We wanted to provide some questions, resources, and tips for fourth quarter and next year! It will be here in a flash! We can’t believe it is already fourth quarter! 2023 has flown by at warp speed! LOL!

Fourth Quarter Business Planning Checklist

A fourth quarter checklist is part of business planning and will include checkpoints and milestones for company goals and tactic completion by category. It could be housed on software, a spreadsheet, or piece of paper.

Checklists will vary by business, industry, size, etc, but are meant to do a few things – keep us focused, hold us accountable, and make sure we are not missing anything – opportunities or challenges that could be headed your way. We suggest that businesses set and review goals weekly, monthly, and quarterly to ensure goals are achieved and issues or opportunities aren’t missed. Making sure goals are in front of your team – is an integral part of the business planning process.

This checklist is intended to guide you in working through the final quarter of the year. Additionally, we've curated resources to complement each checklist item, along with links to relevant blog posts that offer further insights and guidance tailored to the unique challenges and opportunities faced by your small business.

We understand that the end of the year is a critical time for small businesses, and being well-prepared is key to ensuring a successful transition into the next fiscal year. Our 4th quarter checklist covers a range of important considerations including goals, marketing strategies, employee evaluations, and more. Explore our checklist and accompanying resources for a 4th quarter success. Your business deserves nothing less than the utmost attention and preparation, and we are here to help you achieve just that!

Before we go through the checklist, lets touch on some general definitions related to business planning.

Definitions:

• Strategy – what you want to achieve.

• Objective or goal – specifics and timing.

• Tactics – action to achieve the strategy, objective, or goal.

Strategy Think Overall – such as

• Grow Revenue

• Improve customer retention

• Maximize Profit

• Increase Productivity with Automation

• Improve sales pipeline

• Expand online reach

Objective or Goals for the Strategy – such as

• Grow revenue by 20% by 2024

• Increase customer retention rates by .1 by Q4 2024

• Maximize the XXX product’s profit margins to 60% by 2024

• Utilize a project management tool to decrease time spent on admin tasks by 10% by Q3 2024

• Increase sales pipeline by 20% with automation or drips to prospects and customers by 2025

• Create 3 additional social sites and develop content plan by Q1 2024.

To achieve each goals or objective above there are tactics that need be completed to achieve the goal.

Here are some tactic examples related to the goals above. Tactics – such as

• Offer points or rewards for purchasing – through POS or app. • Hire a marketing company to create and send quarterly newsletters and setup automated emails.

• Call or send birthday card on clients’ birthdays – weekly on Tuesdays.

• Call 10 customers to say thanks for being a customer on a weekly basis.

• Setup YouTube channel and add to website.

• Record and post weekly shorts to YouTube.

• Setup project management tool.

• Provide training on project management tool + review expectations and usage.

• Setup project management tool with tasks and add related and automation within tasks.

• Post reels on Facebook on a weekly basis.

• Setup text messaging and email for online ordering. Setup templates and test.

• Online networking across multiple platforms – 10 daily contacts per sales person.

• Review product and costs. What costs are decreasing margins?

Goals and General:

• Take a fresh look at your yearly business milestones and targets. Are you on track for the year – what is needed for the remaining business days to achieve goals? Are you on pace? If not – what amount of lift is needed to achieve goals?

• What are your priorities? We only have so many business days remaining – what can be done with that time frame to move numbers towards the goal?

• Eliminate distractions. If it is not related to the goal – put it in the parking lot and revisit at the first of the year. That new tool or program can wait.

• How is planning going for 2024? Goals and tactics prepared?

It’s important to take notes, and research how you can achieve realistic goals for your small business. And if you’ve already done so, whether that be income or larger audience, why not go bigger!

Customer Engagement:

• Assess the ROI of your current marketing strategies and adjust as necessary.

• Implement holiday-themed promotions or campaigns to boost sales.

• Optimize your online presence through SEO, social media, and email marketing.

Marketing Strategies:

• Evaluate market trends and consumer behavior in your industry.

• Conduct competitor analysis to identify areas where you can gain a competitive advantage.

• Adjust your product or service offerings based on market demand.

Employee Performance:

• Review employee performance and provide feedback.

• Recognize and reward high-performing employees. • Plan team-building activities or outings to boost morale and team cohesion.

Accounting and Tax:

• Consult with a tax professional to ensure compliance with state and federal tax laws.

• Estimate your quarterly income tax payments and submit them by the required deadlines.

• Gather and organize financial documents for year-end tax reporting.

• Be aware of any changes in Arkansas tax laws that may affect your business.

• SWOT Analysis for Small Businesses

• How Business Consulting Can Help your Small Business

• Business Coaching Solutions

• What is Business Consulting?

• Business Plan

• Business Planning 2020

• Essential Activities for Every Small Business Owner 4th Quarter Checklist

• 4th Quarter Checklist

• Learn How Goal Setting Can Help You Create a Compelling Future

• What is Goal Setting and How to Do it Well

• SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats

We hope you enjoyed this blog. Comprehensive Consulting Solutions for Small Businesses is a NWA based business consulting and business coaching firm that focuses on the needs of small businesses. We offer consulting and coaching solutions for an upcoming change or transition, current obstacle or challenge, or current or upcoming opportunity. We help business owners maximize revenue and increase operational efficiencies in a variety of areas within the small business puzzle – including operations, marketing, business planning, retention, sales, recruiting, processes, and more. We are a top-rated business and marketing consultant.