Starting a new quarter as a business owner can be an exciting time to set new goals, refine strategies, and improve performance. If you don’t feel like you did as well as you would have liked, it’s also easy to bury your head in the sand, getting further away from your goals.
Whether you’re a first-time business owner or a seasoned entrepreneur, here are seven tips to help you start the new quarter strong:
1. Reflect on the past quarter.
Take a step back and review what worked and what didn’t work in the previous quarter. Don’t beat yourself up if you fell short of your expectations. Focus on identifying areas for improvement and opportunities for growth.
2. Consider your goals.
Based on your reflections, think about the goals to pursue for the next quarter. Has your focus changed? Are there personal factors impacting your productivity? While your goals should challenge you, they shouldn’t end up being a source of frustration or shame because they were unattainable.
Be sure to set goals that are specific, measurable, achievable, relevant, and time-bound (SMART). Ensure that these goals align with your long-term business objectives and are realistic for your resources and capabilities.
3. Get an accountability partner.
Want to increase your chances of success? Share your goals with someone who can hold you accountable. A study conducted by the American Society of Training and Development found that people are 65 percent likely to meet a goal after committing to another person. When they build in ongoing meetings with partners to check in on their progress, their chances of success increase to 95 percent. Accountability can come through an individual, a coach, or a peer-to-peer network, like Startup Life Support.
4. Evaluate your marketing strategy.
How effective are your current marketing strategies and tactics? Are you reaching your target audience? Do you have a clear call to action? Are you generating sufficient leads and sales? If not, what needs to change? Don’t assume the answer is more activity. Find out if your current messaging is resonating with your target market and that you’re reaching them in the places you’re showing up.
5. Review your finances.
If you don’t consider yourself to be a “money person”, it can feel overwhelming to dive into your numbers. Cashflow Mentor Connie Vanderzanden suggests scheduling regular money dates to review your revenue and expenses, cash flow, and budget. If you keep running from the books, you’ll never know what opportunities exist to help you reach your financial goals.
6. Invest in professional development.
As a business owner, it’s essential to continue learning and growing to stay ahead of the curve. Invest in your professional development by attending industry conferences, webinars, or workshops. There are plenty of free resources available, including the SBA Learning Platform. If you live in Arizona, see if your city has a partnership with HUUB – a platform that provides live and on-demand workshops, grant information, and additional resources.
7. Build and nurture your network.
As a business owner, it can be easy to feel isolated and overwhelmed, especially if you work alone. Building a network of like-minded individuals can help you stay connected, motivated, and inspired. That’s why I founded Startup Life Support. Our members enjoy being a part of a judgment-free community of entrepreneurs to share insights, exchange ideas, and build relationships.
Starting a new quarter strong requires a proactive approach and a commitment to continuous improvement. By reflecting on the past quarter, setting the right goals, tapping into the power of accountability, evaluating your marketing strategy, reviewing your finances, investing in professional development, and building your network, you can position your business for success in the months ahead.
Need support and accountability? Consider joining Startup Life Support. It’s a peer-to-peer mastermind community focused on helping you achieve your personal definition of business success without burning out. Annual membership is normally $350, but right now, you can join for only $200 for the whole year! Plus, installment plans are available. Learn more.