Harness the Power of the Quarterly Review for your Business

A lot of things seem a little more “doable” when they are broken into chunks…that goes for chores, workdays, and business quarters!

But, sometimes the daily whirlwind of business keeps you spinning with to-do lists, unbalanced accounts and goals that never seem to be realized. That’s why the quarterly review is so powerful, and at Forrest Tax, we’d like to break down a few tips for you on how you can harness the quarterly review for moving your business (and your finances) forward.

TIP: Get organized with your review process structure.

5 Cheap or Free Things That Will Help You Stay Organized – Moxie

Well, maybe not THAT organized. The idea is to create a simple method to measure the success of your business and there are a few measures we wouldn’t go without when reviewing a business four times per year. Those are:


  • Your Quarterly Profits: Include the overall cost of doing business or the cost of goods sold, payroll or subcontracting expenses, gross profit, and of course, net profit. They call it the bottom line for a reason! This process becomes MUCH easier with your quarterly profit and loss statements. Don’t have a P&L? Forrest Tax can do this for you!


  • Set the date and time limit for the next review at the end of the current review: Make your next meeting fool proofed by getting it on the calendar well ahead of time, and keep it short. We’d recommend an hour to dedicate on review and planning, and then it won’t seem like such a daunting task!


  • What worked? What felt good? List the strategies and moves you made this year that really hit home, and what flopped. Are there services you’d like to retire? Changes you’d like to make? This is a great time to look at social media insights and also garner the feedback of your hired or subcontracted employees. Working solo? Take a moment to reflect on what is really working for you.


  • Set goals and get them on paper (or recorded digitally.) Whether you’re a pen to notebook kind of person or a tech guru, make sure you don’t leave your quarterly review without setting some simple goals for every area of your business that needs improvement. Be specific, but don’t overwhelm yourself. A goal with 1-2 strategy ideas is great, and can be later expounded on and developed by staff.


  • Refer to your Quarterly Review once a week, or a few times a month and allow your analysis to guide you through the current quarter. That way, you are moving forward with purpose. You can notate change that is happening, which will serve in helping you find out what worked or what felt good for your next quarterly review.


Feeling inspired? What’s your next step? Tell us on Facebook how you’re moving forward, and if you need help getting your #1 piece of info (quarterly profits) on paper, Forrest Tax is your trusted choice!


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