How to Prepare Your Business for Q1
It’s not Halloween anymore, but boy, do I have a scary story for you…
Q1 is right around the corner!
We know – terrifying, right? Just when you were ready to wrap up 2021 with a little bow on top, 2022 pops out of nowhere with a chainsaw
And by chainsaw, we mean preparations for the first fiscal quarter of the year, of course.
The good news is that we’ve got a special gift for you for just this occasion! Happy Holidays!
1. Set goals that are realistic, but not too easily achievable that you aren’t giving 110%
- You want your business to grow, and a LOT of factors play into this, like…
- Your customers’ behavior and desires
- The market in your industry
- Unprecedented events like the pandemic
- The work you put in
- Your employees
- Your business’s cash flow
And literally so many others! It’s pretty overwhelming. Luckily, there are ways you can account for all of these things!
*drum roll* A SWOT ANALYSIS!
Yup, exciting stuff, right?! If you sit down and analyze your business from every angle – determine your strengths, weaknesses, opportunities, and threats – you’ll have a better understanding of what kind of growth you can expect to achieve, and be able to set goals accordingly.
2. Consult your team about anything and everything
Seriously, EVERYTHING.
Their ideas for growth, what they think you can achieve, where they see themselves in these plans, it’s all fair game.
As a small business owner or entrepreneur, it’s so SO easy to get caught up in the growth of your business that you forget you’re leading a team who may, at times, have more insight than you on the day-to-day.
Even if you don’t have a team and are going solo, there is always someone out there who has helped you along the way. Ask them for advice, if nothing else!
3. Nurture your current customers more than you market to new ones
We all know – from watching The Office, of course – that it’s more expensive to bring on new customers than it is to keep old ones.
Depending on the nature of your business, nurturing existing or previous customers could end up having a bigger impact.
Think about it – if your business is a software, service, or the like, it’ll save you money to focus on keeping and upselling your current customers. If you run an eCommerce business, any business is great, but repeat customers are the biggest fans of your brand and will bring in more business by word-of-mouth
Whew, that was a lot to take in! If you want more help with Q1 planning for your small business, let’s connect – I’d love to chat.
