The fouth quarter is upon us! You know what that means – suddenly you feel the pressure to meet the business goals you set earlier in the year.
For many, the fourth quarter is when they go into overdrive to make up for any slacking that may have gone on throughout the year. Others may feel like they’re right on track and want to continue going at full steam ahead.
Regardless of the reason why, the reality is people go hard during the fourth quarter. You may even notice business pick up during this time because your clients are trying to go hard as well.
Here’s how you can rock the fouth quarter and end the year on a high note for your business.
Re-evaluate your business goals.
The fourth quarter is a good time to check in on the goals you set earlier in the year. It may also be a good time to whip our your mid-year business review to see how things have gone this year.
Goals change when we have new information, so use this time to re-evaluate the goals you set earlier in the year to see if those still fit with your business. If they do, then hustle to make them happen before the end of the year. If not, then scrap them and find better goals.
Take advantage of the inflow of work.
Every year, I find that as soon as I get home from the Financial Blogger Conference (which takes place in September) my inbox is flooded with work and opportunity. Some of it is from the conference itself. A lot of it is people feeling a renewed sense of energy during the Fall.
If you also notice the same pattern in your business, take advantage of it so you can rock your fourth quarter. If business is booming, it is not a time to slack. This is especially true if you feel like you have some ways to go to meet your annual goal.
Start planning for next year.
You want to know the biggest mistake I see people make in the fourth quarter? They fail to plan out the upcoming year. Instead, they wait until January to start making plans.
The problem is if you wait until January you’re already too late. That’s why I always encourage clients to do their business planning for the upcoming year during the fourth quarter.
Check in with your accountant.
You should be in communication with your accountant throughout the year, but in case you haven’t the fourth quarter is usually a good time to sit down with them.Here’s some stuff you’ll want to look at:
- What’s the revenue for the year thus far?
- What’s the projection for annual revenue at this rate?
- What are your expenses looking like?
- Is there any way to improve the budget?
- What do you need to know about end-of-year taxes?
If you’re not in communication with your accountant throughout the year this may also be a good time to ask any questions you may have as they pertain to business structure. For example, I already know what revenue goal to shoot for so that I can register my business in a way that may work out better for tax purposes. In addition, you can also look into where the future of finances and financial technology is headed. RegTech for example is paving the way for new financial solutions and opportunities, make sure to “stay with the times” so you don’t fall behind!
What are you planning for the fourth quarter this year? Let us know in the comments.
