Business growth takes both strategy and execution. For your company to reach the next level of success, it’s important to take the time to review the data, set SMART (Specific, Measurable, Attainable, and Time Sensitive) goals, and take strategic action. Quarterly strategy sessions help you break down your annual goals into smaller bite-sized goals with clear timelines that can be easily tracked. There are four quarters in a year, and each quarter gives us the opportunity to review what’s working, discuss areas in need of improvement, and plan for the future. To see how quarterly reviews can help your organization grow, keep a few key quarterly review priorities in mind.
Quarterly Planning
Following a 90-day plan is an efficient way to track numbers, motivate team members, and create a culture of accountability, which is exactly what quarterly strategic planning is for. Having a quarterly plan allows everyone the chance to succeed by accomplishing the goals they set out to achieve. Benefits of quarterly planning include:
- Faster progress and a higher percentage of goal attainment, which keeps people motivated longer
- Focused time to plan specific strategies
- Opportunity to review company growth, quarterly numbers, and the ability to make adjustments as needed
Quarterly Reports
Whatever happens in the first 2-3 months can set the tone for the rest of the year. Just from Q1, your company can gather enough information to strategize for the remaining three quarters, including up-to-date metrics, like KPIs, Profit & Loss (P&L), and ROI. Now is the time to analyze this data, determine if you’re on track to hit those annual numbers, and make adjustments if needed. Do this work every quarter and when December rolls around, your company will be right where you planned for it to be and maybe even better.
Tracking Company Culture
With a strong team and great company culture, you have unlimited potential. Monitoring the morale of the team, turnover rate, and training of new hires will help your business succeed in the long run (and catch potential challenges before they become big problems). During your Q1 analysis, you want to evaluate the culture through individual reviews and follow-ups to identify potential trends. This is the time to review your company’s retention and turnover rates to decide which schedules to implement, employee benefits, etc. Assessing culture is even more critical if your business is experiencing a slow Q1. Assess potential issues and make the necessary adjustments to enhance your team culture now, so they can meet their numbers for the rest of the year.
Quarterly Business Reviews
This is the chance to take everything you learned from Q1 performance and share the information with your organization and/or clients. Quarterly Business Reviews (QBRs) are internal or external quarterly touchpoints to review what’s working and areas needing improvement. Data is the foundation of QBRs. They should report on the quarterly financial reports, assess the progress towards company goals, forecast future trends, and address company culture and customer satisfaction. Think of QBRs as a short presentation to review the good, the bad, and the future with the most important people in your business.
Closeout the Quarter Strong with Quarterly Reviews
Quarter one is over, but we still have 75% of the year to make moves. Take the time to review your Q1 metrics and make the adjustments needed to set your company up for success. Do you have more questions about quarterly reviews, business goal settings, and other topics around business growth? Contact BOAR today to get connected with other business owners, CEOs, and community leaders and start working on strategic action that grows your business in all the right ways.