Why a Second Quarter Business Review Is Key
It's crazy that we're already into April and the second quarter of the business year! It may seem too soon to review anything in your business at this point, but I think this is one of the BEST times to stop and look at how your year is going so far. WHY? Because you have 9 months to change course, or to double-down on the things that are working for you. That's a LOT of time! I think it's smart business to use the end of each quarter for a honest review and to reset your goals. So here are tips for hitting that reset button!
1. Look at the P&L
Every single quarter, you should have a really good idea of the money that is flowing in, and out, of your business. Are your expenses too high? Are you charging enough for your services? What is your profit margin on your projects? Without understanding every single penny that's on your balance sheet, you aren't going to be as effective at your job. So review each line of your financials and look for the services that are most profitable, where you need to add projects, and where you can tighten up on your expenses.
2. Tighten Up Your Productivity
Just like personal resolutions, it's easy to let things slip a little as you move away from your New Year's goals. This is a good time to remind yourself of the processes and systems you were FINALLY going to put in place. And to block time on your calendar for design sessions, marketing, and business reviews. Remind yourself of the discipline it takes to run a business and tighten up your day-to-day work and timelines!
3. Check that Pipeline
How are the next 3 quarters looking for your projects and income? Have you updated your client pipeline recently? That will go a long way to letting you see where there may be some slow months ahead. Looking far into the future like that allows you to start marketing NOW so you can avoid any slump in income. If you don't have a pipeline, this is the PERFECT time to set one up. And luckily for you, I listed my best tips for a client pipeline just a few weeks ago! You can read all about it here.
4. Keep Marketing Your Services!
No matter what, continue to make marketing your #1 priority, even if you're busy or your pipeline is full for the year. It's never a good idea to put off your emails, social media, networking, SEO, and other marketing efforts. Because you never know when a client could drop out, or something doesn't come through as you planned. You have to continue to put your brand name out there.
To help you refocus your business for the coming 9 months, download my FREE Quarterly Goals Worksheet. It will help you take another look at your previous goals and determine where you need to make changes or additions.