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One way to assess whether or not your business is still on track to meet its targets for the year

by , 04 July 2014
Are you one of the many business owners who waits until the end of the year to assess how well your business is doing or how you performed?

If so, you're making a big mistake.

If you wait until the end of the year to assess your operations, it'll be too late to make adjustments that could boost your bottom line. So it makes sense to take your business's pulse on a quarterly basis, writes Robert Moskowitz, an Emmy-winning author and editor.

Here's one way to assess whether or not your business is still on track to meet its targets for the year.

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Want to find out if your business is still on track to meet its targets? Here's one way that will help you out

According to Moskowitz, you don't have to follow an elaborate or formal process, but every three months you should check your performance against major criteria and opportunities to make sure you're on track.

Ask yourself this question...

Are my finances in order?

Take care of your business and your business will take care of you.

Moskowitz explains that the end of every fiscal quarter is a good time to get your financial house in order. Check your operating numbers against last year's performance, against your historical averages for a prior, comparable quarter and against your plan for the current year.

If the numbers — revenues, inventory turns, conversion rates, profits, etc. — aren't where you'd like them to be, you've identified an opportunity to improve them while you can still favorably influence the full year's results. You could even decide to bring in outside consultants with specialised knowledge, experience or connections to kick up your business.

Here's the bottom line: Be proactive and not reactive when it comes to your business targets. Ask yourself these questions quarterly to assess if your business is still on track to meet its targets for the year.

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