Why Quarterly Reviews are needed in Your Business
When will you wake up from your snooze in concentration and
What’s happening in your Business? Maybe quarterly reviews can help you find out!
Either your business is not going in the direction that you want it and you have been holding onto your old ways for too long.
Or your business has grown and you are still operating it how it was, instead of how it is now, you are still thinking small.
If we don’t check in regularly every quarter or month on how your business is performing and have metrics in place, then you are a target for getting stuck in a rut.
At some stage in the past businesses could survive with a yearly check. How much did we grow did, how much did we sell, what was our expenses and are our client happy and satisfied with our service.
If you are a small business this is changing at least on a 3-month basis and in some cases monthly basis. Your whole market could have passed you by in the space of a year and you would not have even
If you have an annual goal for your business, then break that down to quarterly goals. Especially with small businesses things change quickly. You can't afford to be waiting that long to see if you're tracking for what you want to achieve.
Don’t fall asleep in your business, review!
How do I measure?
The first question to ask is what do you measure in your business?
Depending on your type of business the basics that need to be measured are Sales/Revenue and Expenses.
Then it’s broken down into categories under these. Having line items that show the products that you sell or the services that you provide.
Expenses showing fixed cost versus variable and reasons behind the expenses. The more details you have, the better you can make decisions
Asking your accountant for these types of reports is the best way to start setting up your metrics.
When do I measure?
I would suggest
Staying Awake in business is by keeping your eye on the target, keeping your eye on the target is with measurements, and a quarterly reviews can help with this