INSIGHT business coaching
Dust Off Your Business Plan A business plan is only as good as the effort you make to implement it. A quarterly review will keep you on track toward meeting your goals BY GAIL DOBY, ASID
H
ere we are, nearly one-fourth of the way through the year. When was the last time you consulted your business plan? Chances are it was last December or January. If that’s the case, now is the time to take it out and review your progress to date.
“Effective leadership is putting first things first. Effective management is discipline, carrying it out.” – Stephen Covey
At the very least, you should conduct a formal review of your business plan at the end of each quarter. I strongly recommend doing a weekly check-in on your personal business goals and performance and a monthly review of your revenue, cash flow and marketing goals. The quarterly review is an opportunity to take a step back and look again at the big picture of how your business is performing.
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GATHER INFORMATION AND SET A DATE. Schedule a reminder on your calendar for about a week or so after the end of the quarter to gathering the data you will need to review your progress. This will include information from your bookkeeper or accountant, staff and/or freelancers and consultants, and possibly vendors and service providers. At the same time, set a date for the review meeting and confirm with those who need to attend. Choose a time and place where you will not be interrupted or distracted. CREATE AN AGENDA. A quarterly review involves more than just taking your business’s pulse. You want to do a deep dive into the essential areas of your business plan, such as revenues, profit, cash flow, marketing, client acquisition and retention, current and committed projects, and any operational and growth goals you set
