A friend of mine, who, by his own admittance, is no “spring chicken,” told me about finding a quarter on a recent walk with his wife. And not just once. But two days in a row. He said he just happened to look down at the right time and saw a shiny quarter next to the curb. Next day, same thing. But no big deal, right? Because a quarter doesn’t buy anything.
Well, back when my friend WAS a “spring chicken,” a quarter WAS a big deal.
Get this. He said when he was a kid, if he found a quarter, it meant he could buy a soft drink, a bag of chips, AND a candy bar. Or he could go to the store and get 25 pieces of penny candy. Or sometimes he could even go see a movie. What?! That almost sounds impossible these days. So, imagine being a kid back then. Imagine how big a deal it would have been to find that first quarter.
Fast forward to now. And if you’re a business owner on a regular calendar year, you’ve got a pretty big deal first quarter on the horizon. Because the first quarter of 2024 is coming to an end later this month. And it’s a great time to analyze last year’s performance.
And since I’ve been sharing lists and list info this week, here’s a short list of why it’s important.
- You can make sure you have your current year projections in place.
- And you can make sure this year’s 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 about 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 performance analyses and projections are still crucial. Even if you don’t have employees. 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 System can help you automate and delegate this work. Just tossin’ that out there to anyone who’d like to make it easier.
So, dive into it with your very own copy of my RondaReady System book, today. And it’s a good (and small) investment whether you’re a spring chicken or not. I look forward to helping you…
Stay Ready,
Ronda
Responsive Organized Nonstop Development Authority
(https://www.amazon.com/RondaReady-Online-Business-Coach-System/dp/1688796479)