Every April 30, I do my first quarter assessment where I look backwards and forward to see the state of my business, the state of mind and my updated business plan. The quater ends for me on March 30, but with taxes due around April 15, I wait a bit to do my assessment.
This is my reality check, a time to face the truth and an opportunity to redirect my business. It brings me joy to see what has occured positively and sometimes pain to see what has failed that I will need to abandon, change or tweak.
If you are a new or old business, this rhythm does not change. You begin great ideas and then you implement them and sometimes they work spectacularly other times, they are a mess. But rather than beating yourself over the failed idea, assess them to see what happened.
A failed idea may be one that’s not timed well, funded sufficiently or staffed well. I keep some of them in my “tested” box, but only those I have studied and understood well so I can redeploy at another time. The rest, a majority, I throw away.
In 11 years of doing this, what I have learned is that I have 3 more quarters of business to make a change, expand ideas and release new initiatives from this assessment. And each quarter after, I am fine-tuning the ideas.
To be able to do any of this assessments, you must have begun the year with a map and idea plans. They are, in essence, your guidebook. For me, they are what makes things work and give me the opportunity to be able to change midstream. What’s your grind really about if you don’t understand the importance of assessing if it is working or what has been successful. Think about it.