I don’t know how it happened yet again, but it did. We’re at the start of the FOURTH QUARTER of the year! Yikes!
Even though you might not think you have time to review your business, this is EXACTLY the time you should.
Why add one more thing to your overwhelmed plate?
Because there’s still time to adjust your strategy to help you achieve your 2017 goals, and you’re only going to get busier! Reviewing your business NOW sets you up for success so you can hit all your year-end goals before you hear the first notes of “Auld Lang Syne.”
It’s GO time with your business!
Begin with the Financials
Believe me, I hate this “F” word just as much as you, but it’s important to review your financials to get the big picture of your business. I found that this chore is so much better since I started to use Studio Webware. All I need to do is run a report to see the exact status of my business. Here are some key steps I take and questions I ask myself about financials in the fourth quarter:
- Review the income (the revenue that your business made from the sale of goods and services to clients) that your business generated so far this year.
- How much money do you want to make by the end of the year?
- Will you hit your revenue goals with the projects you currently have scheduled?
Streamline and the Best Opportunities
If you need to kick it up a notch to hit your revenue goals, focus on design services that make the most profit.
- Are there services or products you’re offering that don’t make you money? Now’s the time to cut those things out.
- Figure out your most profitable services and products and be laser focused on selling more of those by the end of the year
- Do you have clients who need to have their homes ready for Thanksgiving or Christmas/Hanukkah?
- Can you complete some jobs before the end of the year?
Fourth Quarter Accomplishments Set Your New Year Up Right
A little bit of legwork in the fourth quarter will pay great dividends in the new year. In addition to hitting your financial goals, fourth quarter is the ideal time to complete other projects that will set your business up for success in 2018.
When I made the HUGE change from Quickbooks to Studio Webware a couple of years ago, it didn’t happen overnight. Guess what? It was a fourth- quarter project.
Fourth quarter is the time to commit to what you need to do to set your business up for success in 2018.
What’s holding you back from having the business you always dreamed about?
My accounting software was holding me back. That’s why I could no longer justify using the old system, and made the switch to a new program that would allow me to REALLY know what was going on with my business.
It might be something else entirely for your business. Perhaps you need to define a niche. Maybe you need to do a complete marketing overhaul with a new website and brand. What is a priority that you must have accomplished before the end of the year to have a fantastic 2018? Consider all of these and more:
- Develop new design services
- Eliminate clients who suck up all your energy and time
- Create new products to sell
- Add additional revenue streams
Your first priority is to close out this year by achieving or exceeding your goals.
Then, determine what other item would make THE biggest impact for your business next year. Focus on that one next.
The other ideas you brainstormed about can be the beginning of your goals for 2018. Since time flies by so fast, it never hurts to start setting goals for next year now.
Put your game face on and:
HIT it HARD!
You can make excuses or you can make the time! Put this review on your calendar NOW, so you can tackle the last quarter of the year with gusto!
We all know time is only going to accelerate when we add holidays to the mix, parties and, oh yeah, that install that needs to be complete before you hit the slopes on your ski weekend getaway! Ha!
So, lean on me. I can help you get organized and focus on what matters NOW. Download your free 3rd Quarter Business Review Guide here.
The guide will ask you to:
- Assess your current financials
- Determine what services and products are profitable
- Eliminate services and products that are not profitable
- Focus on profitable parts of your business to reach your year-end goals
- List clients, fellow designers and educators to help you finish the year strong
- Get some action items to tackle now!
What if you realize you can’t reach a goal by the end of THIS year? You can just add it to your 2018 goals.
Setting your 2018 Annual Goals is Part 2 of the 3rd quarter review.
Since 2018 will be here before you know it, it’s the perfect time to take time to build your goals now. Consider what you might add for new products or services. Maybe there are new partnerships you want to establish. Is there some additional training or education you want to focus on so you’ll be at the top of your game?
Whatever your 2018 aspirations, it’s time to write them down now.