Now Is The Time to Invest In Your Business

We are just 15 days away from closing first quarter, which means this is the perfect time to up your game.
Here are three things you should be doing right now.

Analyze Q1 Results

• How are sales trending compared to last year?
• How are sales trending compared to your earnings plan for this year?
• How are your operating expenses compared to your budget?

A quick review of my business shows that sales trends are moving in the right direction but still below my budget targets--I've got some ground to make up. No unbudgeted expenses—woo-hoo!

Review Q2|Q3 Projections

• How is the sales pipeline compared to budget targets?
• Are projected sales steady, accelerating, or declining, and do you know why?
• What do you need to monitor & mitigate to achieve profit targets?

The pandemic quelled the growth momentum of my coaching practice. In response, I reset my expectations and expanded my customer base with the introduction of new services. I expected a "ramp-up" as I introduced and built awareness of my new group coaching for women entrepreneurs and business owners. I'm somewhat on path, although I'm not achieving the cohort size I targeted in my budget.

Identify the Accelerant

• What investment would ignite bigger results (marketing, staff, etc.)?
• What investment could you recover the fastest?
• What expenses can you tighten to give you more investment budget?

I've quickly realized that my group coaching requires a volume of outreach that I haven't needed in the past. Additionally, it is new, and the work to build awareness is a current priority. I decided to hire the services of a marketing professional. She's helping me create an outreach and messaging strategy. Her wisdom, experience, and proven technology allow me to take on this task with efficiency and effectiveness that is not possible on my own. The math for this decision was undeniable—filling two group coaching cohorts recovers my investment. And that doesn't account for my ability to spend the time I'm saving on other essential tasks.

As the saying goes, "Failing to plan is planning to fail." Three-quarters of the year remains. That is plenty of time to achieve your goals, financial and otherwise. If your course of action continues unimpeded, it is probable that your results will as well. My question to you is this, "Is that good enough?"

We are early enough in the year to make bold investments that return bottom-line results before year-end. Are you turning up the heat on your profit game? Let me know in the comments.