As the second half of 2024 begins, small business owners should prepare to make their mid-year projections. 

Jamar Cobb-Dennard is a Business Broker with Indiana Business Advisors. He says the approaching election season is one of the first things to consider when making projections for the rest of 2024. Cobb-Dennard says uncertainty will permeate the business world until a winner is declared in the presidential election. A new president brings new executive priorities and new laws. Because of this, many business owners are holding off on big projects until next year.   

In addition, Cobb-Dennard says interest rates remaining higher than normal will continue to impact how small business owners prepare for the rest of the year. Many businesses are losing buying power due to higher rates, which also impacts consumers. 

When it comes to real estate, Cobb-Dennard says the housing market in Indiana remains hot, with houses continuing to sell for a premium and existing houses for sale moving off the market in a matter of days. 

Cobb-Dennard says focusing on key performance indicators is important when making your mid-year projections. Focus on sales, gross profit, and net profit to balance your bottom line