Anyone who’s ever played sports knows there are certain rules that apply when the game is nearing the end. Stress levels increase as final results are on the line. If you’re winning, there’s an effort to become defensive to protect the lead. If you’re losing, just the opposite is true. In either situation, decision-making becomes intently focused on short-term outcomes. Just think of the crazy things that happen in the final moments of a game. These are desperate acts that never would have occurred earlier in the game without the pressure of the clock ticking down.
As we enter the fourth quarter of the calendar year, the same things can occur in our businesses. We may make decisions that we wouldn’t normally make. The classic example is buying equipment that we otherwise wouldn’t have purchased to avoid tax liabilities. This tax “rule” is one of many. What are some others?
The fourth quarter is a time of gratitude. Another rule is to take time to express your appreciation to all your constituents: customers, employees, vendors and strategic partners. It’s best to have a well-planned and well-executed approach, or it may come across as halfhearted or insincere.
It’s also a time of reflection. As such, still another rule is to disconnect from the daily grind for a few days to consider, ponder and think. This may be done alone or with your team. It may require facilitation or solitude. The only rule is to make sure it happens.
Finally, the fourth quarter is a time of preparation for the upcoming year. The rule is to update your strategic plan, which includes goals, metrics and tracking systems every year. This is a best practice that’s often ignored with many negative repercussions. If you haven’t done so yet, there still is time.
There are more rules, of course, but these are some of the more important ones from my perspective. It’s the fourth quarter and the clock is ticking. What steps are you going to take to ensure that you finish strong?
Now go forth.
