As an entrepreneur, you have goals and dreams, and they are likely big ones. While we all hope for quick success, the reality is that success and sustainability happen little by little over time. So while we keep those big goals in mind, it is also important to take stock of where you are in your business right now and what your short term and medium term goals are in addition to the much bigger picture. This is where quarterly business check-ups come into play.
The fiscal year is divided into four three-month quarters. If you operate on the calendar year, these would be:
January through March; April through June; July through September; and October through December. We often hear people talk about quarters in relation to the fiscal year and money because of the implications they have for tax purposes and for projecting profits and losses. Doing a check-in each quarter to determine where your business is at financially is crucial both to understanding the health of your business and ensuring that you are meeting all of your compliance and reporting obligations (think estimated income tax payments and sales tax remittances).
In addition to financial considerations, quarterly check-ups also give you a chance to really assess the progress you're making in your business. What goals do you have for growth? Are you looking to launch certain new products or hit a certain metric of followers on social media? What about engaging in collaborations or increasing visibility? By evaluating these on a quarterly basis, you can assess what progress you have made over the prior quarter and create actionable steps to implement during the next quarter to move you closer to those goals.
To help make thing easy and keep you on track for the last two quarters of the year, we've put together a Quarterly Business Checklist that you can use to guide through the process! Just click on the link below to get it delivered straight to your inbox.