 1: Do you know your profit margin from last month?
Not your revenue, not what’s in your bank account—your actual profit margin. If you had to tell me right now what percentage of July’s income was profit, could you?
Question 2: Can you predict next month’s cash flow?
September’s coming whether we’re ready or not. Do you know what bills are due, what income’s expected, and most importantly—will they match up nicely?
Question 3: Are your books current within 30 days?
When’s the last time you reconciled your accounts? If it’s been more than 30 days, you’re flying blind. (And if you’re not sure what reconciling means, that’s okay—we need to talk.)
Question 4: Do you have a system for tracking receipts?
I’m not talking about a shoebox or that pile on your desk. Do you have an actual system that would let you find that June hardware store receipt if you needed it tomorrow?
Question 5: Could you pull financial reports in under 10 minutes?
If your accountant called right now asking for your P&L and balance sheet, would you know where to find them? Could you generate them yourself?
What Your Score Really Means
Answered “Yes” to all 5? You’ve got a rock-solid foundation. Time to think about scaling and optimizing. You’re in the minority, and you should be proud.
Answered “Yes” to 3-4? You’re doing better than most! You’ve got a decent foundation with a few cracks to seal. A little attention now prevents big problems later.
Answered “Yes” to 1-2? Your foundation’s shaky, but here’s the good news—every single item on this list is fixable. Most of my clients start here, and within 60 days, they’re checking all five boxes.
Answered “No” to all 5? Deep breath. You’re not alone, and you’re definitely not doomed. I’ve seen businesses operating successfully for years like this. But imagine how much better things could be with a solid foundation.
One Simple Fix for Each “No”
Let’s make this practical. For every question you answered “no” to, here’s one thing you can do this week:
Don’t know your profit margin? Start simple: Take last month’s total income, subtract all expenses, divide by income. There’s your basic margin. Takes 20 minutes with your bank statement.
Can’t predict cash flow? List every bill that’s due in September on one side of a paper. List expected income on the other. That’s your starter cash flow forecast. Fancy? No. Helpful? Absolutely.
Books aren’t current? Block two hours this Friday afternoon. Pour yourself something nice and just start with July. One month. That’s all. Progress beats perfection.
No receipt system? This week, pick one: a manila envelope for physical receipts, a folder in your email for digital ones, or snap photos with your phone and save to one album. Start today with just one system.
Can’t pull reports? If you use QuickBooks or any accounting software, spend 30 minutes clicking around the reports section. Most business owners don’t realize these reports already exist—they just need to know where to look.
Your August Advantage
Wyoming business owners, you’re entering the home stretch of tourist season or gearing up for energy sector busy season. Montana folks, you’re either in peak summer business or preparing for harvest. Either way, September’s going to hit fast.
Here’s why I love August for this work: you’ve got time. Not rushed-before-tax-deadline time, not panicked-end-of-year time. Just good, solid, let’s-get-this-sorted time.
Taking 5 minutes for this assessment now—and maybe a few hours to shore up the weak spots—sets you up for a completely different Q4. One where you’re making decisions from clarity, not confusion.
The Bottom Line
Your financial foundation doesn’t need to be perfect. It just needs to be solid enough to support your dreams. And if this little test showed you some cracks? Well, that’s what we’re here for.
Every thriving business started with someone brave enough to check the foundation and fix what needed fixing. August is your moment.
Ready to build something solid?
Sue and the Abundant Skies team help Montana and Wyoming business owners create financial foundations that support growth, not stress. If this assessment revealed some areas for improvement, let’s talk. Your first consultation is always free, and I promise—no judgment, just help.