Quarterly business reviews are an important part of delivering a successful relationship between two businesses. Quarterly business review provides a mechanism where businesses can catch up with each other and drive actions to achieve quantifiable results for both sides.
Unfortunately, all too often the QBR is seen as a session that facilitates one party “beating the other up”. This is especially true where one party might be more powerful or dominant but a truly effective QBR helps drive change and performance to the benefit of both stakeholders.
The quarterly business review varies from one organization to the next, indeed it would appear that most businesses put their own spin on the process. This is true on both agenda and expected outcome. One thing they have in common though is to drive results and resolve issues. However, to do this the review needs to be structured and include a small number of key attributes.
1/ The business reviews need to be driven by standard agreed metrics. The quarterly business review should focus on performance and look at the goals that are relevant to both parties in the relationship. It is important that the KPIs are agreed upon by both parties and used constructively rather than to merely show one party in a bad light. QBR’s are benefited by a standard KPI pack that doesn’t vary considerably from one review to the next.
2/ Perhaps, the key aspect of any QBR is the track progress against agreed actions. Most partnerships will involve some element of project or relationship improvement actions. The quarterly business review provides an ideal point to track these and record status and next steps.
3/ Quarterly business reviews offer an opportunity to involve the key stakeholders involved in the relationship. It is important for each side to bring along the relevant members of their organization but the review should also include key sponsors and anyone that is accountable for aspects regarding the success of the relationship. The inclusion of key stakeholders helps strengthen the QBR and also provides the opportunity for discussion on strategy and direction.
4/ It is important that the quarterly business review is scheduled correctly and has appropriate attendance. Having a defined schedule ensure that everybody is able to be prepared. Without a consistent quarterly business review schedule, what would happen? Meetings will be haphazard and not deliver to their potential. The other benefit of a standardized schedule is that it helps secure peoples attendance especially those senior within both organizations.
5/ Another key aspect of the QBR is that it remains adaptable. New problems or issues may emerge which require discussion and strategy format of the business review must facilitate the review of new events.
So there are our 5 tips on QBR’s. Have some of your own – we’d love to hear them in the comments section below.