The Value of Consistent Strategic Reviews
In business, having a clear strategy is important, but it’s equally crucial to regularly assess how you’re tracking against it.
Periodic strategic reviews allow you to remain agile and make necessary adjustments, helping you stay on course toward your objectives.
For most business owners, a strategy is already in place. However, have you considered when the best time is to start reviewing that strategy?
Ideally, strategic reviews should begin in Q4, before the end of the year. While many people kick off their planning in January, starting your review process in Q4 sets you up for a smoother, faster launch into the new year.
Even if you’ve already got your KPIs and numbers in place, the next step is to regularly step back and evaluate how your business is performing.
Strategic reviews aren’t about just looking at a spreadsheet; it’s about asking the right questions and adjusting the course as necessary.
A Proper Timeout to Evaluate
Taking time to assess your strategy shouldn’t be rushed.
Set aside at least half a day for a focused review, either by yourself initially and then with your team. This gives you the chance to take a deeper look at your business’s performance beyond daily or monthly numbers.
Here’s how you can break it down:
-
Finance Review
Check your financial health.
- Are you meeting your revenue and gross margin targets?
- Are your overheads on track? Use a simple tool like Excel to create a quick overview with color-coded indicators, green for on track, red for behind, and amber for close to target. -
Operations Review
For a service-based business or tech startup, look at how well your products or services are being delivered.
- Are customer complaints within an acceptable range?
- Are service delivery KPIs being met? If you’re not meeting targets here, it could be a sign to reassess how your processes are structured. -
People & HR Review
Your team is crucial to your business’s success. During your review, evaluate whether you’ve got the right people in the right roles.
- Are you meeting recruitment targets?
- Have you had any team turnover, and if so, what can you learn from exit interviews? -
Marketing Review
Assess your marketing performance.
- Have you met your lead generation goals?
- Are your campaigns performing well? Look at the ROI of your marketing spend across different channels. Use this data to tweak campaigns or shift resources where needed. -
Sales Review
Sales metrics are key to understanding how your business is tracking.
- Are you hitting your sales targets?
- Are your salespeople meeting their quotas? Look at the sales pipeline and close rates to identify areas for improvement. -
Governance & Compliance Review
Staying compliant is non-negotiable. Ensure you’ve met all regulatory requirements and have updated necessary financial or insurance filings. Regular checks here can save you from bigger issues down the line. -
Personal Development Review
Continuous growth is critical. Evaluate whether you and your team are keeping up with professional development. Have you set time aside for learning, and are you implementing new knowledge into your business?
A One-Page Snapshot for Clarity
If you’re feeling overwhelmed, here’s a quick hack: condense your entire strategic review into a one-page document. Use a table with key areas like finance, operations, and people, and track whether they’re on track, ahead, or behind. This way, you can quickly assess the health of your business in one glance.
Taking Action After the Review
Once you’ve got your snapshot, take action. Prioritize areas that need immediate attention.
- Are you behind on customer service, sales, or product delivery?
- What are you doing to fix these areas?
Having actionable steps is what turns a strategic review from a checklist into a tool for growth.
Final Thoughts: Keep it Simple, Keep it Regular
Strategic reviews should be a regular habit, quarterly or even monthly, depending on your business needs.
The goal is to stay proactive, rather than reactive. By regularly reviewing your strategy, you ensure that you’re always steering your business in the right direction.
- How do you track your business’s performance?
- And if you’re not doing them yet, what’s stopping you?
Always here to help you start, grow, and thrive. Let me know how I can support your next big move.
