Quick question. And there are wrong answers. So, pay attention. How is a dollar like a year? Come to think of it, I could ask it the other way around. How is a year like a dollar?
OK, I see a hand in the back. You think you know? (*barely audible mumbled answer)
Yes. That’s right! They both have four quarters.
So, let’s talk about some more dollar year comparisons.
When you get to the end of three quarters in a dollar, you only have one quarter left to spend. And when you get to the end of three quarters in a year, you only have one quarter (aka: three months) left to make a difference.
Three months. Just ninety days. Give or take. But, according to just about every business owner who’s ever run a business in America, these last ninety days can make or break you.
So, this little quarter, which is the same size as the other three quarters, has a lot of power.
If you’re a business owner on a regular calendar year, it’s a great time to analyze last year’s performance. And just in case you wonder why it’s important…
Here’s few reasons to check the dollar year numbers:
- You can make sure you have an idea about next year’s projections.
- And you can make sure your current year budget is in place.
- You’ll be able to include line items for salary increases and incentive bonuses.
OK, here’s a pro tip I share with my one-on-one clients:
Set up a staff meeting so you can keep them in the loop. Because they need to know how your organization did last year, too. And they’ll better understand your expectations for this year. Want another pro tip? OK, how’s this? Don’t forget to prepare your employee Pay-for-Performance reviews and bonus structure. Especially if your company and individual employees met their goals.
I know it’s a bunch of extra work. But it’s all part of owning your own business.
And even if you don’t have employees, performance analyses and projections are still crucial. Because another three months will be coming up real soon. But that quarter will be in a whole NEW YEAR.
Of course, if what you do is more of a hobby, then never mind.
But if you want to turn your hobby into your business, or you wanna take your business up a notch or two this year, then let’s get crackin’. And, by the way, my RondaReady Business System hub can help you automate and delegate a lot of this work. Just tossin’ that out there to anyone who’d like to make it easier.
Schedule a time to with me about it, below.
Stay Ready,
R.O.N.D.A.
Responsive Organized Nonstop Digital Axis