Contractor Survival Guide (Part 2)
Dominating the Fourth Quarter: A Game Plan for Success
As football season kicks into gear with the leaves turning and the temperature dipping, the realization sets in that the end of the year is fast approaching. It’s the fourth quarter, and in life, just like in football, it’s time to step it up.
Legendary coach Bear Bryant once said, “Winning isn’t imperative, but getting tougher in the fourth quarter is.” This sage advice from the sports world also holds true for your business.
Last month, we shared some next-level steps to help up your game and attract more business.
If you haven’t had a chance to read it yet, be sure to check out Contractor’s Survival Guide Part 1: The Real Deal Guide to Getting More Business.
This month, we’re zeroing in on the fourth quarter—how to set strategic quarterly goals, execute them flawlessly, and finish the year strong.
But it’s not just about surviving; it’s about thriving and setting yourself up for an even more successful 2024.
The momentum is building, and right now, you have a choice: either ride the wave or take a back seat.
If you’re reading this, it’s clear you’re opting for the former.
So, here are five things you can do to finish the year strong:
1. Revisit and review annual targets
Now is the time to take inventory of the past year. Review your business plan and yearly goals. Did you achieve what you wanted? Or are you feeling stuck?
Often, we land somewhere in the middle from the start of the year baseline to our highest moonshot targets. So, the next step is to think about what went right and what went wrong.
If something is going well for your business, perhaps you need to take it to the next level in Q4.
If you’re not getting the desired results, think about switching out one thing or running A/B testing to see if you can get better results with a new process.
The most important thing is to take the time to become aware of what’s working.
2. Get your financials in order
While you’re reviewing your annual wins, it’s time to take a look at your finances. You should look at these regularly or have an appointed individual manage the business.
According to Funding Circle, you can do a few critical things to prep financials for the end of the year:
Review your profit and loss statements to see if you’re on track with your revenue and profit goals
Update your sales forecasts and targets for the end of the year
Set aside cash for emergency inventory, holiday marketing campaigns, and employee bonuses
Look over your expenses to see where you can cut costs
Consider whether or not there are any major business purchases (like equipment or technology) you must make before the end of the year to deduct come tax season
Research your business financing options in case you need extra capital on hand.
Now is the time to make strategic financial decisions to get sorted before the end of the year. And, of course, celebrate your wins.
3. Set quarterly goals
Now that you’ve reviewed the past year, it’s time to set actions and final plans for the last twelve weeks of the year.
Quarterly goals should work concurrently with your annual goals. They’re created quarterly to break up your yearly goals into achievable, focused steps and track progress.
Quarterly goals are essential for a business because they give you a focused plan so you make incremental progress, which also helps your team.
When creating your goals, make sure to delegate the tasks to team members. This allows your team to understand how to move forward efficiently and effectively.
They also allow for realistic growth. Many business owners think ahead and have a flurry of ideas buzzing around. Quarterly goals help scale back the big picture and create a plan to move forward steadily so you achieve those big dreams.
If you want more information, Chisel product management has a thorough blog for creating and implementing quarterly goals.
4. Prepare for winter with an elevated marketing strategy
While the winter months usher in colder temperatures and more challenging conditions, contractors can still keep their businesses bustling even in the darkest days of winter.
For example, many contractors diversify their offers during winter and seek new opportunities, including interior renovations, remodels, and repairs. If your primary expertise lies in exterior work, but you’re open to exploring fresh options, now is the perfect moment to revamp your marketing materials.
Consider rolling out special holiday promotions or advertisements if your work continues throughout the winter. It’s also an opportune time to reconnect with past clients or business contacts by introducing new promotions or options for client referrals.
People are more inclined to engage during this festive season, so explore innovative ways to connect with your email list and foster a sense of community.
5. Strategize goals for the new year
Q4 is not too early to start thinking about the new year. Actually, it’s encouraged.
As you delve into data and analyze your financial performance for the current year, you have a golden opportunity to pave the way for the future with strategic precision.
Your quarterly goals for Q4 are micro-goals, smaller targets to hit in 12 weeks.
However, it’s equally essential at the end of 2023 to set sights ahead for the new year. This entails contemplating the bigger picture and envisioning what your organization can achieve over the span of a year.
It’s a good idea to loop in key decision-makers on your team when creating a yearly plan. Collaboratively creating a comprehensive plan for the company will ensure that you have a well-rounded perspective and a unified vision for the upcoming year.
It’s essential to create the strategy before everyone leaves for holiday vacation.
Doing so ensures that as the new year begins, your team will be energized, driven, and equipped with a focused plan, ready to hit the ground running.
By being proactive with quarterly planning, you’re setting the tone for strategic achievement and growth, propelling your business to new heights.
We’re rooting for you,
Your team at K&K Supply
PS - Looking for some new tools to get you through Q4? We’ve got what you need. Give us a call: (636) 349-1141
