Okay, so I have a secret: I can’t read minds. No matter how hard I try I have difficulty knowing what someone else wants or needs without asking them. And because I know I’m not the only one with this shortcoming, it is important that groups of people get on the same page. That’s why businesses should be regularly implementing QBRs and EBRs.
If it seems like I’m speaking in code, that’s because, well, I am. QBR stands for Quarterly Business Review, while EBR stands for Executive Business Review. But now that you know what they stand for, what are they and why are they so important?
QBR
A Quarterly Business Review is a meeting that occurs on – you guessed it – a quarterly basis. However, this isn’t just any business meeting. When you work with a third party provider it is important that you have these types of meetings to discuss where the business currently is in relation to its goals (through the use of Key Performance Indicators (KPIs)), how you performed from an operational standpoint over the last quarter, and how you can improve from a strategic perspective moving forward. You should be sure that your QBR is highly customized to provide metrics to determine the success of your business goals and your relationships.
Although many businesses hold QBRs with their clients, it is still important for businesses that don’t deliver directly to their clients. Be sure to include the individuals and entities with whom you work:
Businesses
Consultants
Accountants
Lawyers
Human Resource
Shippers
3PLs
Etc.
It is imperative that your business and those with whom you work are all on the same page. Without common understanding, everyone’s actions will not be aligned.
Be sure to get these meetings on the calendar far in advance so that everyone can set aside the time.
EBR
An Executive Business Review is an annual meeting in which senior level individuals discuss where the company is in terms of its annual plan and to reset the company’s expectations.
To create a healthy supply chain the company must be aligned with its service provider. During this meeting it is imperative that C-level leaders are caught up with changes and plans are re-aligned to fit overarching goals. Although more than C-level executives may attend an EBR, they are the real focus of this endeavor.
You can use the opportunity to showcase what has been successful, demonstrate issues that have been mitigated, educate and discuss business continuity, and even discuss new opportunities, initiatives, and improvements.
Although QBRs and EBRs are different, they both share some of the same concepts. But no matter what you should hit on three topics: Goals-Based Progress, Operational Efficiency and Strategic Changes Going Forward. You can read more on those topics here: 3 Topics all Executive Reviews should Consider.
Optimize the Results in your Partnership
Achieve your goal of efficiency and health in your supply chain by having regular quarterly and annual reviews with your outsourced provider. Everyone being on the same page will get you closer to your goals with less hassle.