Strategy Review Meetings – Insights from Balanced Scorecard Forum 2011
The first day of the Balanced Scorecard Forum 2011 in Dubai debuted with three Pre-Forum Workshops:
- Executing Strategy with Balanced Scorecard – facilitated by Aldo Labaki & Roberto Wyszkowski, Palladium UAE;
- Strategy Audit – Getting the Starting Point Right – facilitated by Alan Fell, Alan Fell Consultancy, UK;
- Strengthen Your Organisation with “Lean” Principles – facilitated by Alan Power, MPower, UK.
In the Pre-Forum Workshop A – Executing Strategy with the Balanced Scorecard, the two facilitators presented the theme “Managing Strategic Performance through Strategy Review Meetings”. Some key aspects highlighted during this workshop were:
- The Key Roles in the Strategy Review:
- Objective Owner has the overall accountability for progress against objective;
- Measure Owner is accountable for collection and analysis of data;
- Initiative Owner is accountable for achievement of initiatives;
- Office of Strategy Management (OSM) is responsible for driving performance measures and managing collection of analysis data, preparing agenda for the meetings and the report.
- The monthly (or quarterly) cycle for Strategy Review contains the following five steps:
- Collect data – determine appropriate data sources, pull and compile the data;
- Preliminary analysis – determine performance status, select and justify judgment for KPIs and initiatives;
- Prepare report – gather all report information from Objective, Measures and Initiatives Owners, synthesize the status indicators and prepare the key organizational analysis required to accurately depict performance to strategy;
- Conduct Strategy Review Meeting – based on the agenda proposed by the OSM;
- Decisions and actions log – to follow up on the meeting.
- The Strategic and Operational Reviews require two different meetings, covering different topics:
- Strategic Review covers topics such as: performance of strategic objectives, correlations and root cause analysis and reporting and initiative reviews;
- Operational Review covers topics of budget reviews, theme and initiative reviews, issue identification, review operating measures.
- Strategy Review Meetings: main guidelines to design these meetings are:
- Link Strategy Review Meetings to Operational Reviews;
- Create the strategy review team;
- Establish the frequency of meetings by issues or themes;
- Establish the reporting approach;
- Analyze and learn by using cause – effect analysis (Palladium UAE, 2011).
In their latest book, The execution premium: linking strategy to operations for competitive advantage, Kaplan & Norton (2008) make a classification of the management meetings in three different categories:
- Operational review meetings – dedicated to short-term financial and operational performance;
- Strategy review meetings – dedicated to monitoring strategic initiatives and the Balanced Scorecard;
- Strategy testing and adapting meetings – focused on assessing the hypothesized cause-effect logic.
A key aspect emphasized upon by both Dr. Kaplan and Dr. Norton, in their book, and the Palladium UAE facilitators, in the Pre-Forum Workshop, is that the Strategy and Operational Review Meetings serve different purposes and should be organized separately, for receiving the right attention.
- Kaplan, R. & Norton, D. (2008), The execution premium: linking strategy to operations for competitive advantage, Harvard Business School Publishing Corporation, USA.
- Palladium UAE (2011), Pre-Forum Workshop A – Executing Strategy with the Balanced Scorecard, Balanced Scorecard Forum 2011 in Dubai.