The end of Q1 marks the time for business owners to both reflect and look ahead. It’s a time to get taxes prepared and decide where to put the most energy into the final 3 quarters of the year. Do you have your goals cemented in your mind? Do you have a vision of where you see your company at the end of the year and have the roadmap to get you there? Your business should have very specific goals based on your size, industry and what makes you unique in your marketplace.
The most common metrics that businesses keep an eye on are:
- Sales Revenue
- Gross and Profit Margins
- Overhead Costs
- Monthly Profits or Losses
Need help with steering and planning? Reach out for a conversation!
When did you set your Q1 goals?
Some owners procrastinate and make up their Q1 goals on the fly, or at the last possible second (cue: the Christmas season!). This is rarely part of their original plan, however, as days become weeks, etc. Business owners have a very hectic schedule! It’s essential to plan your company goals ahead of time, and include your team’s input where it makes the most sense. Some company’s have a ThinkTank, just don’t forget that when push comes to shove, you steer the ship, not the crew.
What goals & metrics did you hit in Q1?
Thanks to business intelligence tools, getting company metrics is easier than ever. Looking back on your company’s performance, reviewing each department, team member, (drill down however you wish!) can be eye-opening. It’s at this time you and your team can see if you’re on course for the remainder of the year, or if a course correction is needed.
Are you and your team committed to Q2 goals?
With Q1 over and in the review process, is it time to re-evaluate your Q2 goals? Don’t get overwhelmed trying to stick to goals you set out at the start of the year if plans change. Events that are out of your control, or situations you hadn’t accounted for, can quickly change your goals (hopefully for the better).
Are your goals ambitious enough?
It’s great to look back and see what you and your team accomplished but it can be a bittersweet victory when you realize how easy the goal really was in hindsight. Getting input from your team is essential to planning company objectives but don’t let them approve goals that they know in their hearts are accomplishable with little to no additional elbow grease.
When you and your team make ambitious goals that at first seem daunting, it’s great for your company culture, and your team’s confidence, when you reach them together.
Finally, always, and we mean always, celebrate the wins.