The Golden Quarter

Are you ready for the Golden Quarter?

The weather is cooling off, football campaigns are underway, and we have officially entered the Golden Quarter, which started Oct. 1. During my time in retail, the fourth quarter took on a precious metal metaphor because this was quite literally the time that would make or break a store’s earnings. We relied heavily on Christmas shoppers to fill our coffers enough and make up for any losses throughout the year. Even if you aren’t in the retail industry, it is a good time to check in and see how the year is shaping up. Are you close to hitting your goals? Are you already writing this year off in order to come out swinging next year? Let’s take a look at a process that can help set your business up for success next year.

There are plenty of examples and studies online that show the various pros and cons of setting realistic goals. The real question is how do you make make these benchmarks meaningful and attainable for your organization and teams?

Are you starting out on the right foot, or setting your teams up for failure?

This is a genuine question because it comes down for the goals and the vision for your organization. Are your goals attainable and measurable? As an employee, it’s always tough when your manager or organization doesn’t have a clear path to success. On the other side of the spectrum, lofty, unreasonable, complex, or simple targets can cloud an employee's judgement. Were these goals, Key Performance Indicators (KPIs), or objectives set with your team’s input, or were they handed down from the upper echelons of the company? Ownership and accountability go a long way. Even if your team’s goals are set by upper management, take the extra time to set meaningful benchmarks with your team. The extra effort will help your team stay engaged as they take ownership in the overall company’s success.

Are your goals realistic and attainable?

Think of this concept like having a gym partner or personal trainer. Signing up for a gym membership is easy. Making time for a workout after a challenging day or grueling week is a whole other animal. Working with a trainer or even having a trusted gym partner can help by keeping you accountable. You’re more likely to make that appointment with the trainer or meet a friend at the gym because there’s an added social pressure. The same common accountability works in the business world as well. Once these performance indicators have been established, it’s important to discuss them publicly and frequently. Thinking about your year for the first time in October certainly isn’t recommended, but could be a critical gut check late in the game.

Making adjustments on the fly

Your objectives shouldn’t necessarily be etched in stone. They should be flexible to a degree. As someone living in 2021, you should be intimately familiar with this principle. What happened to the things you set out to do in January 2020? Were you able to accomplish those things or did you make adjustments along the way? Were you planning to work at home under quarantine for an extended amount of time? For me personally, I knew I wanted to move to Austin, Texas and start my own business. There was no way I could have planned for what would happen in the year and a half following the coronavirus outbreak that we are still dealing with today. Consequently, I was still able to accomplish both of those goals, but I had to adjust my timelines. I was ready to move in the spring of 2020, but pushed it all the way back to December. I then founded my company the next spring, a year after the pandemic was in full swing. I had to mitigate the damage done by the pandemic, but also be flexible enough to understand that my goalposts could be changed.

Take a look at what you’ve been asked to accomplish, or what targets you’ve set for your team. Are you making solid progress? Did you hit the mark months ago? Not sure where you land on the spectrum? Now is a great time to check in and think about making the appropriate adjustments. Once you’re aware of the status and made alterations it’s time to make peace with where you are on your journey.

Are your goals a good fit for your teams?

What I’ve found is many companies that have underdeveloped marketing assets generally don’t set realistic benchmarks for the infrastructure they have. In the age-old adage “It takes money to make money,” the marketing components are just as important, or maybe even more so than with other departments. Having trouble bringing in new business, or cross selling to existing customers? These are typical hallmarks of this syndrome. Invest in your marketing apparatus and the cash flow usually follows directly. If your organization is having trouble setting realistic targets for your marketing team, I suggest contacting a consultant quickly. In a perfect world, marketing objectives should follow the following steps: discovery, planning, execution, and measurement. The last phase of measurement should roll back into a new phase of discovery and planning where the cycle continues. Some companies invest heavily in marketing platforms like Salesforce, Pardot, Hubspot, or others and aren’t quite seeing the returns they expected. Generally, a small amount of discovery reveals that the teams in place have these systems added to an already burgeoning workload. In order to make the most out of this type of investment, goal setting and execution are critical. Handing off a complicated system that needs regular hands-on work to someone already working a full time job on other tasks is usually a recipe for disaster.

You may need an extra set of hands to accomplish the things you set out to do at the beginning of the year. If this sounds like you, contact Halyard Agency today for a free consultation.