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The short answer
Compare your revenue with the same month last year, watch your gross margin, and look for expenses that changed for no clear reason.
1. Revenue, compared with the same month last year
Comparing one month with the month before can mislead a seasonal business. The same month last year is usually the fairer comparison.
2. Gross margin
Gross margin is revenue less the direct cost of what you sold, as a share of revenue. A margin that drops while sales grow can point to rising supplier costs or prices that have not kept up.
3. Expenses that changed without a reason
Scan each expense line for anything much higher or lower than usual. It may be a real change, a one-time cost, or an item recorded in the wrong place. Each is worth knowing before year-end.
Profit is not the same as cash
A profitable month can still leave less money in the bank, for example when customers have not yet paid or when inventory was bought ahead. Look at the profit and loss together with the balance sheet.