Initial enthusiasm for new year resolutions tend to fall around this time, which is why we are doing a Q1 check in! Goals don’t have an expiration date. Although it is possible to have planned out the entire year, long-term processes are met with emergencies and unforeseen events. But that’s no reason to be discouraged. Here are some of the things we revisit to see that things are going in the right direction.
Review your financials
It’s time to check the books! Review every account, from business checking and savings, to personal and investment accounts. This gives you a picture of how you’re doing financially and allows you to determine the biggest expenses and sources of income. Knowing the final numbers isn’t as important as making a plan to get closer to your yearly budgeting goals.
Readjust your goals
Goals are not always numbers, although they are measured that way. Your goal may be adding new services, expanding your studio, or training staff as you pivot to another aspect of your business. These goals are nonetheless tangible. If clients are no longer requesting a service you had planned on adding, it would be appropriate to prioritize training for another in-demand service. Reaching your goals requires keeping a finger on the pulse of the market.
Plan for summer spending
It’s been a long winter and time is due for a vacation or a way to treat yourself or upgrade your studio. Spending during the warm seasons tends to increase. The good news is that clients are more likely to spend in spring and summer as well. Prepare for an increase in bookings by stocking up on necessities and plan for sales or special campaigns to welcome the new season.
How do you revisit your new year resolutions? Let us know in the comments!