The end of the quarter is June 30th. How are you doing and how are you tweaking your plans for next quarter?
The best time to start being strategic about your business is the day before you start it. The second best time is today!
I highly encourage everyone to keep a close eye on your finances But there's a tendency, once you start poring over the numbers, to start tweaking your predictions. This is good on a very limited basis. In other words: Get familiar with your numbers, but don't change the predictions a lot. Once a quarter is just about right.
What does that mean in terms of actions?
1) Have a budget - an actual projection of income and expenses for the next twelve months
2) Track actual income and expenses in a timely manner
3) Talk to clients, employees, and colleagues in the industry. Adjust your expectations once per quarter based on what you learn.
4) Adjust your projected budget based on your revised world view
The most important of all of this is the recommendation to talk to people! The reason for this is that we are often fooled into taking actions based on the "news" sites, radio, and TV. But those sources are not talking about your business, your clients, your marketing, your sales, or your city. Your economy may be completely different than the rest of the economy.
Yes, we're all paying more for gas. But has "inflation" actually affected your business? Have you or your clients changed your behavior on a daily basis? I encourage you to only respond to reality as it affects your business - don't respond to the news.
And now is also a great time to schedule roadmap meetings with clients. If you've been doing this, great: Schedule the next meeting for July and then schedule meetings with clients as often as they'll let you. If you haven't been holding planning meetings with clients, this is a great time to get started.
In this period of hyper-attention to finances, now is a great time to hold non-salesy strategic meetings with clients. Talk about their business and their plans. Help them respond to economic changes. Be the business partner they can't do without.
Bottom Line: Finish Q2 with a realistic view of what's going on in your business. And start Q3 by engaging your clients in never-ending conversations that will help them to be more successful by making good decisions about their technology.
That's an investment that will pay dividends for many years to come.
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Tid Bits . . . from the NSITSP
NSITSP Logo Contest !!!
The NSITSP is holding a contest to see if we can find a better logo. We have over a dozen entries (thank you), but can always use more. The contest ends Wednesday
, June 15th. There are real cash prizes (well, Amazon cash). Give us your ideas. Details and entry form at https://www.nsitsp.org/logo-contest/
. No cost to enter, but you must be a member. Submit your concept today!
Big Meeting for Vendors who serve the SMB IT channel . . .