Take Advantage of Your End of Quarter Review for Goal Setting 

Goal setting is something that we as business owners tend to enjoy doing, but following through on those goals is often a different story. It’s motivating to see those goals listed in your business plan. It’s fun to set them, and it’s encouraging to think of how your business will grow. But without a consistent plan of action, that’s what they will remain – goals. This is where your end of quarter review can become one of the best tools in your arsenal. 

There are reports that you should review each quarter so that you can easily track your trends and forecast your growth, but your end of quarter review should also include another aspect: an honest evaluation of the actions you took toward reaching your goals and the results you received. 

Why do this at the end of the quarter, you might ask?  

Four times each year, you get the opportunity to dream big, set new priorities, and move forward. This timing gives you both the ability to step back to see the big picture and hone in on little tweaks that can make a big difference. 

However, it also gives you another opportunity: dedicated time to put a mirror to your own face. Did you make progress on the goals that you set three to six months ago? What have you accomplished, and what did you learn?  

An Honest End of Quarter Review 

Your End of Quarter Review should start with a variety of reports (your Bookkeeper can provide these), but it shouldn’t end there. Items you should review include: 

• Which projects brought you closer to achieving your goals, and which did not bring the results you were looking for? 
• Which metrics met your goals, and which did not?  

• Do you need to shift resources or personnel/payroll from one area to another? 
• Which products or services are selling the best, and which are falling behind? 
• If a service or product isn’t selling well, why? Is it a question of marketing, sales, or shifts in the market (i.e., do people know you offer it? Does your team know how to sell it? Or are people just not interested in it right now?) 
• Are there sectors of your business that you are spending too much or too little on? How can you course correct? 

As you take the time to ask and answer these questions, jot down notes for changes that are needed. Where can your team help you with ideas? What do you need to ask your coach? 

Remember, you don’t have to have all the answers up front – but you do need to set time aside to work through the data and ask the important questions. 

Looking In the Mirror 

The data is important, but your End of Quarter Review shouldn’t stop there. This time is an invaluable opportunity to hold yourself accountable, both for your wins and for the goals you haven’t yet reached. 

Note that I didn’t say “failed to reach.” While it’s true that you didn’t reach them within the time period you originally set, those goals aren’t lost. The next step – setting an action plan – is still to come. It’s essential to be honest with yourself about the process, though. 

Look back at your business plan updates over the past few quarters. Chances are, you started off the year with huge goals…and then life happened. Some things got pushed by the wayside, other things took their place.  

How can you get back on track with those goals? Are they something you still want to push to achieve this year, or would they fit better into next year’s plan? Either is a valid answer, but it’s important to make the decision. 

As you’re working through this process, take an objective look at why these results happened (or didn’t happen). Did you have unexpected changes on your team that you simply had to deal with? Were there market changes that you didn’t expect, but had to absorb? 

Or did you drop the ball somehow? (Yes, business owners make mistakes. We’re human.) If you did, why did it happen? How did it impact your business, and how can you prevent it from happening again? If there was some fallout from it, how can you recover? 

These are tough questions, but again, they’re necessary. If you’re willing to go through that process and accept the answers, you can make the changes that will impact your business for the better. 

If not, well…those changes won’t happen. As the CEO, you’re responsible for driving the vision and creating the environment that leads to success. 

The good news is, you’re not in this alone. Our coaches are here to help you uplevel every area of your business, from strategy and management to marketing, sales, and financial controls. Want to know more? Contact us – we’re happy to answer your questions and help you create an action plan that works for you! 

Creating the Right Action Plan 

“Create an action plan” has become somewhat of a buzzword in business circles today. “If you create a plan, you’ll succeed.”  

Oh, if only that was true. 

Don’t get me wrong – I’m all about planning. Just ask my team! But just having a plan isn’t going to get you where you want to be. 

First, your plan has to be strategized. It has to take all the data into account, and it has to be realistic. You might want certain goals to become reality, but do you have the infrastructure in place to make it happen? (If not, let us know – we can help.) 

Second, your plan has to be written down. Some people like to keep their plan in their head, but it’s too easy for parts of it to get lost. It’s also hard to communicate that plan to your team!  

When you take the time to write down your plan, two things happen: 1) your plan becomes concrete and 2) you’re forced to think through what it will take to actually achieve your plan.  

Both of these help bring you closer to success! 

Third, your plan needs to include action steps and a timeline – the WHO Shall Do WHAT By WHEN. In other words, how are you going to make it happen, and who will be responsible for helping you get it done? This is where tactical planning – the ground level details – and setting of milestones is vital. 

Once you answer these questions, you’ll be in much better shape to make your goals become reality. And you have the opportunity to do this, four times a year! (Need to get better about scheduling those reviews in? Have your EA block out the sessions ahead of time!) 

If you would rather talk through the process a few times a year with an experienced coach, we’re here for you. Our Strategy Coaches are happy to sit down with you for a Strategy Session, go through your numbers, review your goals, and help you work through the tough questions. At the end, you’ll have an action plan that you and your team can confidently execute!