One of the things that’s important to the customers and shareholders of any organization is transparency. This means open, honest, and proactive communication regarding sales figures, demand, and other important metrics that the people invested in your company and who want to see it succeed want to know. While it’s best to maintain a stream of constant communication back and forth with your partners and investors, an easier and less intimidating way to start is by implementing quarterly business reviews. But what is a quarterly business review, and how do you begin implementing them?
When it comes to maintaining the health and integrity of your business quarterly review meetings are an excellent tool to have in your arsenal. But what is it? It’s a simple, once a quarter business review. A strategic meeting with your customers wherein you present sales data from the preceding 90 days, and outline goals for the upcoming three months. QBRs offer a unique opportunity to connect directly with customers and partners and show the effects that your corporation and its success can have on them and their own bottom lines. What’s more, you’re able to get direct feedback on what you’re already doing great on and where you could stand to improve. It doesn’t necessarily have to be big and fancy. A Zoom conference, a meeting in the event room of a coffee shop, or a big fancy corporate to-do are all valid examples of an internal quarterly business review.
A QBR typically operates as follows. After some initial pleasantries and time set aside to break the ice and have casual conversation, there’s a quarter business review presentation in which the previous three months are discussed both in overview and in detail. Successes, setbacks, and metrics taken as a whole are all part of the conversation. Then follows a conversation about the quarter to come, and oftentimes the introduction of a new product, service, or method of handling the everyday things in a more efficient way. There’s often time for questions at the end, where customers and investors can ask about niche topics or queries especially pertinent to them that haven’t been gone over in as much detail.
So what kind of questions will be asked in a QBR? Pretty much anything company-related is fair game, from your choice in fulfillment partners to in-depth queries regarding month-to-month changes in sales. You never know what might pass one of your customers’ minds, so it’s best to study up beforehand and make sure you know at least the broad strokes of what’s going on in your company, from the manufacturing to the fulfillment to the inventory to the delivery. Having hard and fast numbers showing improvement over time will go a long way towards reassuring your customers that their trust is well-placed!
In conclusion, QBRs are an excellent way to keep the conversation going between you and everyone who’s invested in your company. Even if you can’t offer 24/7 access to every piece of data, these regular check-ins will do a lot for the peace of mind of both yourself and those who want you to succeed.