What is the importance of a quarterly business review(QBR)?
We at Forbtech believe that a quarterly business review (QBR) is a critical tool that helps bridge the gap between our customers, the solution that they have purchased from us, and our company.
You may be asking yourself “what is a quarterly business review?” or “how will I benefit from this?’’.
Let me explain…
A QBR is most effective if both the company and the client understand its importance. Key players of both parties such as the “C- level executives” should attend the QBR meeting to contribute effectively in the discussions, and influence decisions based on the outcomes of the QBR.
If you are not sure about the importance of a QBR pertaining to your organization’s needs, you’ve come to the right place. In this article, you’ll learn why partnering with a company that holds QBRs is an essential tool that ensures collaboration, and overall growth within your company.
What is a Quarterly Business Review, and Why is it Important?
A quarterly business review is where once a quarter a meeting is held between the vendor (MSP provider like us), and the client. During this meeting both parties discuss how the vendor is currently supporting the client’s needs, and furthermore, how to provide better support towards the client’s business needs and employees.
For example, during our QBR with our customers, we go over things such as:
- The current state of the current technology held at the client’s premises.
- Any recent changes in their business that affect their technology devices or services, such as expanding their team or adding a new location.
- Reviewing the current IT roadmap to assess where we are at with current projects and deadlines.
- Addressing any inconsistencies or setbacks in their partnership with us that we can improve and rectify.
Here is why we believe in the QBR approach with our customers:
1. Strengthen Relationships.
More times than not, once a deal is signed, the communication between the sales representative, and the client tends to fizzle out. We believe that with the QBR approach, constant communication, and improvement is well maintained.
We at Forbtech, do not believe in the “box dropping” sales technique; instead, we pride ourselves in the belief of focusing on the customer centric way of doing our business. This approach creates a lengthy and solid partnership between us at Forbtech and our customers.
A QBR allows us at Forbtech to continuously evaluate what is working, what is not working, and how to strengthen the clients strategic, and personalised roadmap tailored to their specific solution. This is by far one of the best ways in maintaining our long-lasting relationships with our clients, while placing their needs and solution above all.
2. Review Specific Goals.
While a monthly report review show the progress made within the month, a QBR helps review the progress in line with the clients annual and overall goals. A QBR ensures that the specialised teams work towards the same outcomes and solutions—specific to the business requirements.
You can look at it as a strategic OKR system tailored for IT requirements, and needs, as the focus of this module is to identify the gaps, and objectives on a quarterly basis. Total no brainer!
3. Set and Reset Goals.
During the QBR, we will engage in an open conversation regarding the clients business’s health, while allowing us as the vendor the opportunity to contribute to the vision at hand.
At Forbtech, we enjoy assisting our clients in challenging their viewpoint, while jointly building a great solution that will set their business apart from the rest. We understand that the goal posts are ever changing, and that is a challenge that we thrive on and enjoy.
4. Let`s Celebrate you Successes and Achievements.
We at Forbtech utilise a part of our QBR meetings to highlight the small successes that sometimes tend to be overlooked in the monthly reports.
When we as the vendor, jointly with our client both identify, and celebrate these successes, we increase the chances as a company to boost the overall performance in other areas, too.
5. Identify and Analyze Challenges
After the past two years, we can all agree that some challenges are simply out of our control. However, these are the challenges that force us in the direction of change, and adaptability.
However, discussing such challenges assists everyone involved to understand how these are limiting to our clients, while analyzing ways of circumventing them. When challenges are acknowledged, there is a better opportunity to brainstorm solutions with the vendor.
To recap, we enjoy this module for various reasons, but mainly as it benefits both a vendor (like us) and the client.
If your current vendor is not meeting you on a quarterly basis, SPEAK UP! Or get in touch with our team of experts today.