I dedicated a chapter from my book to “Do I know how my business is performing”.
The question is as prevalent today as ever before. The changing landscape of not only the economy but also technology and the way people are doing business is impacting the bottom line of many businesses.
So what can a business owner do as the end of the first quarter of the financial year is behind us?
- Reflect on the Results: How did Q1 pan out for you? Was it a roaring success or are you feeling burnt out and don’t have the financial rewards to show for all those long hours and stressful moments?
- Budget Benchmarking: How were your Q1 results compared with your budget? Spot the areas where you can give yourself a high five and identify areas of improvement for Q2. If you still haven’t prepared a budget, please make the time for this and load it into your software.
- Yearly Comparison: Take a peek back to last year’s Q1. I did a quick check on this one for myself yesterday as part of my 90 day planning and I’m pleased to say I’ve nudged ahead of last year’s results.
- Industry Standards Check: Position your Q1 results against industry KPI’s and for your clients do this and compare their results to ATO benchmarks too. It’s not just about keeping up, but setting the pace!
Planning for Quarter 2
- Dream and Design: Set your fee targets, profit levels and lodgement targets you’re chasing in Q2.
- Budgeting: Reacquaint yourself with your Q2 financial roadmap.
- Pricing Check: Reflect on whether your pricing compared to costs from Q1 and potential increases that you have been noted.
- Goal & KPI Refresh: With Q1 insights in hand, realign any targets, KPI’s and objectives as needed.
If you have any questions regarding the above and its impact to you, please contact Mark or the team at firstname.lastname@example.org or 9923 2959.
“This is general advice only and not to be interpreted as individual advice specific to your situation. Contact us to discuss the best solutions for your needs.”