We know how easy it is to use the New Year to set a raft of goals, but then get caught up in the day to day and forget to come back and see how we’re progressing, until the end of another year is looming again.

As we approach the end of the first quarter of 2025, it’s the perfect time to take stock of progress and review the goals set at the beginning of the year. This ensures that you’re on track and allows for necessary adjustments to be made before you’re too far from the results you’d planned. 

Let’s look at why a review is essential, and how to make sure it’s a valuable, positive process:

Why review quarterly?

Research shows that companies that consistently review and revise their goals are 42% more likely to achieve them. 

1. Provides clarity and focus: A quarterly review helps weed out inefficiencies and refocus efforts on high-impact objectives.
2. Enhances motivation and focus: Recognising progress can be incredibly motivating for your team.
3. Improves decision-making: Clear, well-aligned goals make resource allocation and project prioritisation more straightforward.
4. Facilitates course correction: Early identification of deviations allows for timely adjustments.

Conducting an effective quarterly review

Here’s a step-by-step guide to reviewing your progress in Quarter 1:

1. Reflect on the previous quarter

Start by analysing your performance indicators from Quarter 1. This may include:

• Revenue and profit margins.
• Customer retention rates.
• Productivity metrics.
• Progress on specific projects or initiatives.

2. Evaluate progress

Review the SMART (Specific, Measurable, Achievable, Relevant, Time-bound) objectives you set at the beginning of the year. Determine which goals have been met, which are in progress, and which may need revision. If your goals weren’t quite as SMART as they may have been, now could be time to amend them slightly to make Quarter 2’s review easier.

3. Identify challenges and opportunities

Consider any unexpected events or challenges that arose during Quarter 1. Also, look for new opportunities that may have emerged.

4. Analyse what worked and what didn’t

Examine the strategies and tactics that were successful and those that fell short. This analysis will inform your approach for the rest of the year.

5. Set or revise Quarter 2 goals

Based on your Quarter 1 performance and analysis, set or adjust your goals for Quarter 2. Ensure these goals align with your overall annual objectives.

Practical Steps to take now

1. Schedule a dedicated review session: Set aside uninterrupted time for this important task.
2. Gather relevant data: Collect financial reports, KPI dashboards, and feedback from team members.
3. Involve key stakeholders: Include department heads or team leaders in the review process.
4. Use a structured framework: Consider using a template or checklist to ensure a comprehensive review.
5. Document insights and decisions: Keep a record of your findings and any changes to your goals or strategies.

The role of budgets in goal achievement

A well-planned budget is crucial for achieving your business goals. As we move into Quarter 2, it’s an excellent time to review and adjust your budget based on Quarter 1 performance. This ensures your financial resources are aligned with your revised goals.

Looking ahead: Preparing for Quarter 2 and beyond

As you complete your Quarter 1 review, consider these strategies for the rest of the year:

1. Embrace adaptability: Be prepared to adjust your goals and strategies as circumstances change.
2. Foster a culture of continuous improvement: Encourage your team to regularly assess and optimise their performance.
3. Leverage technology: Consider using goal-tracking software or project management tools to streamline your review process.
4. Communicate clearly: Share the results of your Quarter 1 review and your plans for Quarter 2 with your entire team to ensure everyone is aligned.

Remember, the goal of this review is not to dwell on shortcomings but to learn, adapt, and move forward with renewed focus and energy.

As 2025 progresses, regular goal reviews will help your business stay agile and responsive to any market changes. By taking the time now to assess your Quarter 1 performance and adjust your strategies, the business is more likely to feel the benefits in the quarters to come.

If we can help at all with your financial planning or strategic advice, either once you’ve completed your Quarter 1 review, or as you’re going through the process, please get in touch; we’re here to help!