Written By: Emily Foucault - Founder, ThinkHatch
The end of the first quarter is the perfect time to assess how your 2020 business plans are playing out. Especially during a time of uncertainty, and particularly this year with all of its challenges, it’s important to be vigilant about reviewing results to date, assessing upcoming opportunities and challenges, and getting on track to make the best of the rest of the year. Read on for tips on how to best use this time of the year to your advantage.
1. Review your goals (or set them!)
At ThinkHatch, we recommend clients set SMART (specific, measurable, achievable, relevant and time-based) goals based on the key performance indicators that best suit your business. Now is the time to review how your progress to date tracks against those goals and to reassess and reevaluate plans heading into what is certain to be a challenging last three quarters of the year.
If you haven’t yet set goals for 2020 it’s not too late. But, this year especially, it’s important to get them in motion! As a starting point, setting clear goals will help you understand what you’re trying to achieve. As you brainstorm tactics to implement, checking them against your goals will help you stay focused.
2. Stay in your lane
Every business is unique with different budgets, audiences, competitors, timelines and goals. For all these reasons, it’s critical to ensure you stay focused on your specific goals and review results often to ensure they are working. It’s easy to start looking for the newest trends to adopt because they are cool and trendy. But, if it doesn’t support your business purpose, audience or goals, you can easily be distracted. That’s why staying focused with a strategic plan is hugely important. Consider the recent economic impact on your business, Identify a few key tactics that align with your long-term vision and follow them closely.
3. Use the expertise of a marketing professional
It’s important to have a well-rounded, experienced marketer with deep and diverse marketing roots who can guide you. They are critical thinkers who look at the big picture and bring insights, connections and experience to your growing business needs.
That said, adding a marketing team to your startup is often cost-prohibitive. The services of a Fractional Chief Marketing Officer (CMO), like the work we do at ThinkHatch, may be just what you need. The “fractional” part of the CMO position means they work with you as an extension of your team either part-time or a predetermined number of hours for a fraction of the cost of a traditional CMO. Because you won’t have the expenses that come with a full-time employee, their services are often a better fit for your budget as you look to make your dollar go further, and can make a great deal of sense for your business.
Emily is the founder and owner of ThinkHatch. She is a well-rounded marketer and strategist with over a decade of experience at some of the largest global marketing, media and strategic agencies. She provides a service where her marketing expertise meets her love of mentoring. She knows that every business has a story to tell and she takes that story and translates it into a strategic plan.
Emily has been recognized for her achievements with an Honorary Award for 2018 Female Entrepreneur of the Year, Startup Canada, a 2018 Finalist for the Notable Woman Award and a 2018, 2019 and 2020 RBC Women of Influence Nominee. She is a member of the board of the Response Marketing Association of Canada.