As we come upon the end of the first quarter or any time for that matter. I think it is a great time to reflect on the direction that your company is going in. Many of us just continue blindly on the current path, neglecting the important time to review.
For me, it is always a good time to reflect and review on at least a quarterly basis. The benefit of quarterly reviews allows for adjustments, corrections, additions, and improvements. This is assuming that you are running your business from a plan.
What are you reviewing to compare if you’re on track to your goals?
1. Revenue – That’s kind of obvious – but what is it about the revenue? I like to look at your offerings to see what is performing well and what isn’t. Is it a wrong offer, a wrong product, the wrong message, or the wrong customer? When you take the time to go over your offerings, you can make the little changes in time to improve your revenue.
2. Expenditures – An often-overlooked set of line items. What do you really need to run a business? Look for any nonessential items, subscriptions, or services that aren’t benefiting the growth of the company. For many firms, a lot of personal/business items are run through the company. I get it, this is a key benefit for the business owner, but it can really eat away at the bottom line. Just take those items into consideration against the owner's compensation and see the true profitability of your business.
3. People – Who is on the team and who should be on the team? People are the most expensive and most profitable source for your company. Your people should be improving and growing your company. Ensure that the right people are in the right roles. Reviewing the team on a quarterly basis allows for improvements, retention, & reassignments.
4. Marketing – Your marketing is very important to achieving your growth goals. Marketing is a marathon race. Tweaking is always necessary along the way. Review the expected results in detail against the actual. Results are not always a new customer. It may be brand awareness, engagement, bringing prospects closer, referral relationships, and many more moving parts to your plan.
5. Goals – There are big goals and small goals – Duh! Make sure that your small goals are stacking up towards your big goals. It makes achieving those “BHAG-Big Hairy Audacious Goals” more achievable. Review your little ones and make sure they are on target and you are reaching them in the timeline that sets you up for the big one.
So, take out your plan. If you are smart, your plan would be in clear view at all times with prime real estate on your desk. Take an hour or an afternoon to review where you are in your plan. And make those tactical shifts to ensure that your company is on target for the clear and distinct direction that you want your company to go. While you are at it, share this plan with those that are helping you to achieve it. They may even have some great ideas to speed up your success.
Marcia Riner is a business growth strategist & CEO of Trajectory Consulting. She helps professional service firm owners to optimize their business, drive growth, and be in a great position to sell it someday. Together, we create your roadmap to improve, scale, and maximize the value of your company.
She runs a Masterclass that teaches business owners how to scale their business so that they can sell it someday @ www.Scale2Sell.biz
Want more great ideas, download Marcia’s newest eBook “Think Outside The Box – 10 Reasons To Get Your Business Sale-Ready Now” available on www.TrajectoryBiz.com