Understanding what’s happening within your company is crucial for improving your systems and ensuring profitability. One of the key ways to achieve this is through effective review processes.
Setting up thorough review procedures is essential for gaining insight into your company’s operations. In many organizations, reviews are conducted haphazardly, with no prior notification. This ad-hoc approach often involves reaching out to team members without warning and asking for updates on a given day, which can result in incomplete information. Without structured reviews, it’s challenging to have a clear understanding of your company’s activities, and your leaders may struggle to provide accurate information.
To address this issue, a comprehensive review day can be scheduled to streamline the review process and enhance meeting efficiency and effectiveness. This approach, known as the “9 AM to 9 PM review,” involves dedicating an entire day to conducting reviews across all departments, with all other routine work suspended for the day.
Steps in Setting the Review Day
Allocate an entire day in the week
It is essential to allocate a full day during the week dedicated to reviewing the company’s progress and performance. This day should be chosen based on the convenience of both you and the company. It could be scheduled for any day of the week, such as Monday, Tuesday, Thursday, etc.
During the review day, all other work should be put on hold to focus solely on the review process, even if it requires dedicating up to 12 hours. For example, if the review begins at 9:00 AM, it should be concluded on the same day by 9:00 PM.
This dedicated review day is crucial because it provides a clear direction for the company, ultimately fostering favorable conditions for growth. It is important to prioritize this day and avoid scheduling any external meetings. Encourage all leaders and stakeholders to gather in one place to participate in the review process.
Define all the departments
Please ensure that you have a clear understanding of all the departments you plan to meet with. Take the time to define each department that you will be interacting with. Examples of departments you may need to meet with include Marketing, Finance, Sales, Production, Purchasing, Human Resources, Technology, and more. It’s important to decide in advance which specific departments you will be meeting with.
Frequency of Review Meeting
When determining the frequency of the review meeting, it’s important to consider the criticality of each department’s functions. For instance, departments like real estate sales and engineering play crucial roles in our operations. Therefore, it’s necessary to meet with them every week to ensure alignment and progress. In contrast, departments such as HR and Technology might not require the same level of frequent interaction due to their lower impact on core operations. Therefore, meeting with these departments twice a week could be sufficient to stay updated without overburdening schedules. Adjusting the frequency of meetings based on the criticality of each department’s functions can help optimize time and resources.
Time Allocation
To efficiently utilize time, it is essential to allocate time for important meetings. For instance, if a decision is made to congregate all leaders, company heads, and executives for a meeting at 9:00 AM, the agenda may include brainstorming, discussing individual issues, and setting the company’s direction. This allows for a focused and productive meeting. For example, consider scheduling the Executive Committee meeting for every Monday morning, followed by planning for the day.
It is crucial to adhere to the scheduled time frame. If the decision is to have the executive meeting from 9:00 AM to 10:30 AM, it is important to ensure that the meeting concludes promptly at 10:30 AM. Having a clear agenda for the meeting is essential to ensure that discussions stay focused and the meeting ends on time, allowing for smooth transition to the next scheduled meeting or activity.
Have Presentation in Ready Format
Make sure to notify all your team leaders in advance that they need to prepare a comprehensive presentation containing all the necessary information. By having them present their findings, you can discern critical areas, identify positive aspects, and pinpoint where attention is required. Establish a structured format for collecting this data, as doing so will help prevent receiving information in a disorganized manner, enabling you to make informed decisions.
You can delegate the task of scheduling presentations to your Executive Assistant, instructing them to arrange the presentations at least two days prior to the meeting. By thoroughly reviewing the presentations beforehand, you can ensure that the meeting is more productive and meaningful.
Have someone to write minutes of meeting and follow up
At every meeting, it is important to designate a person to take detailed notes, or minutes, of the discussion. This individual should promptly compile the minutes after the meeting’s conclusion and share them with all relevant teams. It’s crucial to follow up on the tasks assigned to each team member at regular intervals to ensure progress and address any challenges they may be facing. Consider using your Executive Assistant or personal assistant to assist with following up on the work assigned to the teams.
One’s life may be lost, but a promise must not be broken
Commitments are essential and should not be broken, no matter the circumstances. It is crucial to hold and conduct meetings as scheduled, even in the face of unexpected challenges such as the spread of the Corona Virus. Utilizing tools like Zoom or Hangouts can ensure that meetings take place despite external factors. Fostering discipline within the company regarding meeting attendance is vital for ensuring that they are taken seriously by all participants.
In a real estate business, a typical Monday involves a series of meetings that play a vital role in the smooth functioning of the company. The day begins with an Executive Committee Meeting from 9:00 AM to 10:30 AM to discuss important matters. This is followed by meetings with the approval and marketing teams to review pending approvals and marketing initiatives. Subsequent meetings are held with the construction, sales, and facility management teams to address various aspects such as project progress, sales, and customer satisfaction.
These structured meetings help in keeping track of the overall business operations, facilitating effective communication between different departments, and addressing any issues that arise. Over time, employees become accustomed to this schedule, leading to increased comfort and efficiency in conducting the meetings.
Regular review meetings are crucial for gaining insights into the company’s operations. They provide an opportunity to uncover both positive and negative aspects of the business. It is important to encourage open communication within the team, especially in sharing negative feedback. Instead of reprimanding employees for highlighting issues, incentivizing them to bring problems forward can lead to the development of effective solutions. An example of such positive reinforcement is demonstrated through remunerating individuals who provide feedback regarding customer complaints, ultimately leading to improvements in business operations.
Conducting regular review meetings enables businesses to streamline processes and enhance efficiency. Well-organized systems and reports result in faster information dissemination and a reduction in the duration of meetings. As a business owner, it is important to consider adjusting the frequency of these review meetings based on your confidence in the overall business operations.
Effective review meetings not only contribute to productivity but also help in saving time by minimizing the need for repeated reviews. It is evident that the journey from providing entertainment to ensuring profitability lies in the hands of business owners. By taking regular stock of business operations and implementing improvements based on review meetings, businesses can move towards profitability and success.