Strategy Review Process in a Balanced Scorecard

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
  • Meeting Attendance:

  • Key Management Team
  • Strategy Coordinator
  • PMO Head
  • 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
  • Data Preparation:

    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
  • Agenda:

    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.

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