Quarterly Business Reviews are focused on 12-week action planning.
A quarterly business review is a once-per-quarter meeting, where the leadership team and select outside advisors review the organization’s performance, its current state, the competition and emerging disruptors, and the longer-term goals to prioritize the goals and actions for the next 12 weeks and the next 12 months.
Quarterly business reviews are one of the most important governance functions for accelerating the business plan implementation to achieve your organisation’s goals and strategic intent.
A quarterly business review is a collaborative time to understand the business from all angles, what is working well, what did not go well during the past three months, and what will be different moving forward. The quarterly business review is part of a management rhythm that focuses the business on what are the most important actions to implement in the next 12 weeks.
Conducting quarterly business reviews is a practice that helps the leadership team:
- Understand the current state of their business and markets; and
- Identify and prioritise the best goals and initiatives for the next 12 weeks, the key actions that will accelerate the business moving forward towards its long-term goals.
5 Benefits of Quarterly Business Reviews
1. Review the current state of the business, the market segments and the business goals.Business plans rarely stay unchanged throughout the course of a year, and this can directly impact the focus of key staff. If you only hold reviews annually, many of the actions and goals may become obsolete well before year-end. Quarterly business reviews provide the opportunity to assess the business objectives and make any necessary changes.
2. Share key successes.
When preparing for annual budgeting process, it is hard to remember specific actions that each of your leadership team was responsible for and excelled at in their implementation. When the leadership team meets on a quarterly basis, this information is fresh in everyone minds, allowing each person to provide valuable feedback.
3. Address problems quickly.
Addressing problems well after the fact is essentially useless. There’s no point in reviewing the actions 12 months after the event. When the leadership team holds quarterly meetings, the organisation can catch problems while they are still an issue — well before they turn into a major risk for the business.
4. Identify opportunities to improve.
Quarterly business reviews are a time of open dialogue amongst the leadership team. Quarterly meetings enable business manager to take time out to reflect on what are the key priorities and what are the emerging opportunities for the organisation.
5. Determine the best set of actions to focus on in the next 12 weeks.
The quarterly business review discusses and prioritises the list of possible goals for the upcoming quarter. The ultimate objective is putting the best priority goals and the key actions in place for each member of the leadership team for the following quarter.
Focus on the next 12-week’s Actions
Quarterly reviews enable the leadership team to assess results and realign goals, strategies, staffing, and other resources in a more thoughtful manner. The entire process keeps the leadership team better informed of progress and the actions and keeps all leadership team members focused, accountable and aligned to the organization's strategic goals.Chase Consulting can help your organization to formalize the process for conducting quarterly business reviews and how to make the most out of them. We will show you how to guide your leadership team into preparing the right information for these meetings, how to best access and prioritize the key actions for the next 12 weeks and for the next 12 months, and how to assess these reviews so that you can continue to improve this practice over time.
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