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The Importance Of Quarterly Reviews

The Importance Of Quarterly Reviews

Summary


Why do most people set annual goals but fail to achieve them?

This is because most people don't fact check themselves throughout the year and by the time year end comes around -- it's too late.

In today's video I discuss the importance of quarterly reviews.

These are simple fact checks of your performance that occur every 90 days.

Right now I'm on vacation in Saint Lucia with my family and I just completed my Q1 review.

I thought I'd shoot a quick video to share my process with you so that you can use it to lift your own performance.

Here's what we cover:

  1. How I retired my parents in the Caribbean and a look at their place
  2. My working schedule: 12 hours a day, 6 days a week, 90 days on, 7 days off
  3. Why you need to take breaks to get away from the chaos and see the big picture
  4. How to do your quarterly reviews by fact checking yourself against your goals
  5. Why I obsess over my flaws and errors and how this inverted process is effective
  6. What I found from doing my quarterly review and my personal goals for Q2

Check it out and let me know what you think in the comments below?

To Your Success!

Sam Ovens & the team at Consulting.com

Further Reading: How To Become An Independent Consultant

Transcript / MP3

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Hey what's going everyone? It's Sam Ovens and I just wanted to make this quick video for you today from Saint Lucia. You can see out there, the view and pool and everything. Right now I'm over here taking a vacation, seven day break, and what happened last year was I was able to retire my parents. They were able to quit their jobs and I was able to get this place for them out here in the Caribbean, in Saint Lucia. They're now fully retired and living the dream out here at this awesome place. It's probably one of the best things I've been able to do from starting my own business and having some success with it is being able to help my parents and retire them and give back to them for helping me when I was younger. That's definitely been one of the most rewarding things. The reason why I wanted to film this video for you today is to talk about the importance of your quarterly review. The way the world works is we have years and then within years we've got months and then quarters. A quarter is pretty much every 90 days, so every three months that's like a quarter. The business world works like this. You've got Q1, Q2, Q3, Q4 and also seasons and everything work like this too. You've got the equinoxes and all of that. I've found that sometimes annual goals, they're great. Most people set annual goals at the start of each year and they're like, oh this is what I want to achieve this year. But most people kind of forget about what they are and they don't think about them until the end of the year comes and by them it's pretty much too late. What I've found is one of the best things you can do is quarterly reviews. What that basically is, is every 90 days is taking a break. I've found that a really good schedule to stick to for vacations and breaks is 90 days on and then seven days off. You work for three months, I still take Sundays off. I work Monday to Saturday and I pretty much work 12 hours a day, six days a week, take all of Sunday off. Then I do that for 90 days straight, three months. At the end of that, I'll go away and do no work at all for a full seven days. That's what I'm on right now. I'm on my first, my Q1 break in Saint Lucia here for seven days with my parents and my wife and my trainer. Why it's so important to take these breaks is number one, you need to get some rest. The secret to really staying in the zone and getting into the zone is to spend time out of the zone. If you're not taking breaks and you're not resting, then chances are you're way less productive than you think. I definitely recommend you take breaks every 90 days. But more than that, it's important to kind of get away from the chaos of day-to-day life. You know when you're working day-to-day and working on your business or whatever, you're caught up in so much noise. You're in the chaos. You're in the thick of it. You can't really see the forest from the trees. You're stuck just staring at these things up close, like the trees and these tasks and things, and you can't really rise above and see the big picture. We are really try to go long-term. I've found that it's very hard to be objective and to really see the truth in things when you're in the thick of it and in the chaos. I've found that one of the best ways to really get a good, clear view of things is to take a break, because once you relax, you catch up on sleep and you're away from all the noise and you're away from all the conversations and emails and all those things, then things get a bit clearer. You can really see ways that you can improve so that you can course correct early on in the year so that you can achieve those annual goals that you probably set for yourself. What I wanted to make this video for was not only to tell you about quarterly reviews and the importance of them, but also tell you how you can do them. What I've found is, the best way to do them is to just, first of all get away from the noise. You're not going to be able to do any clear thinking unless you get completely away from the noise. That's step one. Step two is to give yourself some time. You can't sit down in one hour and really do it. You need a few days to really unwind and then you'll start to see things clearer and things will start popping up into your brain that you need address and think about. That's what I recommend doing, step one really. Then step two is really going back and looking at the goals that you've set for yourself at the beginning of the year. Looking at them and then honestly, being completely honest with yourself, think have I been working towards those things the best I possibly could. If the answer is yes, then you're pretty much lying to yourself because even if you're being really productive and been working really hard, you can always work 10 times harder. A lot of people say, "Sam you work really hard and you're really productive and stuff." I laugh because I reckon 80% of my time is still wasted. I definitely don't waste as much time as most people I'm sure. But I still waste a ton and there's still so much room for improvement. Don't think that you've done the best you possibly can. Think about how you can do it better. Because there's always room for improvement. You want to sit down, really look at those goals that you set at the beginning of the year and then be honest with yourself, have you been working as hard as you possibly can and then thinking how you can do things better. One thing I like to do, which is kind of counter-intuitive and a lot of people do it the opposite of this. What I like to do is correct errors more than set more goals. A lot of people, they're addicted to positivity. When they come to make goals and when they come to review their performance and things, they pretty much just look at what other things can I strive for. They forget about the negative things, the things they don't really want to look at because it's painful. What I like to do is, I like to look at the things that I do wrong. I like to think about the areas where I make mistakes and errors and where I'm not performing well. I like to fix errors more than I like to strive for more goals. Because really, it's the downside you've got to watch out for, more than the up-side. To get more performance out of myself and out of my business and my financials and all of that, I spend a lot of my time trying to correct errors. I'll give you some examples. Since I've been in Saint Lucia here, I've thought one of the things that really the main driver of my performance is my mood. I'm sure that's the same for everyone. If you're not in a good mood, you're not really going to be able to perform very well. My mood is a huge driver of that. Then if we look at what drives that, it's things like health, fitness, rest, exercise, food, and all of that. When I was doing my quarterly review just today and yesterday, I thought I'm definitely, I'm going to bed a bit too late at the moment. I'm not getting as much sleep as I want to, that's having an effect on my business. Also, my diet is pretty damn clean but I still have the odd thing here and there, processed foods or some bread or a burger or something like that. There's nothing wrong with that, but what it does to me is it makes me feel slower and sluggish and that has impact on my performance, my mood, and my business and all of that. I've decided coming into Q2, I'm going to completely, I'm going to set a really strict rule on myself to be in bed every single night at 10:00 and be asleep by 11:00. I've got to have a lot of discipline to really do that, because I want to make sure I get at least eight hours of sleep every night. If I do that then I know things downstream, like my productivity, my performance, and all of that will increase, my mood will increase. It's a simple thing, all right? Just focusing on getting sleep but those things have a huge impact on your performance and your business's results and all of that. Another one is making sure my diet's really clean, so being completely strict about everything that I put in my mouth, really strict about it. Those are two big things. They're mostly to do with health and fitness and well-being and all of that, but one for business that I've got, my third real goal and area to work on in Q2 is distractions. The biggest enemy in productivity is distractions. Anything can be a distraction. Social media, I've started doing more posts and I've started using Instagram and things like that more because that's really what my audience wanted. What I've found is that's a distraction and it's hurt my productivity quite a lot. Even though I want to be doing social media, I don't want to be getting distracted. I've got to have more discipline there. I've got to make sure that I block out 30 minutes each day to do that, to do the social media stuff. Outside of those 30 minutes, I don't even touch it. I don't check anything, don't read any comments, don't read anything at all, it's just off. That sort of discipline is really necessary to get where I want to go. From taking this break in Q1, those are really the three things that I've learned that I need to work on. I need to get to sleep on time, I need to make sure I get eight hours. I need to really watch my diet and be really strict with it to make sure everything is clean. Not a single meal out of alignment. The third one is distractions, especially social media. Really making sure that that's capped to 30 minutes each day. There's obviously some other goals as well that are more specific to my business and things that I want to work on, but those are the main three that I'm going to be trying to work on. You can probably tell that they're pretty simple and that's the best way to keep things. You want to keep things simple so that you can remember it and you can consciously work on it every single day. I know that if I improve those three things, everything else downstream will improve too. That's pretty much it for this video today. I just wanted to show you my parents' place in Saint Lucia and give you an update from my vacation here and really stress the importance of your own quarterly reviews. What I recommend you do is schedule a time right now to go on a little break, even if it's two or three days, even if it's somewhere close, somewhere nearby. Just take a break, get away from the chaos, be honest with yourself, really criticize yourself, and find areas where you can improve. If you do that, then things can only get better. That's it for this video. Thanks for watching and I'll see you in the next one soon.

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