Why Retailers Need a QBR
Regular meetings with your account manager can be a great way to align your goals and kickstart budgetary planning for the future. Specifically regarding retail technology, QBRs can help businesses check in with account managers, prepare for equipment end-of-life, and adjust their budgetary planning based on hardware needs. In this blog post, we will discuss quarterly business reviews and how they can be used to increase transparency, create and follow your business and the industry’s trend analysis, and develop a personalized partnership for point-of-sale hardware and software to help your business grow.
Being able to regularly recap our achievements has been pivotal in helping us determine, plan and execute our short and long term goals. – Brooke, Society of St. Vincent de Paul
What is a Quarterly Business Review?
Meeting with the company’s most essential clients every quarter is called a quarterly business review (QBR). A QBR is conducted to assess the status of a business partnership and pinpoint problem areas.
Performance from the previous quarter, quarterly objectives, and difficulties and opportunities encountered are all discussed in QBRs. During a QBR, both sides should offer comments and recommendations to preserve a good partnership.
By taking aside time to examine the condition of the relationship, companies can guarantee that their suppliers, account managers, and customers are happy. And that any possible difficulties are immediately rectified.
When Should a Company Do a Quarterly Review?
It might be challenging for a growing business to remember each individual customer’s preferences as the company expands. Quarterly business reviews (QBRs) are useful for keeping tabs on customers and ensuring their demands are being fulfilled when this occurs.
They allow companies to gauge customer satisfaction, pinpoint improvement areas, and maintain contact with their most valuable clients. They may also be used for problem-solving, planning, and quarterly performance assessment. Therefore, QBRs may be incredibly useful for both you and the consumer.
Guide to the Quarterly Business Review
Objectives and progress toward those objectives should be discussed during the QBR. Challenges and strategy shifts should be discussed, and goals for the following three months should be established. The quarterly business review is your chance to assess whether or not your company is on track to achieve its goals.
Start thinking about the QBR by taking stock of your progress toward your objectives and past results. Scrutinize your data and pinpoint where you may have done better. Then, you should ponder your approach. Do you need to make any adjustments?
Then, schedule the next three months. Just what are your end goals? Which things do you value most? The effectiveness and value of the QBR for your company may be maximized with a little forward planning.
What are the Benefits of a QBR for Retailers?
While businesses in competitive markets may feel the urge to keep their cards close to their chest, regularly sharing strategy with your retail solutions provider is crucial. QBRs may greatly benefit a company by fostering horizontal and vertical cohesion when executed properly.
An ideal agile environment allows organizational units to deploy standards and an IT architectural vision. Legacy architectures and monolithic systems make this very unlikely in big organizations. QBRs should coexist with your account manager and your IT team since planning for large technology software or hardware updates might take a year or more.
Developing effective QBR procedures and enabling the ecosystem is a labor-intensive process. When these problems are fixed, however, the QBR may finally fulfill its intended role as the hub from whence all strategic impulses and signals emanate.
Review Specific Goals
A quarterly business review (QBR) allows you to assess how well you are doing in relation to your yearly or long-term objectives, as opposed to the more limited scope of your monthly reports. By conducting regular QBRs, retailers can ensure their teams work toward the same goals and find the same answers.
Taking stock every three months lets you see the big picture, spot technology gaps, and plot a course correction. The results of your QBR should help you adjust your strategy to reach your objectives.
Set & Reset Goals
You and your account manager will have an open conversation during your QBR regarding the state of your business and how RCS can help you keep or grow your company.
Any business’s environment, goals, and projects are constantly changing. These regular meetings allow you to check in with stakeholders, show how things are going, and redirect any projects that may need it.
Celebrate your successes
When communicating as a retailer, you are likely to advise, update RCS on industry developments, or establish objectives. QBRs are also a great time to discuss projects that are going well and built on that success.
A portion of our quarterly business reviews (QBRs) is dedicated to sharing with our clients the kinds of incremental progress that may easily be missed in a yearly report. A low-budget software integration that yields a high return is one example.
Finding and praising these triumphs will give your business a better chance of improving in other areas.
How can QBRs help you plan for the future?
Spot Red Flags
With the help of QBRs, you can foresee potential hardware failures and take measures to stop them. Consistent communication with Retail Control Systems allows you to identify issues before they become deal breakers. At RCS we don’t want our partners to suffer in silence and increase the likelihood of a larger issue down the road.
A QBR is not like a regular business meeting or an in-person get-together. It’s a chance to really connect, learn about your business, and show how we can make a difference together. It’s an opportunity to learn about wants and needs.
Identify & Analyze Challenges
The size of the challenge doesn’t matter, but we can all agree that it makes a difference in how you perform. However, most organizations place too much emphasis on easy areas and not enough on analyzing the obstacles that might hinder their effectiveness.
Some of the difficulties may stem from factors outside your control. However, discussing them allows everyone to comprehend your constraints and consider potential solutions. Admitting there’s a problem opens the door to collaborative problem-solving.
Develop a Relationship with your Account Manager
Tech support professionals and account managers often attend RCS QBRs. While keeping to an agenda is essential, a QBR is also a great chance to share concerns and wins with your account managers so they can better serve you. We love building relationships with our clients and providing performance support. If you’re an RCS customer and interested in setting up a QBR, contact us today!