Any success-oriented entrepreneur understands that success doesn’t just happen. It requires a willingness to take risks, financial sacrifice, an incredible amount of hard work, and perhaps most importantly of all, the creation and execution of a well-devised plan to make their dreams a reality. A plan is a road map to where you want to go; working hard without a plan will get you nowhere. In order to best utilize your time, money, and energy, you will need to decide not only what to do, but how to best go about achieving what it is that you want. Whether it’s hiring additional staff, opening a new branch, reducing your number of work hours, or expanding your offerings, you need to create a roadmap that will guide each step of the process.
Of course, it’s easier to talk about making a plan than to actually create one.
Here are some essentials to remember when Planning:
- Stay positive – what “wins” have you had, and how can you learn from them?
- Determine your top 5 Priorities, and then your number 1 Priority out of the 5
- Determine your top 5 Goals based on your priorities
- Make sure your Goals are SMART: Specific, Measurable, Achievable, Results-Oriented, Time-bound
- Break each goal down into the small steps needed to achieve it, and list who is responsible for each step
Why do quarterly planning?
Every business owner starts their venture in hopes of success, but you’d be surprised how few business owners actually plan for success.
Quarterly planning begins by first having an overarching goal for the year, answering the question: How do you want your business to improve or grow from last year? Once you’ve answered that question, you can then break down that goal into quarterly objectives. Based on these objectives, quarterly planning details your strategy for working towards and measuring success each quarter.
When to do quarterly planning
It may seem obvious, but many business owners often neglect to plan for the next quarter before it begins. It’s easy to fall behind, especially when you’re working hard to meet this quarter’s goals.
Make sure you start your quarter off right by beginning your quarterly planning prior to the next quarter. Don’t wait until the last day of the quarter to strategize for the next one. Doing so doesn’t allow time to develop well-formed objectives and action steps.
Don’t know how to begin your quarterly planning or how to properly implement it? GrowthCLUB is a great opportunity to learn some quarterly planning best practices and share ideas with other business owners, and then create a quarterly plan of your own!
Q3 is approaching quickly, and so is our next GrowthCLUB workshop. If you’re ready to get your business on the track to success, this quarterly planning workshop is one you don’t want to miss. Register for GrowthCLUB today!