Article Contributed by Greg Dastrup
It is the aim and objective of businesses, whether as small businesses or as start-ups, to increase revenue each quarter. While this is the case, the process is not as simple as it sounds and actually requires carefully crafted strategies to fully integrate into a successful system. There are a number of generic tips that can be harnessed in order to achieve the set financial goals by the third quarter of the year. There tips have been carefully analyzed and further proven to work once the practical question is brought. In addition, the steps are easy to apply and can be structured based on the specific preferences of every business structure. The tips include:
1 – Setting fewer goals
In Q3, it is advisable to aggressively make a priority for the financial goals that are to be achieved. After this has been done, then the process of diverting resources to the actual process of actualization commences. It is to be appreciated that it is way easier to achieve few bur precise goals as compared to many and broadly defined objectives. The revenue structure that has been adopted should ensure that the goals have been listed with the most pressing needs being at the top and the least in priority falling below the list.
2 – Set a bar for the results to be achieved using quantifiers
The financial goals to be achieved should have adequate and clear metric systems as the set guidelines. This can include using the market share, the number of total clients that the business has or potential investors and the sources of revenue stream for the business. This bar should be practical and one that the business can realistically achieve within the set time. In case some of the features that are to be analyzed do not fall within a category that can be quantified, then that means that it falls below on the list until a clearly defines system has been established.
3 – Have a checklist against every agreed goal to the achieved goals
Ideally, every financial goal should have a timeline for achieving it set. This is essential and guides every business in ascertaining the areas that have already been met and the ones that are yet to be met. Of further importance in relation to this concept is to have a team of clear experts in the specific department with an evaluation and monitoring structure to ensure that this is achieved for all the set goals. The monitoring system should also be structured in such a manner as to report on any deviations from the set financial goals and provide recommendations as corrective measures.
4 – Categorize the financial objectives
It is important for every of the business structures to have a clear category for all the financial needs that have been set. This is important as it ensures that there is a clear hierarchy in addition to making the process easier in terms of the management process. The terms that have been set have to be ones that are realistic in nature based on the features and circumstances of each business entity.
5 – Make use of qualified experts and personnel
It is worth noting that the process will not be effective if there are individuals qualified to carry it out. The theoretical perfection has to be backed up by individuals who can make it practical, and this practicability has to be one that can be maintained. Moreover, the members that are stakeholders to the firm have to be acquainted to the financial goals that have been set by the business and be willing to help keep the staff focused on the goals set. Often leaders have experience with such tasks and likely have gone through professional influence training courses to help them develop these skills.
However, while the above five pointers should be used as guidelines, the unique needs and features of every business should be considered in order to make the task effective in the long run. This way, you will not be run over by the next quarter’s financial needs!
Author Bio: Greg Dastrup is a small business analyst and lead generation expert. He consults for brands in both the US and Australia and is currently a speaker at international business conferences.