What’s Important About the End of First Quarter?
What’s Important About the End of First Quarter?
March marks two very important milestones for business owners: taxes should be complete and the start of the second quarter is just around the corner. As an entrepreneur there are some points in time that are ripe for evaluation (what you are doing well and where your business can improve) and March (the end of the first quarter) is a good one.
Quarterly goals are important to help you lean into the annual goals you have for your business. Conventional wisdom says 90-day goals tend to be more successful and easier to achieve because they feel attainable. The key is you must string these quarterly goals together and as they build on each other you reach your annual goals.
Take some time to review the financials for the quarter and see how your business is doing as compared to the goals you set for yourself in January.
- What goals and metrics did you hit in Q1? – The first quarter is significant because it is sets the pace for the year. In order to hit annual goals and metrics, you must understand your First Quarter numbers.
- What goals and metrics did you fall short of in Q1? – Whatever the reason for not reaching the goals, it is important to make corrections and move forward in a positive direction.
- How are you actually doing compared to your budget for the year? – If you need to adapt, make improvements now, don’t assume you’ll catch up in Q2: make a plan to regain lost ground.
- How are you committed to making Q2 better? – Make a commitment to adhere to the updated plan. Communicate the plan to the entire staff. Set deadlines for new and continuing objectives; meeting weekly will help keep everyone involved in the progress and notified of any potential issues by department and overall. Discuss how new developments will be implemented going forward and emphasize the importance of committing to your small business’s goals.
Now is the time to answer these questions. Be sure to include your bookkeeper and CPA in your plans and your progress.