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7 Powerful Questions For Your Quarterly Business Review

Kelly Cookson

7 Powerful Questions For Your Quarterly Business Review

Do you do monthly or quarterly reviews in your biz?

If “no” then keep reading as I’m sharing the 7 simple questions I ask myself which I think are equally important to the numbers.

My financial year (as a Limited Company) runs Sept to Sept and I set monthly goals. 

Because I always think of January as a fresh start, I’ve just reviewed the calendar year Q1 of Jan-Mar.

Here’s the 7 questions I use in my quarterly business review:

  1. What went well this quarter?

  2. Did I hit my revenue target?

  3. If I didn’t hit the target, why not? 

  4. What didn't go so well?

  5. How is my mindset?

  6. Did I do some self-care?

  7. What am I changing in Q2?

I’m going to share my answers with you here and pay attention to the fact that the lines are blurred between business and personal life.

I started a business to create time-freedom and space to enjoy life and connect with my family and friends. I went into business to spend time with my daughter. If I look back and see too much work, work, work - my business is not a success in all areas. 

Here’s my honest review of Q1 2023 - I share my answers to the 7 questions I ask during every quarterly business review. Buckle up!

Quarterly business review question 1 - the good!

What went well this quarter?

  • It was my best financial start to the year ever

  • I did loads of guest expert sessions and podcast interviews

  • I did a live TV interview

  • I won an FSB award

  • I went on my first ever spa day

  • I launched my first mastermind (The Generator)

  • I joined Destination Inspiration (Lisa Johnson’s mastermind)

  • I hired a publicist (Amy from Pitch & Shout PR)

  • I hired an OBM

  • I planned out my first ever book

  • I went to a great networking event in Nottingham and made new biz friends

  • I met my fellow DI masterminders in London

  • I did Dani Wallace’s SUWURU show

  • I went on the school library visit

  • I had dinner with Kath (my sister) twice

  • I took Penny to Planet Bounce with her friends

  • I took my birthday off

  • Went out for steak with Adam on a date night

  • I had a facial

  • I launched my 30 Day LEADs Sprint - my first live programme since 2021

  • I went for cocktail brunch with my best friends

  • I did my first cross training class at the gym

  • I learned how to play D, G, C and Em chords on the guitar 

Quarterly business review question 2 - the money goal

Did I hit my revenue target? Not quite! I was £475 off which I’m a bit annoyed about and I could’ve easily made this. 

Quarterly business review question 3 - hitting the money goal

If I didn’t hit the target, why not? In all honesty, I was so busy this quarter that I dropped the ball on making the sale that would’ve got me to my goal.

Quarterly business review question 4 - the bad

What didn't go so well? 

  • I felt stressed at multiple points because I had too much to do

  • I had to reschedule my photoshoot twice and it still hasn’t happened because my diary has been bananas

  • I didn’t get to go to Bee Inspired thanks to train strikes and I had major FOMO

  • I didn’t save as much money for tax as I’m supposed to

  • I didn’t go to the sauna as much as usual

  • I got ill for about 2 weeks

  • I got a bit out of physical shape! 

  • I didn’t get to go to Gemma Gilbert’s London event because of the snow and I had FOMO again. Not my fault but it bummed me out for days.

  • I haven’t promoted my in-person event yet

  • I haven’t started writing my book yet

  • I didn’t have enough time to create

Quarterly business review question 5 - my mindset

How is my mindset? I’m constantly using my positive psychology toolkit to navigate the ups and downs at the moment. All is not sunshine and roses and that’s real life! In March, I felt really tired and that I’d given too much to the business. I felt excited in Jan and early Feb but I think I pushed myself too hard overall during Q1.

Quarterly business review question 6 - my health

Did I do some self-care? Yes I did, but not enough. My gym time fell off in March as I was so busy and I got ill. I did get a facial and go for a spa day in Feb. I didn’t walk the school run enough as it was so cold and wet. I started locking my phone in the car again from 6pm to give myself some mental downtime. I kept up with Monday afternoon swims when P was well enough for her swimming lesson. She was also ill several times this quarter which is unusual.

Quarterly business review question 7 - planning for Q2

What am I changing in Q2?

  • I am prioritising the gym. It’s in my diary until July.

  • I am delegating more to my new OBM

  • I am creating more passive offers

  • I will plan further in advance to hit my sales targets

  • I’m not taking on any more 1-1 clients (I have a small number of incredible 1-1s at the moment and this is perfect)

  • I am not working evenings

  • I am saving 30% for taxes month on month

  • I am accepting I can’t go to all the in-person events because I’m mum to a small child and I’d rather be with her for now

That’s it! 7 simple yet powerful questions you can use to reflect on your business each quarter.

If you can carve our half an hour to ask yourself these 7 questions, you’ll find it an illuminating exercise.

Comment below to let me know what stood out to you from my Q1 2023 review.