First Quarter Planning with SpecBooks

The end of the year is rapidly approaching, and along with adopting new technology, it’s also the perfect time to start first-quarter planning with SpecBooks. Getting organized for the first-quarter before the end of the year will allow you to set your business up for success and allow you to hit the ground running come January. Keep reading to learn how to create a first-quarter plan and how SpecBookscan help. 

Business team collaborating on a project

Set Q1 Goals

Before you start setting Q1 goals, be sure to review your Q1 goals and results from the current year and your overall year stats to determine what growth is possible and areas where you need to optimize. First, you should start with broad goals and then narrow them down into actionable items. 

In 2023, consumers will have a lot of options, be sure your goals relate to your customers. Customers want to feel valued, so you need to implement easy payment solutions. These solutions will allow you to spend more time accommodating customers, working on your business, and streamlining operations. To learn more about easy payment solutions and how SpecBooks can help, read our blog on the topic. 

Create an Action Plan

Once you come up with your goals, the next step is figuring out how to accomplish them. The best way to do this is to break up your goals into smaller steps and brainstorm the various ways you can get there. For example, if one phase of your plan is to improve your process of converting bids and proposals into submittals, make sure you add contact SpecBooks to your list and learn about our SpecBooks+ solution. SpecBooks+ is equipped with project management tools and built-in PDF editing and enables users to edge out the competition by having all the necessary materials readily available.

Consider the OKR Model

The OKR method stands for objectives and key results and is a method that works to connect the goals of the company with the goals of individual employees. This method is used by Google and LinkedIn, and next: maybe you. The OKR model can help you clarify critical tasks, decide what resources to use, ensure clear communication with your team, and connect your business missions and vision to the planning and goals for Q1 and beyond. 

Establish Your KPIs

Once you have your goals and actionable steps, it’s crucial to determine how you are going to measure success. Some KPIs to think about include: 

  • Net profit
  • Net profit margin
  • Quick ratio
  • Customer acquisition costs
  • Advertising and Marketing costs 

Be sure to refer back to these KPIs frequently to determine if you are meeting them or if any pivots are necessary. For example, if you have an online presence and want to maximize your footprint, check out our interactive website solution, allowing you to showcase your products, attract more customers, and increase your overall profits. 

Schedule Monthly and Quarterly Reviews

One step often forgotten is scheduling monthly and quarterly reviews. These reviews should be scheduled at the start of the year so that they aren’t put off or forgotten about. You can do a review with your company leadership and do a SWOT analysis to evaluate your competitive position and develop further strategic planning before going to the rest of the team. 

Be sure that you are including your team in the reviews in some capacity, whether asking for feedback on goal progression, areas they would optimize, or providing them with the key findings from leadership. Involving them in the process allows them to buy into the business more and are, therefore, more likely to remain at the company, preventing you from having a high attrition rate and taking time away from business operations to fill open positions. Communicating to your team your goals and progress also holds leadership more accountable to work toward these goals and can provide potential rewards for employees who assist in their achievement. 

Measure Performance

While similar to KPIs, this step is more about the industry as a whole rather than your individual business. Even if your business is successful, it’s imperative to be aware of how it compares to the competition. Measuring your sales revenue should be against your goals for the year and against your top competitors. For example, if you aim to improve your sales by 10% and at the end of the year, you improved by 12%, you’d be thrilled, but how would you feel if you learned that throughout the year, your competitors improved by 18%? Staying up to date on what’s happening in your market is just as important as optimizing your business procedures in the new year. 

Invest in New Technology

Today’s market demands companies do more with less. To keep customers coming back and to keep them satisfied, it’s important to avoid redundancies, human errors, inaccurate data, and out-of-date pricing. That is one of the many reasons why you should utilize the SpecBooks integration solution and let our technology work for you, so you can get more done with less. Our integration services can also assist in controlling data entry for non-stock and in-stock product data maintenance and can be integrated with any third-party ERP or CRM. Plus, it’ll lower your operational costs, helping you turn a more significant profit in Q1 and 2023. 

SpecBooks also has a variety of other solutions that can help your business in its Q1 planning and goal achievements, such as QR codes, payment processing, data feed, and more. Click to learn more about our solutions. 

Start First Quarter Planning with SpecBooks

Starting off the new year strong is important because it can set the tone for the rest of the year. Rather than remain unsure of what steps to take to turn a profit right away, start first-quarter planning with SpecBooks. Contact us to talk to our team of experts to learn how we can help you not only achieve but surpass your business goals. Our all-encompassing suite of tools can transform the infrastructure of your business and help make 2023 your best year yet. 

To learn more about SpecBooks, visit our website