Advivo outlines how to assess your first quarter and kickstart a successful second quarter.
First Published: February, 2017
Updated: September, 2023
For business owners, October is a very important milestone. It marks the end of the first quarter and the beginning of quarter two.
The first quarter sets the pace for the year for hitting annual goals and metrics. When finalising your accounts for the September Business Activity Statement, you have the opportunity to assess how your business is doing thus far. This assessment will help outline which areas you need to improve in.
Don’t know where to start? Advivo’s business advisors in Brisbane are here to provide you with expert insight. To get you started, here are 3 questions you should be asking yourself after Q1, so you can successfully transition into Q2.
What goals and metrics were met in the first quarter?
Each quarter is assessed individually. This means you should be incorporating your short-term objectives into the overall strategy for your business. The first quarter provides the building blocks to base the rest of the year on.
Common metrics that business owners should be aware of include:
- Sales revenue
- Gross and profit margins
- Overhead costs
- Monthly profits or losses
Your goals should be based on your industry and the size of your business so that you can provide yourself with realistic and achievable goals.
At the end of the first quarter, evaluate your goals and determine which were met or even surpassed. Don’t forget to commend your team for their work! For objectives that were met easily, consider setting a more ambitious goal in the second quarter.
If you need some help with creating ambitious but achievable goals for your second quarter, Brisbane business advisors Advivo can help.
What goals and metrics weren’t met in Q1?
Don’t let unmet goals and metrics discourage you from taking an objective look at your business’s progress! If you started the financial year off with new projects and new goals, it’s perfectly normal to fall short of the high expectations presented in the first quarter.
To move forward from this, identify which goals and metrics weren’t met in the first quarter, then, find what specific factors led to that. Possible factors are:
- The goals were unrealistically high
- There was a lack of communication
- An unexpected incident occurred that set the business back
Once you have identified the problem and its source, put a plan in place to fix it. Brainstorm and research ways to fix the problems within your business. Don’t forget to encourage managers and employees to offer suggestions for improvements and new methods to reach your business’s goals.
How will you make Q2 better?
You’ve devised your improvement tactics for the second quarter, so now it’s time to commit and adhere to the updated plan.
Communicate the plan to all staff – keeping everyone involved in your business’s progress and plan moving forward is crucial. Make sure all stakeholders are informed of the potential issues you identified and the changes you’re enacting. When completed correctly, getting your team involved on the journey to make Q2 better can boost employee engagement and can be a positive addition to your company culture.
And finally…
As a Brisbane business advisor, Advivo is a strong believer in tracking and monitoring business progress. That’s why we offer our clients an ongoing program supported by regular meetings where we review and analyse your business’s performance using our Business Pulse Report™ and Future Fitness 3-Way Report™.
If you have concerns or questions about your Q1 performance, Advivo is ready to assist! Contact us today.
