If you’re a planner, like me, it’s always good to know what you have coming up – days, weeks, or even months in advance. You can literally plan out everything – from remembering to pick up your dry cleaning, to ordering supplies for your business. However, in the month of March, there are two things that should stand out on your calendar the most. One is making an appointment with your accountant to take care of taxes, and the other is a date with yourself to reflect on how Q1 went for your business.
Did you hit your goals?
The important thing about Q1 is that it’s the start of your marathon. Are you going to sprint and run out of gas quickly, or pace yourself evenly through the entire year? At the end of this quarter, you can evaluate whether or not you have exceeded your goals. Make sure to commend your team members on crushing their goals or help them come up with a battle plan to reach goals for the next quarter. If the goals were easily hit, it might be time to raise the target to increase productivity.
Or did you fall short of your goals?
Small businesses love to start the marathon sprinting, brimming with excitement and determination to reach the new goals that were created for the year. For Q1, it is actually normal to not hit your goals that were set, but you need to take a realistic look and not be discouraged. After you have discovered which metrics weren’t performing well; decipher why they weren’t hit. Maybe the goals were unrealistically high, or there was an unforeseen circumstance which caused a loss of revenue. No matter what the reason is, it’s important to make adjustments and move forward in a positive direction.
Making Q2 your best quarter.
After creating your battle sheet on how to improve, the team should then disperse that information to the rest of the staff. Create deadlines for previous and new objectives; meeting on a weekly basis to check in with progress and issues. It is paramount that the entire business is aware of the goals of the company.
More importantly today than ever before, team members want to be fully integrated and valued as an employee. Allow each person to be a stakeholder in your quarterly success in a measureable and lucrative way. Q1 is going to be behind you soon, and a fresh beginning waits for you to achieve greatness, so don’t miss out on this chance to exceed your own expectations!