The Value of Quarterly Business Review
What are the problems for a business that does not conduct quarterly business reviews?
NASA says their rockets are off course 97% of the time and yet the vast majority still reached their destination (the moon) AND returned to earth with amazing precision and timing. How did NASA accomplish this?
Because that 97% of the time the engineers and technology was spent one course correcting through constant re-calibrations and constant learning.
Your business journey can be compared to a moon-shot.
Businesses that do not conduct quarterly business reviews may encounter several problems, including:
- Lack of strategic direction: Without regular reviews, businesses may lose sight of their long-term goals and objectives. Quarterly reviews help ensure that the business is staying on track and making progress towards its goals.
- Missed opportunities: A lack of regular reviews may mean that opportunities to improve the business or take advantage of new opportunities are missed. Without an ongoing assessment of the business, it can be difficult to identify areas for improvement or changes that could be made to increase profitability.
- Inefficient resource allocation: Without regular reviews, businesses may continue to allocate resources in ways that are no longer effective or efficient. Regular reviews can help identify areas where resources are being wasted or could be better allocated.
- Poor alignment and engagement of staff: When employees are not aligned with the goals and values of the organisation, or when they are disengaged, they are less likely to be productive. It is common for more than 46% of staff time to be spent on activities unrelated to their organisations key goals.
On the other hand, businesses that conduct quarterly business reviews can benefit in several ways, including:
- Improved performance: Regular reviews can help identify areas where the business is performing well and areas where improvements can be made. This can help increase overall performance and profitability.
- Better decision-making: With regular reviews, businesses can make more informed decisions based on current performance and data. This can help ensure that decisions are aligned with the business's overall goals and objectives.
- Enhanced communication and collaboration: Quarterly reviews can help facilitate communication, collaboration, and calibration among team members. This can help ensure that everyone is working towards the same goals and objectives, which can lead to better results.
- Greater accountability: Quarterly reviews can help ensure that team members are held accountable for their performance and responsibilities. This can help increase motivation and ensure that everyone is working towards the same goals.
If you have a QBR arranged – well done, we might be able to make it better.
If not – please call or email urgently.