Planning for the next quarter can be an intimidating task. If you’re not familiar with finances, you can easily get lost in the assortment of information available on the subject. If you’re feeling the pressure as the next quarter approaches, here are some unique strategies to keep you ahead of the curve.
A good, well-thought-out plan requires a lot of data and factual information about what did or did not work in the last quarter. Make sure you have your finances accounted for, including your balance sheet, income statement, statement of retained earnings, and your statement of cash flows.
You will need to collect all the data from the last three years to properly gain an idea of not only where you’re headed but where you’ve been. As the old saying goes, “Those who do not learn from history are doomed to repeat it.”
Involve Your Customers and Employees
Your customers are a great resource. Ask them if they would recommend your products and services to their friends or peers. Gaining that information puts you closer to understanding next quarter’s projected sales. While your customers are an excellent resource for projections, your employees are important for finding opportunities for improvement. Your employees are the first to see how time and resources are wasted. They are also great for spotting more efficient ways to service customers or manufacture products.
If you find yourself still struggling to prepare for the next quarter, reach out to fellow entrepreneurs in your community. While the business landscape is competitive, it’s a firm belief amongst most industries that high tides raise all ships. If you’re an AFEUSA member, you can utilize our discussion boards. You will find countless other business owners eager to help you navigate the maze of finances.
by: Charles Jackson,