As the first quarter wraps up for the 2016, it is time to go back and evaluate your results. Regular reviews allow you to adjust your growth strategy and shift resources where necessary. Questions like, “ Do you like what you see?
”, or “ Where did we fall short?
” are questions to ask senior staff or business advisors as you begin your review process.
Many small businesses think of a quarterly business review as a skim through of just looking at the overall numbers to see if they are making a profit. While that is important, it is just as important to dig deeper into those financials so that you don’t miss out on opportunities to make the most out of the 2nd quarter. Perhaps margins on a given product line are higher than another. By regularly looking at the numbers, you might shift more marketing dollars and personnel resources to market the more profitable product.
When evaluating your quarter, remember that every company has their own strategy for completing their evaluation. There are a few things you can do to help you reach and exceed those goals:
By taking the time to do this you can easily adjust your yearly budget, keep realistic goals and adjust accordingly to grow your business.