Do you remember your first quarter?
No, I’m not talking about your allowance or that shiny coin you found when you were a kid. If you’re a business owner on a regular calendar year, your first quarter is coming to an end. And it’s a great time to analyze last year’s performance. And I’ve been sharing lists and list info this week. So, I have a short list of why it’s important.
Some reasons why it’s a good idea to check last year’s numbers in your first quarter…
- You can make sure you have your current year projections in place.
- 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.
Here’s another pro tip: 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 company and individual goals were met.
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. Unless of course, what you do is more of a hobby. Then never mind. But if you want to turn your hobby into your business, then let’s get crackin’. By the way, my RondaReady business coach CRM system can help you automate and delegate this work. Just tossin’ that out there to anyone who’d like to make it easier.
So, when you’re really, really ready to get ready, get RondaReady and…