Running a small business takes an enormous amount of time, attention, and energy. Usually more than you have handy! Small business owners are giving everything they’ve got, going full speed ahead—even when it would be best to take a pit stop.
Regularly scheduled assessments are crucial to small business success. The trouble is getting a small business owner to take the time for it! Officeheads recommends a quarterly review because it:
Builds a Pattern
There’s nothing magical about a quarterly review per se. But blocking time every three months to review the status of your financial engine and progress toward your goals will create a healthy habit with long-lasting benefits for you and your company.
Allows Course Correction
It’s much better to discover you are going the wrong way sooner than later. A quarterly review will reveal any troubling patterns that you can correct before the problem grows beyond repair.
Gives Time to Recharge & Refocus
We can all get too busy doing the urgent that we ignore the crucial. Taking time for a quarterly review reminds you of your purpose and goals, helping you to stay on track toward what’s most important.
With these benefits in mind, now it’s time to conduct your First Quarter Review. If you’ve never done one before, start by blocking an hour of interruption-free time. Gather your financial reports and P/L statements to see what your numbers are telling you. Then use the 12 areas of internal management to assess your business from top to bottom. Create a list of what’s working and what isn’t—and identify steps for growth and correction in the Second Quarter.
Need help with your quarterly review? Officeheads provides full financial health assessments to help you with forecasting and tactical recommendations, cash flow management, revenue growth, expense management, and profitability. Reach out today to learn more!