4 ways to set quarterly goals
I was on a video call with my mastermind group earlier this week and someone mentioned that Q1 (the first quarter of the business year) is already over! I couldn’t believe it. I guess I knew it, as I track my income each month and am in the middle of booking April and May projects right now, but it took someone else literally saying it to make it very real. This year, I decided to take a slightly different approach to my goal setting and focus on 30-day goals. If I can figure out what I need to do each month to keep me moving along at a good pace within my business plan, I feel more productive and like I’m actually crossing things off of my list. And, if I set good and solid monthly goals, it will only help me to set and hit my quarterly goals.
With Q1 over, it’s time to set yourself up for success, so that you can hit Q2 even more out of the park. It’s cliché, but true — TIME FLIES. And, time is money (am I right?) There simply isn’t enough of it in the day. Because time flies, it’s super important to maximize each day with setting goals and being productive with achieving those goals, to help you get where you ultimately want to be, regardless of where/what that is. We all run different businesses, some big, some small, some in their early baby stages just getting feet wet — and some have been around the block and are really killing it. No matter what kind of business you run or where you’re at in your business model/plan, breaking up client projects, business development and money goals by quarters will help you to really see where you want to be and what you need to do to get there. I’ve outlined *4* quick tips below that will help you set quarterly goals, a necessary thing to do as an entrepreneur:
1. Decide how much money that you need to make each month, in order to reach that quarter’s financial goals.
First, in case you don’t already know, here is how a standard business year is financially setup:
Q1: January – March
Q2: April – June
Q3: July – September
Q4: October – December
Decide what you need to make each quarter, in order to meet your end of the year income goal. So, figure out what you need to make each month. It sounds simple, but it truly makes it easier to plan your calendar, figure out how many clients/projects that you need to book and how often that you need to work and when, in order to make what you need to. Everyone’s goals are different. Obviously, you need to take care of your cost of daily living, whether it’s just you or you’re supporting a family. Then, figure out what you need to keep in your business bank account to take care of monthly expenses. Think about what you want to save away for taxes and other important things. And, think about what you want to invest. Start with the money goal, no matter what it is — and work backwards.
2. Set small and actionable goals to help you reach the above money goals.
Now that you’ve figured out that you want to make “$x” this month (April) to get you on the right track for your overall Q2 goals, think about what you need to do to make that money. Do you provide 1:1 or group services to your clients? Do you sell digital/physical products? Or, do you do a mix of both? Regardless, figure out how many clients that you need to book, what offers or products that you need to sell, etc. in order to bring in that cash flow. If you only need to book 1 or 2 clients or sell 10 of your products, that’s enough to go off of for now — great! Figure out what client-getting activities you need to do (sending an email to your list, running Facebook ads, engaging in Facebook groups, posting on Instagram, running a special or incentive, etc.) and go do them!
3. Setup systems to help you reach the above small and actionable goals.
Once you’ve figured out the client-getting activities that you need to do, in order to book or sell enough, then decide the best ways to execute those activities. Maybe you email your list with a special offering just to them. Perhaps you host a session of free calls or a webinar, to help solve your potential client’s/following’s issues. Maybe you take advantage of the weekly promo threads in Facebook groups and let others know what you’re offering. Or, maybe you can generate some traffic to your site because of that podcast or blog that you were just featured on. The ways that you can reach your audience are endless. Just figure out where they’re hanging out, what they need and how you can best serve them.
4. Think about the big picture, too — and long-term goals. Decide what short-term goals will help you reach those long-term goals.
I’m all about setting the smaller, monthly, actionable goals because they’re attainable and realistic. And, I truly believe that they’re the little bursts of productivity that you need everyday, to get you one step closer to your goals. However, I’m also a BIG goal-setter, planner and dreamer. I think it’s equally important to look at the big picture, so that you’re seeing where you ultimately want to be. Do you know what that is for yourself — 1 year, 5 years or even 10 years from now? Do you want to do what you’re doing now, forever? Do you see yourself evolving, growing and changing course down the road? Most likely! I know that I do. So, what are the important things that you and I need to do today, tomorrow, next week, next year, in order to get us there? This will help us to figure out what small goals that we need to achieve, in order to get us closer to our big dreams. Just remember that each day, no matter how lousy or unproductive that you feel, you ARE one day closer to where you really want to be. Comment below and let me know if you achieved your Q1 goals? What are your Q2 goals?