As an entrepreneur, you're probably looking forward to the New Year and setting lofty goals. As the year closes, you are equally eager to finish strong. However, the months in the second and third quarters of the year may be overlooked. Considering each quarter similarly crucial to your company's growth will help you stay focused, maintain momentum, and lead a more successful journey.
Try these five strategies for preparing for the new quarter's business growth:
1. Consider the past.
Before you can look forward to the next quarter, you must first evaluate the previous one. • Checking progress made against your year plan and focusing on challenges and wins are some ways business coach Nicole Jackson Miller recommends evaluating the last quarter.
• Gathering and analyzing client feedback
• soliciting employee feedback
• Diving into the most critical data for your business operations, such as sales, expenses, operational effectiveness, and "customer churn"
• Conducting your self-evaluation and journaling about what went well and what didn't
2. Look ahead.
After you've finished your evaluation, it's time to make changes. Plan the next quarter by comparing quarterly goals to the yearly plan. The following are the most important things to include in your quarterly plan, according to Data box:
• A recap of the previous quarter;
• Goals for the new quarter, including associated risks and opportunities;
• Upcoming initiatives; and
• Potential roadblocks to achieving your objectives.
Then, ensure that accountability has been established by assigning timelines and owners to each goal and initiative. Track progress during weekly meetings to maintain momentum and make quick adjustments.
3. Evaluate yourself.
Your personal development as the leader of your company, whether it has two employees or thousands, is the most important. Conduct a SWOT analysis on yourself. Then, as Black Enterprise suggests, "...fire yourself if you're spending more time fixing mistakes than making progress." Take into account hiring a virtual assistant, intern, or freelancer."
4. Make investments in development.
Employees value development opportunities as well, according to Spears. The greatest way to expand your business is to develop yourself and your employees. Plan educational and development opportunities for yourself based on your objectives and self-evaluation. Share this with your team and encourage them to do the same. Make one self-development goal and one educational opportunity available to your employees.
5. Establish systems.
After you've evaluated the previous quarter and planned for the next, make sure follow-up is simple. Systems, according to Forbes, allow us to save time, "avoid problems," and "improve productivity." It's a great idea to set up systems that will enable you and your employees to easily track progress on your quarterly plan.
The systems you design are determined by your preferences and your company's culture. Set up a quarterly tracking billboard and allow your employees to decorate it as they see fit. You could use Google Drive to create a spreadsheet or an entire project management tracking system. The most important aspect is that it is simple, easy to use, and frequently visited during team meetings.