You did it! You’ve earned a healthy, respectable client base. You sit back, breathe a sigh of relief, and feel pretty good about yourself. But this overly-inflated confidence doesn’t last long, because the minute your smile reaches each side of your face, you realize you now have to work harder than you’ve ever worked before in order to keep those clients and ensure you are meeting and even exceeding their expectations. The smile disappears, you jump back up on your feet, roll up your sleeves, and get to work.
For any business that relies on a healthy client base, creating and successfully managing quarterly business reports (QBRs) is critical to company success. Even though your clients have signed an annual contract, there is no guarantee they will renew at the end of the year, so take nothing for granted. Yes, they are your clients, but they expect results. Your objective is to continue to WOW them in order to keep them as clients and convince them that renewing your contract is an intelligent, strategic move, but they have a different agenda.
Your client’s objective is to continue to evaluate whether investing in your company is worth their time. They may be approached by your competitors and may be weighing out their options. If you do your job right and clearly demonstrate progress in each QBR, you increase the likelihood that your client will just automatically renew. QBRs, when done properly, not only keep the client focused on you and your team but differentiate you from your competitors. QBRs can actually lower your client’s need to even reflect on whether or not renewing your contract is worth their time and investment because each QBR speaks for itself, and shows growth, improvement, progress, and value.
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Raise your hand if you’ve never been to a quarterly business review (QBR) run by your company. You might be surprised to find that QBRs are actually not that widespread.
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