At the end of a quarter it is a good idea to put some time in your calendar to review what has worked well and what needs to be improved. It would be helpful to look for any learnings in things that didn’t work and make adjustments for the next quarter. 

You also might want to:

Send out invoices

Cash flow is the lifeblood of your business. Some business owners I have worked with hate creating and sending out invoices even though they will bring in money. They may procrastinate or not make the time to do it. 

I had a client who needed cash quickly and then she realized that she had invoices she could send out that would bring in $40K! 

Follow up with any delinquent accounts 

Nobody likes to remind a customer that they haven’t paid, but it’s part of running a business. Be polite but firm. If they are not responding, keep reaching out, and also try another contact within the organization. You have earned this money and they need to pay you. 

Review your expenses 

As a business owner, you need to review your expenses and overhead periodically. Are you paying for software you don’t use? Do you have a big expense coming up that you need to budget for? It’s important to know where your money is going and to anticipate any big-ticket purchases. 

Adjust systems and processes 

Is your business running smoothly? If not, now would be a good time to adjust your systems and processes. Take a critical eye to how you do business and see if there is anything you can do to improve the way you support your employees or your customers. 

Update your financials

Lots of small business owners put off updating their books and financial information. Make sure you do what you need to at the end of the quarter. 

Plan for the next quarter

What do you want to achieve in the next quarter? Do you have a revenue target you would like to hit? A new product or service you would like to launch? Do you have a plan in place for achieving your goal? Now is a great time to create a project plan or update your business plan. 

I hope these suggestions were helpful and you will take some time to acknowledge the not so good and really good things that happened in the first quarter. 

And please don’t forget to celebrate any wins. That is the best way to stay motivated through the ups and downs of running a business. 

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