It’s the third quarter of the year; how is your business doing right now?
Already exceeded your target sales? Have you been trying so hard to improve your sales?
It has been such a busy and eventful past six months that we can barely notice how fast time flies. And before we know it, year-end target sales are closing in.
Now would be a great time to look back on the months that have passed and evaluate how far you have come and what’s left to be done. This way, you can reward yourself for all the hard work you have done, and you can also prepare a plan that is efficient and fitting to the remainder of your goals.
Conducting a quarterly business review will help you do this.
Set Your Goals
So, what is a quarterly business review?
This is an effective way to assess and sum up the growth of your business, how it has been performing, and set and adjust goals and any specific target in different areas of your business.
How do you do this?
The first thing you should set is – Goals!
Look back at the goals that you have set for this quarter. Were you able to check off any boxes, and which of those goals have you achieved? What did you do that was so successful you want to continue doing or keep improving? Are there any goals that you failed to pull off? What went wrong, and how did you recover? Is there anything you would have done differently?
This is important because it helps you see your business and anything it has yet to accomplish. Review the figures and the facts, so you can estimate the budget you want to allocate for your goals, marketing, and business.
Business Review Preparations and Actions
You can now set your sights on the future.
Establish new targets and goals that you can look forward to reaching. Is there anything you want to do for your business? How about a new marketing strategy?
You don’t want to head in any other direction but forward. It is normal to lose focus when certain targets are not hit, but that should not stop you from reaching your goals.
Instead, use this as motivation to move forward and work smarter to propel your business to the next level.
Without actions, ideas are just that – Ideas!
Set A Course Of Action
You need to have a clearer vision of where your business is heading. It is time for you to set a course of action.
When planning, one of the key factors to consider is how you are going to accomplish the goals you have set? How will you improve your business and bring it to the next stage? How does hiring a business coach can help you increase engagement, elevate your motivation and improve productivity?
Equipped with a third-quarter business review, ensure yourself that you can seamlessly progress toward the last quarter of the year. At Pro Business and Life Coach, we will help you achieve that!
Success doesn’t come from what you do occasionally, it comes from what you do consistently – Anonymous
Make Your Quarterly Business Review SMART
Understanding how quarterly business review has an impact on your business. You must have a clear goal in advance. The objective is to know the quarterly business review’s purpose.
One of the best goal-setting practices is setting up SMART goals.
Specific
Your goal is not just to retain customers but to make it at least a 95% retention rate.
Measurable
It is not about reducing the cost of expenses or acquisition but reducing it to 10% of the existing cost by the end of the year’s final quarter.
Achievable
If the churn rate is 25%, then having a 5% goal within a quarter is unrealistic. An achievable goal must be to reduce it to 15% within a quarter, for example.
Result-based
Result-based goals are what makes them real in execution. You can check if your thresholds are achieved when results can be measured based on the actions taken.
Time-bound
There should be a time frame within which you also follow to achieve your goal. If there is no time frame given, you are likely to spend a huge amount of time to achieve your goal. A specific period brings accountability to your plan to achieve your goals.
What Should Be Included In Quarterly Business Review
Prepare an Agenda
Prepare the business agenda ahead of time, so you have plenty of time to review important details. This will help you minimize unnecessary goals. It will also give you enough time to bring up questions and concerns.
Encourage Participation
The dynamics of a quarterly business review can be very different, that’s why it’s important to set your priorities. Discuss the results of the last quarter’s goals and point out whether the goals are met. Address the obstacles going forward and how problems can be prevented in the next quarterly review.
Present Data and Success Rate
How well you accomplished your business goals?
You can bring together data points and key metrics to define results and business performance. Add insightful data to the business review with a comparison chart that shows the success rate.
Lock-In Future Goals
As you prepare for the last quarter of the year, it might be a good idea to bring up expansion opportunities and design future goals. Discuss additional products or services that will help your business achieve lock-in goals.
How We Can Help You Develop Business Review
Doing all of this can be intimidating and take up much of your time. However, you don’t have to do it alone. From goal-setting to strategic budget planning and so much more, Pro Business and Life Coach have helped thousands of business owners and independent professionals on their journey to success. And we can do the same for you too!
So, what are you waiting for?
Schedule a complimentary coaching call with us now, so we can help you analyze your business, and you can conduct a more comprehensive business review at your convenience.
We invite you to visit us at www.probusinessandlifecoach.com to learn more about how you can reach your goals faster and if you just want more information.