Hopefully, you’re closing out Q2 and are on track to hitting your quarterly goals. Now what? You should be going into the next quarter with a game plan and strategy in place about what objectives you need to execute on. To better set yourself and your business up for success, here are some things to consider when striving to hit your business goals.
1. Figure Out If You’re on Track
A great place to start is to see if you are on track with your business goals. Have you been hitting each of your quarterly goals, or are you behind? Look at your metrics, including your bottom line. How are your expenses? Are you spending too much and getting little return on your investment? Is everyone firing on all cylinders and working as a cohesive unit, or are there people operating in left field who need to be reeled back in? Look at everything that's happening and see how it aligns with your business goals and quarterly goals.
2. Relay the Message to Your Team
In business, we don’t like surprises (at least not the ones that bring bad news). Once you figure out where you are with your quarterly goals and annual business goals, sit down with your team and break everything down line by line. Get them on board and thinking about where you are currently and where you need to be. Communication is key, and this is a perfect opportunity to discuss any areas of the business where you are missing the mark.
3. Fix Any Issues or Challenges and Make the Necessary Changes
Take what you found from #1 and start fixing any issues or challenges you may be faced with. Also, consider sitting down with your clients and accounts to discuss their goals. How do you align? Are there additional services or products you can sell them to solve their problems or issues? This is a great way to help build your relationship with them and grow your business at the same time.
If you want to reach your business goals, you can’t allow anything to knock you off track. Additionally, if you want to succeed in hitting your numbers and quarterly goals, you can’t brush things under the rug and think they will fix themselves. Can you fix the issues or challenges yourself, or do you need to bring someone else in to help? This moves us right into the next step.
4. Do You Need to Introduce New People or Equipment?
What do you need to get your business back on track? What holes are you currently finding in your business? Do you have the right salespeople in place? Do you have a marketing team on staff who is getting your company in front of the eyeballs necessary to grow? If not, you need to go out and find the equipment necessary to improve efficiencies, or go in search of people with the skills you’re looking for to reach your business goals.
Additionally, you can consider outsourcing some of your work if need be. For instance, if doing your business taxes is difficult or time-consuming, companies like Incfile are capable of doing your businesses taxes for you. See who suits your needs in the roles you’re looking to outsource, and do your due-diligence to interview a few different people or businesses until you find the right fit.
5. Focus on Team Building
It’s very easy for everyone to go through the motions of day-to-day activities at work in their own little bubble. While some individuals may like being on their own, you all need to work together as a team to hit your business goals. For that reason, consider planning a teambuilding event at the end of Q2 to build rapport among your team and have a little fun.
Go somewhere that forces everyone on your team to play a role in the outcome. Or find something that everyone enjoys doing and take the entire team out for dinner and the event. A trip to an escape room has been a huge hit for many teams across the nation. It allows everyone to think collectively to achieve the desired outcome (getting out of the room before time is up).
Laughs, jokes and fun might be a simple solution to light a fire under some people to step it up and once again find the passion they had for their role in the company.
6. Start Thinking About Your New Fiscal Year and Your Needs
It’s never too early to start looking ahead to the future. Using previous quarterly goals, figure out what your projections could be moving into a new fiscal year. How does production look? Will you be able to keep up with demand, or will you fall short and potentially have customers waiting for you to deliver? The last thing you want to do is not have enough product to fulfill demand, causing your current paying customers to look elsewhere. Keeping a strong focus on your goals will ensure you continue operating on the path you've set for your growing company.
Dustin Ray leads business development and growth initiatives at Incfile, a national incorporation service company specializing in business formation and small business services. Founded in 2004, Incfile has assisted in the formation of more than 150,000 corporations and LLCs.