As a savvy business owner, you know that we’ve moved from having annual to quarterly reviews. So, having come to the end of Q1 for 2021, here are some tips for you to consider for business success in Q2:
1.Review your goals
Did you set some big goals when the year started? This’ the time to celebrate the wins from the previous quarter. For example, you may have worked with more clients in Q1 or advanced in conversations that may generate more sales. Be savvy enough to know that there’s nothing like a small win in business. All growth needs to be celebrated so, well done! Give yourself a pat on the back. Now, how about the plans that didn’t go as well as you wished? Evaluate if the reason they didn’t do well was because you were focused on others or simply because they aren’t priority for this phase of your business. If the latter is true, consider moving them to a later quarter. It is good to review your goals to stay on top of what is working and what isn’t for your business.
Read this post to learn how to divide your goals into 90-day cycles for business success
2. Set new goals for q2
Having reviewed your Q1 goals, it’s time to set new goals. I know you are comfortable with setting SMART goals but in Q2 resolve to set HARD goals. The challenge with setting smart goals is that, you start wanting something that’s achievable – this is how mediocrity sets in. SMART goals make it easy for you to set the bar really low for yourself and your business. They can also make you pretty myopic if all you are fixated on is one specific goal, nothing more.
A savvy way for business success in Q2 is to set hard goals. HARD goals are heartfelt, animated, required and difficult goals. This type of goal setting keeps your ideal customer in sight because it requires you to engage them. Animated goals are those that you can visualize and remember. One way to make your goals animated is to use vision boards. In addition, setting hard goals mean setting those goals that are required to make your business grow. Let’s face it, sometimes we know exactly what our business needs to move forward yet we find ways to get around it. As you set new goals for Q2, be sure to set those that are required for business success.
Finally, hard goals as the word denotes, are difficult. They push you out of your comfort zone and demand diligence from you. For example if your goal is to make GHS20,000 in April and your item sells at GHS100, this means engaging 200 customers to buy from you in 30days. Does that sound achievable? How about hard? This is how audacious you should be in Q2 2021.
3. Develop KPIs for business success.
Setting Key Performance Indicators (KPIs) is how you measure actions taken toward your goals. In the previous example, we looked at making GHS20,000 per month. You might set the following goals:
- I will speak to 20 customers each day.
- I will sell at least 2 products daily.
Having set these goals, you might want to measure the number of customers spoken to and the products sold (the results indicators). However, it’s also essential to measure the performance that yield these results. That’s why it’s important to develop KPIs. For instance, you may set the following performance indicators for the example above:
- How many sales calls do I make in a day?
- How long does it take to convince a customer to buy from me?
- What percentage of clients come back to buy my products?
- How satisfied are my customers with my products?
It is important to have these reviews daily and weekly in order to measure progress and quickly release redundant items.
Developing goals and tracking your progress can be hard to do but they’re well worth your time. Remember, if you don’t measure it, you can’t improve it. So, apply these tried and tested tips for a successful Q2. Cheers to success!