Assessing your first quarter of 2011 (Are you on mark for reaching your goals?)

Whether you’re a seasoned business owner or a newbie, quarterly assessments are vital. When you sit down and survey these past three months, remember that taking inventory goes beyond the numbers. Hopefully, this post will provide you with some good jumping off points at whatever level you’re at in your entrepreneurial quest. 

Rookies

Congrats on the decision to go into business for yourself! The first quarter in business is a rocky ride; every day is a brand new learning experience. How you handle the curve directly affects everything you do from now on. If you made a profit this early in your new business, that’s great. If not, there’s other ways to assess what you’ve accomplished. Here are a few questions to get you started.

• Did I make a profit? Break even? Am I in the red?
• How many clients do I have? Were my rates competitive with the market, too high or too low?
• How were my marketing efforts? What worked and what didn’t?
• How do my products/services compare to what’s already out on the market?

Second-year starters

You’re wrapping up the first quarter of year two. You no longer make the rookie mistakes of a first-time brand-new entrepreneur.  After a year of being in business, you’ve come to expect a bumpy ride. But this time around, you’re more prepared for the kooky situations and the head-scratching clients. Your set of questions looks something like this.

• Did I reach my profit goal? Am I satisfied with my sales percentages? What can I do to improve them?
• How can I improve my product to better serve my existing clients? How can I enhance my services to attract new clients? What specializations can I do within my current services that I can charge a higher rate for?
• What percentage of my total income is coming from my current marketing efforts and what’s from referrals? Do I want to continue investing in marketing or focus more on getting business through word-of-mouth?

Year three and beyond

The veterans. No more slippery rocks; you’re footing is firm and you’ve found a strange comfort within the sometimes chaotic life of an entrepreneur. You’ve got a few employees, you’re solid in your foundation and you’re ready to move up the ladder. Here’s what you need to consider.

• What did the numbers say: profit or not? Did I reach my profit goals?
• Am I pleased with my employees? How can I compel new people to join my team? What changes do I need to make in my current staff to have continued growth?
• Is it time to re-evaluate my marketing strategies? Or do I need to add more services/products to bump the company to the next level?

These are all starting points when considering your first quarter gains and losses. When you sit down to assess your first quarter of 2011, look at every aspect of your company. Because each action, each step and certainly every destination reached plays its part in your bottom line.