This year is already flying by. We’re coming up on the end of the first quarter of 2022 already.
Yes, tax season is just right around the corner, but the end of the first quarter also brings a good time to do an early evaluation on your company and see if it’s starting off the way you wanted it to this year. If not, there is still plenty of time to make corrections and get back on track.
Looking at where you are now with your quarterly goals is important as you work towards your annual goals you have for your business. Like with anything, accomplishing the short-term goals — like the quarterly ones — is easier and builds towards those big annual goals.
LOOK AT EVERYTHING
Take some time and pull out the company financials for the quarter and see how your plumbing business is doing compared to the goals you set for yourself in January. The first quarter is important because it sets the pace for the rest of the year. If you want to hit the annual goals, you must understand your numbers from the first quarter.
If you are seeing that you aren’t hitting those numbers already in the first quarter, you can either adjust your annual goal to reflect that or you can try and take steps to increase those numbers in the second quarter by increasing rates, cutting costs or other methods.
MAKE Q2 BETTER
Whether or not you are happy with where your company is at the end of the first quarter, you should make a commitment to make the second quarter better.
Adjust your annual plan to how your first quarter went. If you’ve had a great first quarter and you want to try and ride that wave all the way to the end of the year, adjust the goals for the rest of the quarters to reflect that. If you’re a little behind where you want to be, you may need to adjust the next quarters goals to make up for that.
Update your annual plan and let the entire staff know what you’ve done and why. Discuss how new goals will be implemented going forward and emphasize the importance of committing to your business goals.
DON’T GET OVERWHELMED
The biggest thing here is don’t get overwhelmed. It doesn’t have to be rocket science to look at how your company did in the first quarter and make even the most minor of changes to try and flip that.
Don’t de-assemble everything you put in your annual plan. Odds are your adjustments won’t have to be that major.
Take your time and use careful decision-making in adjusting the goals and like I said early, talk to the rest of the staff. They might see something that you aren’t.
WHAT ARE YOU CHANGING?
Are you adjusting anything after the first quarter with your company? If so, how do you approach those changes. Let me know by email me at editor@plumbermag.com or call me at 715-350-8436.
Enjoy this issue!
