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The quarter of this year is over, and I just submitted my tax report to the Netherlands Tax Administration. It’s actually a financial statement including how much tax I’ve paid on my purchases and how much I have received for my services. It clearly shows my financial performance over the last three months.
Looking Back: My Engineering Days
When I worked for an engineering company, one of my tasks was to write a quarterly report. This was a good way to analyze the last few months and to set goals for the next ones. I realize how unusual it is that we (usually) don’t make this analysis as small business owners or self-employed individuals.
“Well, there’s no one asking me to write one”, you might say.
Why Companies Write Reports
For businesses, it’s quite common to write a quarterly report. Investors want to know how well their money is performing, and management wants to know if the company is still heading in the right direction at the right pace. As a small business owner, you invest a lot of time and money in your company. Don’t you want to know these things as well?
Step 1: Get the Hard Facts
First of all, get the hard facts: How much have you earned (I) and how much did you spend (C)? The difference between these figures is your result, your profit (R = I-C). As a startup, this figure might be confronting, but that brings me to point two.
Step 2: Reflect on the Result
Writing your own report gives you the possibility to reflect. How come I have this result? Did I miss an opportunity, or was I not bold enough? It’s a good time to think about how you’re doing and to see if you’re heading (if you’re moving at all) in the right direction.
-> Reading tip: The Benefits of Self-Reflection
Step 3: Review Your Goals
Third, review your goals. Were they clear enough, and were they in line with your WHY, your purpose? Which ones did you reach, and which ones need adjustment to align with your WHY? Perhaps there are new goals or existing goals that need to be reassessed or reconsidered. Having too many goals can diminish your enthusiasm. When setting goals, promise yourself that you will do your very best to reach them. In my case, two of my goals for the next quarter are:
- I will build a new website.
- I will create a new workshop.
-> Reading tip: Setting Successful Goals in Line with Your WHY
Step 4: Learn New Skills
Fourth, you might need to learn new skills to enhance your product. I jotted down that I will work with experts who can teach me how to build a good website.
Step 5: (Re)Develop Your Product
Fifth, you should (re)develop your product. Is it still appealing to your clients? Do you know if it still creates value? This means: do clients actually use your product? Do they come back? Do they refer you or your product to someone else?
After four haka workshops in a week, my body needs to rest. It is quite intense for me. I want to create a new workshop that is less physically demanding and offers greater depth and sustainable value for my clients.
Step 6: Marketing & Networking
Finally, you can include a plan for marketing and networking activities in your report. These might include attending conferences and presentations. Announcements for these are found on the websites of your branch organization, of your peers, or on LinkedIn. This means going out there and telling people what you’re doing, how you can help, and finding out what others need. Or, by writing a blog, which I enjoy doing!
-> Reading tip: How to get more out of your network events
A Tool to Stay on Track
Your quarterly report can be a one-page document written by hand or a full-color booklet. It depends on how much time and effort you want to put into it. The point is that it helps you stay focused and on track.
When will you write your quarterly report? Which items does your report include? Let me know in the comment box below.
Other readers of this article and I are looking forward to reading from you!
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Update: The original article was published on July 7, 2015, and updated and translated into Dutch on October 3, 2025.
