Are you ready for fourth quarter?

Can you believe it? 2023 is speeding by, and we’re fast approaching the fourth quarter. Are you ready for a strong finish? Could it make or break your business? We’ll explore some effective strategies you can put in place to achieve your annual goals and start the new year strong.

1. Evaluate your financial health. Start by evaluating your current cash flow. Small businesses should aim for at least 3 months worth of cash reserves to cover their expenses. That said, even through periods of uncertainty, businesses shouldn’t sit on large reserves of cash. If your liquidity is strong and you've got enough to cover you for the next 90 days, then invest in growth. In keeping with cash flow, it’s also a good idea to review your clients and highlight any late payers. 

2. Invest in talent. With salaries and contractor costs accounting for up to 60% of your total expenses, your people are your biggest asset. Therefore, to help set you up for a strong fourth quarter, consider investing in your team. As the saying goes, "people buy from people", and so by investing in your team members, your clients will enjoy working with a motivated, efficient, and highly skilled team, which will drive strong results for the end of the year.

3. Set up simple structures. If you want a strong finish to the fourth quarter, consider setting up simple structures to improve efficiency. By streamlining internal processes, you’ll make your workflows more efficient, which means a more productive team, which also will give you the competitive advantage to finish the year strong. Consider investing in software that automates time tracking and project management to help set up simple structures and operations in your business.

4. Design a three-month game plan. As we approach the fourth quarter, it’s time to sit down and devise a sales strategy and marketing plan to finish the year strong. To help you do this, you should first assess your current year-to-date performance. How was the last quarter? How are you tracking year-to-date? Aside from the goal-setting and sales plan, you should also design an aggressive marketing strategy to set up strong pipelines for the new year.

With year-end fast approaching, now’s the time for professional service firms to devise a plan to get ready and finish strong. You should also use the next three months to assess your financial health, invest in your team, and set up simple structures to ensure a strong start to the new fiscal year. Schedule a call to learn more about how we can help with your business's financial health.