In today's dynamic business landscape, staying ahead of the game requires regular check-ins and strategic assessments. One effective way to make sure your business stays on track is through ongoing quarterly business reviews (often called QBRs) with your accounting firm partner.
During these sessions, you’ll cover topics like:
- Budget vs. actual analysis
- Updated forecasts and projections
- Capital expenditure planning
- Cash flow forecasting
- Upcoming financial commitments
- Setting new action items, assignments, and deadlines
These reviews offer a wealth of benefits, so here’s why scheduling your first QBR should be at the top of your agenda.
Strengthen your relationship
Building a strong relationship with your accounting advisor is crucial. Regular communication fosters trust and ensures your advisor understands your business inside and out. This allows them to provide tailored advice and strategies that align with your goals. QBRs offer frequent chances to discuss changes in your business, address concerns, and strengthen this valuable partnership.
Review and reassess goals
Goals are not static; they evolve as your business grows and the market changes. It’s completely normal for goals to shift, but when they do, it’s essential to discuss them with your advisor. During a quarterly business review, you can reassess these goals, evaluate your progress, and adjust as needed. This will help ensure you remain aligned with your long-term vision and can pivot quickly in response to new challenges or opportunities.
Uncover new opportunities
One of the most exciting aspects of a quarterly business review is uncovering new opportunities. Your advisor can help you see your business from a fresh perspective and identify areas for growth that you might not have considered. Whether it’s tax optimization, process improvements, or cost-saving strategies, these insights can provide a significant competitive edge.
Identify challenges early
Early identification of challenges is critical to maintaining a healthy business. By staying on top of your balance sheet and cash flow, you can compare year-over-year performance and spot potential issues before they become significant problems. A quarterly business review allows you to take proactive measures, mitigating risks and ensuring your business remains on a stable footing.
Quarterly business reviews are not just a routine check-in; they are a strategic tool designed to keep your business agile, proactive, and poised for growth. Talk to your Mowery & Schoenfeld advisor today about scheduling a quarterly business review. Contact us