During our live call session this week from the 10X Business Owner’s Mastermind we had the great opportunity to make it the end of the month, as well as the end of the quarter, which provided us with a great topic of business conversation.
What do we normally do at the end of each quarter of the year?
We usually review our quarterly summary at the end of each quarter. What we did is analyzed, and consequently, we correct and solve all the above, it is a quarterly commercial review. As you know, if you are not measuring something, you cannot change it. So it’s all about metrics. It’s about KPIs.
So this is something that needs to be done every quarter, we review our document and it helps us set clear goals and parameters for the next quarter.
In this way, we can ensure that we are on track towards our goals and objectives for the year. Then what I do with my clients is go over the key issues that we reviewed with the business plan update. All the business plans I make are a one-page plan object, vision, mission objectives, strategies, and action plans.
Likewise, we review the objectives. Where are we for the current year? Are we on track to reach the goal before the end of the year? Are we too late? Or in some cases, a couple of my clients right now are going to exceed this year’s targets in September. So your goals should change at that time.
So as a tip, never change the goal, or modify the goal based on conditions, as last year was a great example. No one anticipated COVID when January rolled around when we were planning annual goals, but many companies had to change their goals for the year because of it.
What is the strategy?
Review, what worked, what did not work, what needs to be modified? What are those goals? Then we look at sales and marketing. What are we going to do during the next quarter? What happened? What were the main victories and defeats? And then in the previous quarter, what were the notable items in the second quarter? And what is the third quarter pipeline like?
Always make sure we have three to four main goals that we focus on every quarter. So what were the results of those goals? What are the goals of 3/3 quarts?
Then we look at your leadership plan, how are you doing as a leader? How are you doing in your life plan? Any personal news work-life balance, family news, work-life balance? What are the trends and market conditions? What are the market conditions, opportunities, and challenges? And those are the components of a really good and solid quarterly strategic plan.
Business systems audit
There are things within your quarterly planning that when you check at the end you say that you do not want to repeat in your business. So, when analyzing your audit, you should ask yourself, what are the business tasks that I perform and for which I am personally responsible? What am I doing? How much time per week? Am I still doing that task? Can I delegate in an automated or outsourced way?
I advise you, if you are going to enter the next quarter to make a strategic plan, it is to re-evaluate your entire business. But do this every quarter and every quarter your business will get bigger and bigger.
I encourage you to look at your plan and goals regularly. So it is just one of the best practices that we should all do as entrepreneurs. It’s called a baseline strategy. And do you evaluate what you did in the previous quarter? In the area of family, spiritual, fun, finances, business, your relationship with your spouse or partner, your children, your friends, whatever you want to measure your health, your fitness? What were the results? Do not lie to yourself. This is the biggest mistake people make: they lie to themselves. They want to manipulate the numbers. And the only thing that hurts you is that it doesn’t affect anyone else.
Michael Jordan was the best basketball player of all time in my opinion. And one of the things that he was a teacher at is incremental growth. And every offseason, he would go back and watch hours and hours of movies. He made little notes of the little things he didn’t like about his game and where he liked to see improvement.
So one year it was his left hand, he realized that he was weak with his left hand. It’s like, man, if he could improve my left-hand coordination, it would change everything in my game. So he hired a coach, he hired a mentor, and all he did for the entire offseason was work on that left hand. The following year, it was a history training. He’s just been through the entire offseason, he’s worked to develop more strength and flexibility. And every offseason, that’s exactly what he did. Thus he remained and became the best basketball player of all time.
You and I are going to enter a new neighborhood. Go back and see what was your game that you played in each area of your life in the second quarter and tell me.