Latest / The 3Bz Podcast - Building Better Business / EP13 - Assessing Progress: Unveiling Quarter 2 Insights and Halfway Milestones

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EP13 - Assessing Progress: Unveiling Quarter 2 Insights and Halfway Milestones · The 3Bz Podcast - Building Better Business

• 0:04
  Hi. There business owner, do you
• 0:06
  want a better understanding of business finance, what your
• 0:08
  numbers actually mean, and stories of the highs and lows of
• 0:12
  business where I'll be sharing my tips and tricks?
• 0:14
  Every week. Then you're.
• 0:15
  In the right. Place welcome to the 3B's
• 0:18
  podcast with Stephanie. Hi there.
• 0:25
  Welcome back. To another.
• 0:26
  Episode of The Three B's Podcast.
• 0:28
  We're on episode 13. I've actually been doing this
• 0:31
  for an entire quarter of a year. So I just wanted to take a
• 0:35
  second to say thank you so much for your support for posting on
• 0:38
  social media about the podcast, for sharing it with your
• 0:41
  business owner friends. It really does mean the world to
• 0:44
  me. So thank you so much for your
• 0:46
  support. I can't believe we're at the end
• 0:48
  of quarter 2 already of the year.
• 0:50
  I don't know where the year is gone.
• 0:52
  I don't know if you feel the same, let.
• 0:54
  Me know. But let's get into this week's
• 0:56
  episode. Now this week I wanted to cover
• 1:09
  Kpi's and goals and give you some actual steps that you can
• 1:12
  include in your call to end routine from this moment on to
• 1:15
  help you have more clarity in your business' status.
• 1:19
  The majority of business owners I've spoken to in the past
• 1:21
  couple of weeks are all struggling and feeling some
• 1:23
  resistance right now. And this is for a number of
• 1:26
  different reasons. For me, a BCSUK is going through
• 1:29
  an evolution, a next step if you will, which happens to all
• 1:33
  businesses. And I'm a creature of habit.
• 1:35
  So as a business owner and as a person, that pivot is causing me
• 1:39
  some resistance. I wanted you to know that you're
• 1:42
  not alone if you're having a little wobble right now or
• 1:45
  you're in a little dip on the roller coaster of
• 1:47
  entrepreneurial life. If you do need someone to talk
• 1:50
  to, someone who gets it, who's a fellow business owner, my inbox
• 1:53
  is always open. I'll post a link to my LinkedIn
• 1:57
  page in the show notes. If you'd like to get in touch,
• 1:59
  please do. Also, as a mom, I'm very aware
• 2:02
  that the school holidays for us are only a few weeks away, and
• 2:06
  juggling my workload with two children to entertain, feed and
• 2:09
  keep alive is always a little more stressful than is the rest
• 2:12
  of the school year. To ease the pressure at a BCSUK,
• 2:16
  we don't do any client meetings in August.
• 2:19
  The work still gets completed, but by not having any meetings
• 2:21
  in the diary, it gives me some more flexibility to work outside
• 2:24
  of my normal working hours. The clients still get the
• 2:28
  exceptional service that they've come to know and love from us,
• 2:30
  while still making memories with my children and spending time
• 2:33
  with my family. Have you thought about how you
• 2:36
  could adapt your routine in August to make it easier to
• 2:39
  juggle the summer holidays with your fabulous businesses?
• 2:41
  Let me know. So here we are halfway through
• 2:54
  the year again. How has that happened?
• 2:56
  I I just can't get my head around it and it's the end of
• 3:00
  quarter two. Now is the perfect time to
• 3:03
  review and update your Kpi's or key performance indicators.
• 3:08
  If you don't know what they are, go back to my early episodes
• 3:12
  because I covered Kpi's in an early episode.
• 3:15
  And also review your goals and tweak them if necessary.
• 3:19
  If you set goals after listening to episode one of this podcast,
• 3:22
  when it is released back on the 5th of April, you will now have
• 3:25
  13 weeks of real time data that you can look over and see what's
• 3:30
  working and what is not. Have you had any goals you set
• 3:33
  for yourself or for your business?
• 3:35
  If so, shout about them on social media and tag me in them
• 3:38
  so I can cheer you on too. If you haven't, don't be too
• 3:42
  hard on yourself. Look to see how close you were
• 3:44
  and what one small change can you make to get close to that
• 3:48
  goal in the next quarter. It wouldn't be an episode of a
• 3:52
  Three B's podcast without me giving you my tip of the week.
• 3:55
  I love to give you something actionable that you can take
• 3:58
  away and implement immediately and you can almost immediately
• 4:02
  see the difference it makes in your business.
• 4:04
  So my tip of the week this week is to use your accounting
• 4:07
  software, which everyone you already use to produce and
• 4:10
  review your financial statements.
• 4:12
  Now you should put this in your calendar to do it each month,
• 4:14
  but if that's too frequent, start with once a quarter.
• 4:18
  The the financial statements could include sales totals,
• 4:22
  profit and loss statements or cash flow reports by carefully
• 4:26
  examining and more importantly understanding the data within
• 4:29
  these financial documents. We can identify.
• 4:31
  Patterns, trends and areas of concern within our businesses.
• 4:35
  It is important, however, to look beyond the numbers and seek
• 4:38
  meaningful insights and data that will help you make informed
• 4:41
  decisions moving forward. This could include reviewing
• 4:45
  your customer complaints log, reviewing the accident book, or
• 4:48
  even productivity levels to see where you can make improvements
• 4:51
  or need to make changes within your business.
• 4:56
  Knowledge is power and I truly believe the more data you have
• 4:59
  on your business that you know how to interpret and act upon,
• 5:02
  the more likely you are to succeed.
• 5:16
  Now is. Also a.
• 5:17
  Really great time to not. Only review the previous
• 5:20
  quarter. But.
• 5:21
  To make. A plan for the next Once you've
• 5:23
  amended your goals, map out your business strategy and remember.
• 5:27
  Strategy. Is just another way of saying
• 5:29
  make a plan. And there's no one.
• 5:31
  Size. Fits or rule as to how many.
• 5:34
  Or what type of strategies you? Should have in your business.
• 5:37
  As a general rule. Of thumb, however, I suggest
• 5:40
  adding a strategy review into these three areas.
• 5:43
  Into your. Quarter end review process
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  marketing. This can include things like
• 5:49
  your social media strategy, what platforms you're going to post
• 5:51
  on, what content you're going to post and when, and also PR that
• 5:56
  you may be going for in the next three months.
• 5:58
  Then their sales. This goes hand in hand with
• 6:00
  marketing. In fact, I often think of sales
• 6:03
  as the final step of the marketing process.
• 6:06
  What are you going to sell in the next three months?
• 6:09
  Do you have a new product that you're about to launch?
• 6:11
  Are you introducing a new service?
• 6:14
  Maybe you've reviewed your numbers and need to stop.
• 6:16
  Selling a particular product or service?
• 6:17
  Because it's no. Longer, profitable.
• 6:20
  And finally, systems and processes make a plan on what?
• 6:23
  Processes. Need revision in your business
• 6:26
  implementing new systems and processes.
• 6:28
  Can increase. Efficiency, Productivity.
• 6:31
  And ultimately, profitability, there's.
• 6:35
  Always a system or. Process that can be improved
• 6:37
  from what is currently existing in the business.
• 6:40
  So make a plan on what you'd like to change in the next three
• 6:42
  months and finally. Reward.
• 6:45
  Yourself for successfully completing another quarter of
• 6:48
  business ownership. It's no mean feat so.
• 6:50
  Please do treat. Yourself to a nice coffee, a
• 6:53
  glass of wine, or something else to recognize your.
• 6:56
  Achievement. If you have any questions.
• 6:59
  Or need help interpreting your data?
• 7:01
  Please do get in touch and I'll do my best to support you.
• 7:04
  You can find me on Facebook and Instagram at abcsuk on LinkedIn
• 7:09
  as Stephanie Marshall MICBPM dip ICPA.
• 7:13
  The link is in the show notes or by emailing info INFO.
• 7:18
  At Abcsuk. Dot Co.
• 7:20
  Dot UK. And that brings us to the end of
• 7:28
  another week of the. 3 B's Podcast with.
• 7:30
  Stephanie, thank you so much for listening.
• 7:34
  I'd really appreciate it if you could like, subscribe, rate and
• 7:37
  reviews, podcast wherever. You are listening to it.
• 7:39
  So. That I can reach.
• 7:40
  More business owners and help them.
• 7:42
  Build better businesses. See.
• 7:44
  You next week for the next episode.