At the beginning of the year, I shared 5 Steps to Set Your Business Up for Success in 2019. Now that we’re officially in the second quarter of the year, I wanted to share a few steps you can take as a small business owner to do a little spring cleaning as you head into the next few months.
Look Back at 2019 Monthly Goals
First, you should take a look back at your goals you set at the beginning of the year. Have you accomplished your monthly goals? Are you working your way towards accomplishing them?
In the midst of running your own business, it’s easy to sometimes gloss over accomplishing goals or even lose sight of those goals in the hustle. It’s helpful to do a quarterly check-in, if not monthly, to make sure you’re on track to accomplish the goals you set for yourself and your business at the beginning of the year.
Organize and Analyze Income/Expense Statements for First Quarter
As we’re in the midst of tax season, this spring cleaning step seems especially relevant. It’s a big lift in and of itself to stay financially organized when you’re running a small business. With that said, it’s imperative that you keep track of what’s coming in and what’s going out.
Making a commitment to organize and analyze your income and expenses at the end of each quarter is an easy way to alleviate stress that can creep in around tax filing time. Review your income. Track it in a way that works for you. You can either use a formal system like QuickBooks or a simpler system like Excel. Do the same for your expenses. Review any credit card statements and bank statements to see where your business’s money is going.
Set Goals for Second Quarter
After taking a look back at the first quarter, set goals for the second quarter. Write them down so that they’re easily accessible. Go ahead and calendar in a day at the end of the second quarter (or even at the end of each month) to review those goals.
These three steps should help reset your business and set your business up for success during quarter two of 2019.