This reality of life and business makes it that much more important to have a plan. Why?
Because your previous plan shows you exactly where you went right and wrong. It tells you who took ownership of what and who didn’t. And finally, it shows you where you limited your own beliefs – perhaps you crushed the goals on your plan. If so, time to think bigger.
For Q2, your should aim to be even more deliberate with the work that drives towards growth. This quarter, you will have ZERO unaligned goals. 2022’s unique challenges and opportunities have now revealed themselves – plan Q2 strategically with these three considerations.
Your Progress
Take a look at your overall business plan, calendar, and yearly objectives you’ve set. Do they still make sense at this point? Do your potential customers need the same things they needed a couple months ago? Are you at capacity, or is there more room to grow your business? Will growth happen slower or faster?
Review your Q1 plan and your key outcomes. You’ll likely be about 20% the way through 2022 when you make these small or temporary adjustments.
Do you need to completely pivot based on where you’re at? Luckily, having a less than month old plan will make these pivot much easier to execute on.
It will also keep you from rushing ahead with plans that aren’t necessarily strategic.
Your S.M.A.R.Ter Goals
In December, business owners tend to set some “easy” goals for the years and some hard ones (big, hairy audacious goals). The BHAG’s should start to make a little more sense now that you’re 20% through the year.
Q2 allows you to smarten up your big goals a little bit more. You may have measurements by which you track the goals – do those need changed? Did Q1 punch you in the mouth, forcing you to make new goals the priority?
Understand that while a big, SMART goal shouldn’t change much, the journey to get to the goal should change if needed. For example, if you set a revenue goal of $500,000 for the quarter and you seem to lag behind, perhaps a couple strategies need thrown away or added.
The second quarter planning session really allows you to get creative, as Q1 usually serves as a bigger, more broad plan.
Tax Season
The 2nd quarter in particular marks the time where Uncle Sam comes knocking. The chore of tax season (whether you’ve outsourced it or not) will surely haunt you for a good chunk of Q2. Get ahead of this in your planning session.
Block out time in Q2 to assemble key documents such as P&L statements, balance sheets, expense reports, 1099s. After doing some analysis.
When you default this into your Q2 calendar, you free up way more time to keep growing your business and actually own the role of owner.
Imagine your competitors struggling, wasting time, and working IN vs ON their businesses due to tax season. Don’t let that be you this year.
Finally, block out time to “spring clean” your business – literally and figuratively. Tidy up the office and files. Scrub your email lists. Think about new tech to invest in for the rest of the year.
By now, you probably see why Q2 planning – and quarterly planning in general matters way more than annual planning. Don’t repeat the same mistakes you made last quarter. Certainly don’t assume that Q2 will look the same as Q1.
Ready to create a plan that’s been peer-reviewed by other business owners and expert coaches? Register for our quarterly GrowthCLUB and bring a colleague or fellow business owner for free!
