What Every Business Owner Needs To Know About Closing Out the Quarter
Updated: Feb 20, 2024
Written by: Michelle Mercier, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
It’s easy to skip steps when you’re a busy business owner, but forgetting to close out the quarter can greatly impact the trajectory of your business and your bottom line. Not only is it strategic and smart — it’s completely necessary.
1. Track your progress against the goals you’ve set for yourself.
Ask yourself:
Which goals have you met?
Which ones did you miss?
And what obstacles were standing in your way?
Setting measurable goals in the first place makes this step fairly easy. If you aren't doing that now, consider measurable goals going forward. This is a good time to examine what is working well and what isn’t.
For example:
Are you attracting the right type of clients?
Is a particular product or service bringing in more revenue than expected?
Did a new competitor or market condition affect your sales?
Has a new partnership or collaboration presented itself?
Write these observations down.
2. Don’t just focus on your revenue — audit your expenses as well.
Some business owners make the mistake of ignoring their ongoing cash flow and expenses. This is a business, not just an expensive hobby. If you’re looking to make a profit, then trimming unnecessary expenses means more take-home money for you.
Take a good hard look at whether or not you need all of your services or other expenses. Better to cut them out now than a year from now.
3. Time to re-adjust the roadmap.
You now have the chance to bring this assessment together and make changes where necessary. If your sales are behind, where can you make up the money? If a new circumstance has cropped up, how will you manage it? If you’re wasting time on administrative tasks, how can you streamline them? This keeps you nimble - and more likely to be profitable.
Remember: The only thing constant is change. The markets fluctuate, trends come and go, and consumer behaviors change all the time. Your business should evolve too. As tempting as it is to rely on your annual retrospective and analysis, you miss the chance to adapt to new conditions, jump on opportunities, and save unnecessary expenses earlier rather than later.
Need some help closing out your quarter? Book a coaching call with me to see what changes you need now to improve your business.
Michelle Mercier, Executive Contributor Brainz Magazine
Michelle Mercier is a Business Strategy Coach and the host of The Resilient Entrepreneur Podcast, which debuted on iTunes at 15 in the Entrepreneur category and cracked the top 100 in other countries worldwide.
She has close to 20 years of professional experience and has worked with various businesses from nationally acclaimed non-profits to major corporations like PayPal.
Today, Michelle primarily works with entrepreneurs, small/medium businesses & executives to help them grow and maintain long-term success. She loves leveraging her years of experience and expertise to help bring individuals and companies to the next level.
