As an entrepreneur, it’s important that you keep track of your business performance over regular intervals like quarterly. Regular reviews will make sure everything is progressing as expected and help avoid any unexpected setbacks or losses. Just like doing the laundry weekly, ensuring your progress while running a business should be done regularly too! In this blog post, Zorayr Manukyan discusses five key things entrepreneurs should do on a quarter basis to ensure success for their businesses.
Zorayr Manukyan Lists Things Entrepreneurs Should Do Quarterly
1. Review Financial Reports:
Financial success is one of the major goals for any entrepreneur, so it’s important, as per Zorayr Manukyan, to review your financial reports quarterly. This includes looking at balance sheets, income statements, cash flow statements, and other reports that provide information about your company’s finances. By taking time to analyze these documents each quarter, you will be able to spot potential problems early and make adjustments as needed. For example, if your income is dropping or expenses are increasing faster than expected, you can take action quickly before things get out of hand. According to a 2020 small business survey by Manta, 80% of SMB owners cite cash flow concerns as their top worry, and 71% say managing finances is their biggest challenge. Additionally, nearly 50% of small business owners admitted to not having a clear understanding of their financial goals or what kind of progress they’re making toward them.
2. Analyze Competitors: The entrepreneurial journey can quickly become overwhelming, and it helps to keep track of what your competitors are doing in order to stay ahead. It’s important to take time every quarter to analyze the strategies and tactics used by other entrepreneurs in your industry. This includes researching their products, pricing, marketing messages, and any new initiatives they might have launched recently. Doing this research will help you identify areas where you can improve your own offerings or come up with innovative ideas that give you an edge over the competition. According to Statista, there were over 30 million small businesses in the US as of 2020, so it’s important to stay ahead of the competition.
3. Reevaluate Goals: Another key thing entrepreneurs should do quarterly is to reevaluate their goals and objectives. While you may have set a certain goal at the beginning of the year, it’s important to reassess whether or not this goal still makes sense for your current situation. This can involve looking at where you are now and determining if your original goal is still realistic or if there are other areas that require more attention. Additionally, it helps to have smaller goals within each quarter so you can measure your progress and make adjustments as needed. According to business coach Marie Forleo, setting mini milestones within each quarter helps you stay motivated and focused on meeting your ultimate goal.
4. Revisit Your Business Plan: Taking the time to revisit your business plan quarterly is also important, says Zorayr Manukyan. This involves looking at areas such as sales, marketing, customer service, and operations in order to ensure that everything is running smoothly and that all of your systems are properly integrated. Additionally, it’s essential to review any metrics or KPIs (key performance indicators) set forth in your business plan and determine whether or not these goals have been met or exceeded. According to a 2020 study by market research firm BizVibe, 77% of small businesses reported that having adequate resources for digital transformation was their top challenge when creating a business plan for growth. Therefore, it’s important to review your plan regularly in order to ensure that you are staying on track.
Zorayr Manukyan’s Concluding Thoughts
According to Zorayr Manukyan, by taking the time to review these documents and make necessary changes each quarter, entrepreneurs will be able to stay ahead of the curve and remain competitive in their respective industries. Doing so will help ensure that they remain successful in the long term while also providing a sense of accomplishment along the way.