What’s the purpose of a quarterly Daily Business Review?
A QBR (Quarterly Daily Business Review) is a quarterly review of the performance and metrics of a supplier program in comparison to the preceding period. It should be tied to the overall strategy and objectives. It is the result of all activities, interactions, and contributions. You might also hear it called QBR Meeting (which stands for quarterly business review meeting).
It creates an environment of trust and alignment. Clearness (what has been done, what needs to be solved, and who is doing what) and trust are key words.
It’s in your diary. Get it in the diary.
If your reviews for the next twelve months are not in the diary, you’re already at disadvantage. Why?
You’re likely to get the date you want because your clients are busy.
You have a better chance of getting an appointment if you give them enough notice. How can they refuse to meet you if it is January? They might not be able accommodate you if you ask for a meeting next week.
Reviews will be real!
It’s possible to forecast the amount of preparation time that you will need, and thus become a time management guru.
Give daily business reviews quickly – and schedule your meetings within 4 to six weeks of the end of the period. Are you interested in discussing performance from January through March in July? You don’t have to.
Before the meeting, meet
Do this, if nothing else. To have a briefing before the meeting, schedule a 30-minute phone call. Ask your client:
What are your interests in the business review?
Who are your stakeholders?
What are your goals as an individual and as part of your business?
Some of these things you may already know, but confirm. You might have noticed some changes since your last meeting.
You should focus on the measurable elements that include key elements like cost, quality, and compliance.
Strategy is the focus of a daily business review meeting. This meeting is intended to move the program in a meaningful direction.
The simple rule is to make sure everyone understands what the review is all about, why they are there and what it requires.
“Business Review” does not constitute an agenda.
Tip #2 is already clear if you have followed it. These topics can be included in an agenda. However, you should be careful: not all topics will make it onto the list. You should focus on the two to three most important drivers that are most relevant to your client and those you can influence. You can keep a record of these great ideas for the next time.
You can circulate the agenda and daily business review several days ahead of time and invite feedback to help you fine-tune it. If necessary, assign topics and communicate to everyone the preparations required. Your client will know the what, where, and how. But you won’t know the why. It may reveal important information that could influence your approach to the program.