Your monthly Business Review – an essencial moment in your agenda.
A monthly Business Review analysis, is essencial in managing your business. We want to help you, in case you don’t have it yet organized.
First of all, it starts at your senior level. Companies must have a structure of reporting and analysis, which, finally, integrates a regular event to discuss the business – the monthly Business review. There are, surely, other internal communication moments to give and get feedback, however, the formalization of a regular calendar date, will increase the effectiveness and decrease dispersion. It will be, therefore, time to discuss results, strategy, and make decisions.
How
The Business Review – usually between CEO and the managing director or operational officer – is always a time for some anxiety, even when numbers are “good”. Preparation is is key, and hence, the starting point. The person responsible for the operation, being a country manager or general manager, must ensure compliance with the business plan. Finally, must act upon any deviations from the route. Master the numbers, know how to explain them, and know what to do from now on. Most of all, have a plan to correct the trajectory, if necessary.
Define the format and the KPI
The definition of a format, based on the relevant performance indicators, is a key point. Firstly, it will be central to ensure a valuable discussion and relevant to all parties. Secondly, the involvement of other management departments, like finance, will ensure the dashboard document reflects the objectives requested by the board. The manager must compile the numbers and support a preparatory analysis. Lastly, have input from different key departments, like marketing or production, to enrich the content.
Here you have the “golden rules” for a business review exercise:
- Preparation: Knowing the business and the numbers
- “Less is more”: be objective and succinct, avoiding too much detail
- Tell the truth
- Knowing what to do “with it” – have a plan
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