Run Quarterly Business Reviews
Until 2015, LinkedIn used to run weekly and annual meetings, which assembled executives and leaders from each part of the business. The weekly meetings offered the opportunity for each team to spend a handful of minutes giving a short update on their main accomplishments/objectives. Their annual strategy reviews served as a deep analysis of each business line. However, the executive team didn't have any sort of review process in between their weekly and annual meetings.
LinkedIn introduced quarterly business reviews (QBR) in 2015 as a way to run a deep analysis every quarter in which the broader executive team and the company's seven business lines come together to ensure they are aligned on performance, strategies, priorities and issues.
Holding QBRs has proven to be very beneficial to LinkedIn:
- They help understand performance and key success factors.
- They allow you to make on-the-go corrections: executives give feedback/recommendations to teams on a more regular basis, so corrections can be made when there's still time. Problems can be solved on the spot.
- They serve as a way to align priorities across the company.
- They allow executives to evaluate the team's leaders and help them improve.
Every quarter, the leaders of each part of the business have 1-3 hours in total, distributed over two days, to present to the executive team.
Make sure all members of the executive team are on the same page
Before the process starts, you have to ensure that the executive team is aligned on the objectives and goals of QBRs. There must be a consensus regarding the importance of QBRs and how the process is going to be carried out, and they must communicate this to all business lines.
Provide a schedule to teams two months before their presentations
By informing teams of their schedule two months in advance, there is no place for confusion and they have plenty of time to prepare their documents.