Recently I’ve been working with some of our members to dig deep into their numbers;…
We’re almost halfway through the last month of the second quarter and that means it’s a good time to do a quarterly review of your business. It’s kind of like a checkup you’d get at the doctor. We want to take a look at the vitals, ask and answer some questions to see how we’re doing, and make any adjustments for continued health.
I highly recommend doing shorter quarterly checks as well as a more thorough annual checkup. This means you’ll catch any issues in the short term and keep moving toward those goals long-term. Considering that a lot of you have some extra time on your hands right now, this is a great opportunity to do either of those things. So, what does this entail?
Review your business plan and confirm it’s still accurate
If your brand needs to shift, your services need to be altered, your ideal client has changed, or your goals need to be modified, this is the time to rework that business plan accordingly. It’s not uncommon to make some changes to your business plan throughout the year, and I think this shutdown has brought about even more of a need for some changes now; so take advantage of this opportunity to reevaluate where you are and where you want to go.
Review your services and pricing
With the extra expenses many are incurring right now, as well as limitations with PPE and other regulations, some services may need to be scrapped and others may be highlighted now. COVID crisis notwithstanding, reviewing your services and pricing should be a regular procedure in your business. Take a look at your service menu and see what fits and doesn’t. Look at the numbers and see what’s been selling the most, what’s the most profitable, how any new expenses are influencing your profit margins, and what isn’t delivering enough. This data is what’s going to tell you what to do moving forward. It may be getting rid of certain services, increasing pricing, creating packages, or ramping up your marketing around certain offers.
Review all your finances
Take a look at ALL your financials; revenue, expenses, profit margins, personal income, debt, investment potentials, taxes, savings, cash reserves, specific accounts, lines of credit, and any other financial pieces. Having a really good understanding of all of this and a strategy to become more financially stable, are going to lead you in specific directions that can keep you, not just getting by and paying the bills, but thriving financially.
Review your KPIs
Beyond just the numbers of your finances, get to know your KPIs too. Rebooking rates, upsells, average client spend, etc. These are all going to give you a good indication of what’s really going on in your business and how you can adjust moving forward.
Review your marketing plan
Whether you’re adjusting your ideal client profile, local businesses are opening or closing, or just making sure your strategies are still current, looking over your marketing plan every once in a while and adjusting it is part of staying proactive in your marketing ventures. So take a look at what you had planned and make sure it still fits. If you didn’t have a marketing plan worked up, now’s the time to start. Figure out exactly what you’ll be doing to market your business over the upcoming quarter, or even through the end of the year.
Review your online presence
With all those changes you may be making, like in your ideal client profile, services, branding, marketing, etc. you’ll want to update your online presence to keep it current. Take this time to go over each and every segment and implement those changes you’ve made. From Instagram and Facebook to email marketing, your Google My Business page, and your own website, take a look at everywhere you are online, assess what’s there, and make the appropriate changes.
There’s something about quarterly reviews that make me happy – I know, I’m a weirdo. But it gives me a solid understanding of what’s gone on over the last quarter (a wash for most people this time given current world circumstances) and a thorough plan to move forward. That’s how you get things done and attain the goals you’ve set. So let’s get to work and make the third quarter amazing!