2018 is finally in full swing as we have now come to the end of the first quarter. You can’t use the excuse of finding your feet anymore. You can’t say you’re still waiting for business to start operating effectively. It’s time for action!
So what exactly is this first quarter or Q 1 that everyone seems to be obsessed about? In business and some other sectors the year is divided into equal parts of four (quarters), that’s it! Working like this helps set measurable goals along every step of the way. Instead of having a few generic goals, it is advised to break them down month by month and quarter by quarter.
So what where your goals this quarter? Most importantly did you manage to achieve any of them. Some of you aren’t sure how you can assess your progress and do better in the next quarter. Here are some guidelines.
- Assess how your year is going so far. Have there been any changes in your business environment? For example if you are doing business in South Africa at the moment you have to be aware of the recent VAT increase and how it will affect your business.
- What have you been doing well and what could you improve on? Did you make a lot of new clients? Did you find a way to make your business more effective? Have you finally realized that you really don’t need all that staff? Take stock of everything and be honest with yourself.
- The first quarter is the foundation for the rest of the year. Pay close attention to every detail in your report, missing something now could be disastrous in the future. Keep an eye on your sales revenues, profit margins, overhead costs, monthly profits/ losses etc. Spot the strengths and build on them, as well as the weaknesses to rectify them.
- Set goals for the second quarter with the first quarter in mind. If you have goals that you didn’t meet find out why that is and work on it. Carry them over to the second quarter and give them a shorter deadline to be completed.
- Finally you have to commit to making the second quarter better. Set deadlines for new and continuing objectives and make sure everyone on your team is aware of them.
For you to be successful in business you have to have a clear vision and mission. You should know exactly what you want to achieve and how you will achieve it. Set quarterly goals and revisit them as often as possible. We hope you keep growing and do well every quarter!