A monthly business review will keep your management team up to speed on everything that’s going on in your company and help plan and manage in a lean and effective way.
What is a Monthly Business Review?
A Monthly Business Review (MBR) meeting is a time for you and your team to review current progress against your ideal performance. Time should be spent dissecting parts of your strategy, reviewing financials, and adjusting activities based on overall performance. It’s simply one of the most effective ways to continue to grow your company and adjust your course as necessary.
Business planning isn’t just a one-time or annual event. Instead, it’s an ongoing process where you’re constantly reviewing and adjusting course as necessary while ensuring that you’re staying on track toward your larger goals.
Why is a Monthly Business Review important?
Any size business can benefit from a designated time to stop, review, and revise. When done correctly, this meeting can help you focus on what’s vital for your company, identify what data you need to accurately measure it, and how to best present and review these results.
Additionally, your monthly plan review process can help your business in the following ways:
Commits your business to learn and act
It’s easy to let operations and processes become stagnant and standard. Without a regular performance review, any potential problems may remain to fester well beyond when they’re first identified. You don’t want to waste company time and resources on things that are ineffective, but it’s difficult to change course without first processing it.
By setting aside the monthly time for a monthly business review, it provides the opportunity to commit to learning and adjusting anything and everything. This isn’t based on off-hand information but on solid information and data that helps you identify and evaluate what’s most important for your business.
Engages individuals across your entire organization
A monthly business review has the potential to pull in greater insight from across your business. Whether you’re sharing information company-wide or sticking with select leaders from each department, it immediately expands the scope of expertise.
The more that every leader and employee knows what’s going on with everyone else, the better you can align and produce effective goals. It also provides the opportunity to identify potential solutions or issues from outside your core team’s responsibilities.
Influences better communication
Engaging people across your business and providing detailed information typically leads to more fruitful conversations outside the core meeting. Yes, the meeting itself is vital for actively reviewing and adjusting your strategy at that time. However, potential issues or innovations will be dealt with outside of the planning meeting. This is due to your employees having a clear direction to reference in the day-to-day. They know the strategy and data are up-to-date and that it serves as a north star for their own projects and initiatives.
How to conduct your Monthly Business Review with KPI Fire.
Watch as Keith Norris, CEO of KPI Fire takes you step-by-step on how to use KPI Fire to make your Monthly Business Review the most important meeting of the month…
