The big date – March 31 – is a significant one if you are running a business. It is time for you to evaluate your first quarter performance – identify all the goals you have met, and what helped you reach those quarter goals. Don’t lose out on the misses – be honest and see if there were any sales lapse or infrastructural hitches. These will set the tone for the second quarter goals.
Planning Q2 in Los Angles CA
When you are planning Q2, you should first prepare a cash budget to help you understand if your business has a shortage of cash or a surplus – excess means you could set newer quarter goals for the coming months. The sum total of your cash receipts for January-March will be the income you have got from the first quarter. Identify the expenses of that quarter and project them for the next quarter. The budgeting will also reflect your sales targets – whether they have been met or not. A cash surplus will help you hire staff, train them or procure infrastructure to boost your Los Angeles business. If you didn’t meet expectations, now is the time to cut some overhead costs.
Why Q2 is crucial
The second quarter is the best time for course correction before pressure builds for the rest of the fiscal year and you are found rudderless. Quarter goals help you understand if certain ideas of yours can actually be implemented over the long-term.