Fourth Quarter Goal Planning
As businesses approach the fourth quarter, (WHAT?!) you will hear repeatedly that is a smart business practice to prepare for a strong finish to the year. We know that. But how do we do it and what should we focus on? Here are some ideas to get you started with your 4th Quarter goal planning.
- Review and adjust your annual goals
- Start by reassessing the goals you set back at the beginning of the year. Have you met them? Are you close? Are they a distant memory? It is time to identify the areas that may need extra attention, or areas that you need to reallocate resources to. Also, are they reasonable and realistic targets for the final stretch of the year? Time for some hard-core truth when reviewing and assessing these targets.
- Plan Q4 marketing efforts
- We have heard that you need to market for the business you want to receive in 3 months. BUT, for some businesses the 4th quarter represents an opportunity to increase their sales. For either option (3 months ahead or holiday sales), revisiting your marketing plan is a smart move. Start by creating a marketing strategy for the remainder of the year. Include social media post ideas, holiday specific promotions or campaigns, networking opportunities, and website changes to name a few.
- Organize your finances
- Year-end financial planning is essential. No one likes the thought of tax planning looming over your head so get a head start now. Break it down into little chunks vs. pulling an all nighter the day after your accountant calls asking where everything is. Review your budget and adjust if necessary, get your financial documents in order, and speaking of budgets – plan for any major I canpurchase or investments before year-end.
- Evaluate and improve operations
- Use this time to find ways to streamline your business processes. Assess if your current operational processes are efficient and effective. Implement any necessary improvements before your busy season hits. And ensure that your technology and systems are up to date and in good working order. You may need the Black Friday sale to buy a new laptop or monitor. Be prepared!
By taking the time to focus on these areas, you have the power to position yourself for a strong fourth quarter. Everyone likes ending the year on a high note. AND if you get everything done efficiently, you may even be able to “end” your year early and take the final two weeks of December off (let me dream!).