Once you have the Balanced Scorecard mechanism in place with proper identification of strategic objectives, measures, targets, and supporting initiatives, the next most important thing is to establish an effective strategy review process. The strategy review process should not be mixed with operational reviews.
Purpose of strategy review meetings:
A strategy review meeting is focused entirely on strategy. We may call them strategy & performance review, management review, etc.
Strategy review meetings should be held Monthly/Quarterly based on the organization size. If the size of the organization is medium, a monthly review is recommended.
The main purpose of the strategy review is to review the performance towards achieving strategic objectives/goals. What are the things working and what not? Corrective actions with accountability.
The main part of the review is to review the progress of strategic initiatives (or projects) and how they are progressing. The project progress and benefits realization is linked to the strategic outcomes, it is very important to have a detailed review of all projects. The corrective actions with accountability are the key.
Risk & Compliances need to be reviewed and appropriate actions to be taken.
The overall strategic direction needs to be assessed and strategy map/balanced scorecard corrections/updates need to be done.
Link the strategy review meeting outcomes to operational reviews.
The focus of strategy review is on “doing right things” and the focus of operational reviews is “doing things right”.
The outcomes expected:
If any department’s performance is poor then the rest of the organization should support them to overcome the performance gaps
Make priorities and budget provisions
Empower management teams to work as cross-functional teams
Key Management Team
Risk & Compliance Head
Others as desired
Frequency of Meetings:
Monthly for regular Strategy Reviews
Quarterly strategy & BSC updates
Annually for strategy refresh
Special Meetings based on the need
Step 1: One week prior to the review meeting
All measures data need to be updated before one week of the meeting
Project Status update by all project managers & reviewed by Head of PMO
Risk actions update
Compliance review and update
Step 2: Three days prior to the review meeting
Organizational performance reports
Review of dashboards
Communication to all stakeholders prior to the meeting
The focus of meetings:
Monthly reviews: Performance analysis of Measures/Objectives + Initiative Progress
Quarterly reviews: Refine strategic issues & priorities + Resource alignments
Yearly reviews: Strategy refresh, update BSC, identify initiatives, budgeting
Agenda for Monthly review meeting: (1.5 hours)
Review of action items of last month
Review of Themes/Objectives/Measures
Review of Initiative progress
Discussion on Key issues
Action items list & communication
Minutes of meeting and communication
fruiStrategy has the module for strategy reviews which can help the Office of Strategy & Performance Management to conduct effective strategy reviews. The meeting action points can be immediately recorded and email can be sent directly. The strategy review action points can be available to review at the beginning of the next review meeting. All the responsible managers can complete the action items timely and report completion.
fruiStrategy empowers you to execute strategies consistently by linking strategy plan to strategy execution and aligning the whole organization’s actions towards a strategic direction. You can establish a robust strategy execution process empowered by plug-and-play modules to achieve overall organizational transformation in a systems driver approach.
Please contact Shaik Abdul Khadar, Strategy Management Expert at [email protected] or +917799798333 for a quick demo or more information.