Achieving Q3 Financial Goals: Expert Advice from Forbes Finance Council to Help Leaders Stay on Track
As the third quarter (Q3)
of the year approaches, leaders and executives are gearing up to meet their
financial goals and set a strong foundation for the rest of the year. However,
navigating the complexities of financial management can be challenging,
especially in an ever-changing business landscape.
To shed light on this topic, 20 Forbes Finance Council members offer valuable advice to help leaders stay on track and successfully achieve their Q3 financial goals. From strategic planning to effective resource allocation, these insights offer practical guidance for leaders looking to optimize their financial performance and drive sustainable growth.
1. Review Your Current Financial Performance And Set Measurable Goals
To meet Q3 financial
goals, leaders need to review their current financial performance, set specific
and measurable goals, identify areas for cost savings and revenue growth,
monitor market conditions, communicate with their team and stay agile and flexible.
- Asli Erem, The
Marmara Group
2. Focus On Visibility
In order to meet Q3
goals, put a focus on visibility. The more closely you monitor your progress,
the more likely you are to be able to make adjustments along the way to
increase your likelihood of achieving your goals. - Shon Anderson, Anderson
Financial Strategies LLC
3. Focus On What 'Wows' Your Customers
The world we live in is
rapidly changing. While we cannot predict where developments in 2023 will lead,
periods of upheaval can create openings for transformative change. Continue
honing what currently “wows” your customers, then look for one or two compelling
opportunities to innovate quickly to pursue additional growth in both existing
and new ways. - Brian Lasher, CIG Capital
Advisors
4. Rank Your Projects From Lowest-Effort Solution To Highest Impact
The first step to
managing burn is optimizing internal ops. First, rank all projects by their
impact on your north star metric. As you work down this list, always ask,
“What’s the lowest-effort solution with the highest impact?” This will train
your team to avoid overcomplicated solutions that waste resources. With these
prioritizations in effect, you can continue to scale while extending the
runway. - Paige Craig, Outlander VC
5. Educate Your Team On Their Role And Motivate Them Toward Success
As a leader, you are first and foremost a strategist, which extends beyond financials to the operational components. Cross-functionality is key; everyone must be aligned and motivated to drive toward the company’s goals. Each employee must understand how their responsibilities lead to the success of the business. Then, as a leader, get out of their way so they can realize that success. - Matt Bochenek, Avant
6.
Implement A Plan, Execute It And Monitor
Many leaders set the
strategy but lack the follow-through to ensure steps are taken and adjustments
made as the blueprint is put in motion. The "walk away and hope for the
best" mentality never leads to reaching your financial goals. It takes a
plan, execution and constant monitoring. Being diligent, flexible, open and
unwavering in your commitment leads to achieving the desired results. - Sarah Hanna, ACU-Serve
7. Understand That Your Customer's Potential Is Key To Success
Good planning and
execution are key to achieving the target, starting with a sound understanding
of your customer's potential is key to success. With a financial target in
mind, work the numbers bottom up, customer by customer. Picking the top 10
customers and exploring their commitment to deliver will be critical and
establishing risk mitigation strategies is essential. Then, it's all about
execution. - Abdul Naushad, Buckzy Payments Inc.
8. Identify Bottlenecks And Risks That Stand Before Your Goals
Unite your senior
management team with your plans to achieve your Q3 goals. Regular reporting and
feedback against these goals is important as well as identifying any
bottlenecks and risks to achieving your goals and what you can do to access
these early is key. - Andrew Collis, Moneypenny
9. Be Transparent, Realistic And Create Achievable Goals
For any goal, you should
be transparent, realistic and create achievable and measurable goals. It is
also important to look at trends, think about the human aspect of it and if the
team meeting the goal truly understands the implication of missing it, underutilization,
whether burnout is a factor from the previous quarter or whether performance
issues are to be addressed to improve profitability. - Nike Ajao, Spitfire
Strategies
10. Reevaluate Spending Habits And Monitor KPIs
Business leaders should
focus on reevaluating spending habits and keeping an eye on KPIs and adjusting
business strategies and goals as necessary. Especially for startups, embrace
the lean startup methodology and look for ways to cut costs and extend runways.
- Ben Jen, Ben Jen
Holdings SLLC
11. Prioritize Spending
Prioritize your
spending. This could be done in a variety of ways. It may be that business
leaders need to make data-backed company financial cuts, such as less company
travel, canceling the yearly off-site retreat or having employees go remote to
end brick-and-mortar rent payments. - Anthony Georgiades, Pastel Network
12. Say 'No' To Things That Don't Create Exponential Growth
Focus on high-leverage
activities. Alex Hormozi, who recently had an exit of nearly $50 million,
teaches entrepreneurs to focus on saying no to things that don't create
exponential growth and to instead work on building their team, technology and
systems to help more customers, earn more per customer through valuable upsells
and to utilize social media to increase your exponential reach. - Leo Kanell, 7 Figures
Funding
13. Understand Not Everything Will Fall In Line With Your Business Plan
When trying to hit your
Q3 goals, it’s important to know that not everything will fall in line with
your business plan. Being flexible by monitoring and adjusting your financial
plan is essential to accomplishing your goals. You should be reviewing your plans
regularly and making changes quickly to stay on track. Your plan should include
backup plans and safety nets that help you stay flexible. - Xan Myburgh, Backd Business Funding
14. Focus On The Efficient Execution Of Your Core Business
To meet Q3 financial
goals, leaders should stay focused on the efficient execution of their core
business while considering exigent events that could impact the business model.
Strong staff communication of goals and expectations is also critical to achieving
goals. Help staff understand potential blockers and how economic conditions
factor into business strategy. - Gale Simons-Poole, BHG Financial
15. Utilize The Strategic Success Quest
To achieve Q3 financial
goals, leaders should embark on the "Strategic Success Quest": 1.
Conduct a mid-year review to refine strategies and make data-driven
adjustments, 2. Inspire and align teams with clear, ambitious objectives to
boost performance, 3. Allocate resources prudently, ensuring maximum efficiency
and impact. This focused approach paves the way to Q3 accomplishments. - Luis Marinelli, Vana
16. Focus On Planning, Management And Execution
Overall, achieving Q3
financial goals requires a combination of strategic planning performance
management and effective execution. By focusing on revenue-generating
activities, improving cash flow management and engaging with customers and
stakeholders, leaders can position their organizations for success and achieve
their financial goals. - Cynthia Dalagelis, Amalgamated
Bank
17.
Understand Your Company's Strengths And Weaknesses
Despite macro headwinds,
each company is different and faces different circumstances. In a weakening
macro environment, leaders should put in the effort to understand the strengths
and weaknesses of their companies. Resources should be put in areas of perceived
strengths to drive growth and profitability, while options such as cost-cutting
and restructuring should be pursued for areas of weaknesses. - Abhinav Swarup, Zeus Living
18. Be Realistic About Your Goals And The Steps To Reach Your Target Numbers
Be realistic about what
your specific goals are and the steps needed to ensure you reach your target
numbers. Monitor the progress to ensure your way to success. - Letitia Berbaum, The
Zandbergen Group
19. Set Clear Objectives, Analyze And Adjust Strategies And Collaborate With Your Team
Leaders should focus on
key areas: setting clear objectives, analyzing and adjusting strategies that
are based on data and collaboration and communication within the team. This can
ensure everyone is working towards a common goal and their efforts are aligned
with the overall strategy. It's important to stay agile and adaptable,
unexpected challenges or opportunities may arise that require quick pivots in
direction. - Greg Cucino, Bridgepoint
Consulting
20. Communicate Your Goals With The Team
It's essential to align
the entire company on why it's important. Then, focus on revenue and cut costs.
- Giselle Melo, Matr Ventures
Source: Achieving Q3 Financial Goals: Expert Advice For Leaders To Stay On Track
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