Council Post: Achieving Q3 Financial Goals: Expert Advice For Leaders To Stay On Track

As the third quarter 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

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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