# Internal quarterly business review · [Portfolio or product] · Q[n] [Year] **Owner:** [Portfolio leader] **Contributors:** [PMs, finance, engineering, GTM leads] **Format:** narrative preferred. If a deck is mandated, keep this order and write page 1 in prose. 1. **Summary and decisions needed** (one page, prose): the quarter in three sentences; the decisions and asks for this review, each with an Approver. 2. **Outputs against the operating plan**: revenue, retention, margin and the North Star against plan and prior year. 3. **Inputs and what moved them**: the controllable inputs that explain the outputs, with evidence. Label unconfirmed causes as hypotheses. 4. **Initiatives**: status (R/Y/G) for each plan initiative, the input metric it moves and the change since last quarter. 5. **Changed assumptions**: which plan assumptions no longer hold and what we propose instead. 6. **Cross-product tradeoffs**: shared resources, dependencies and conflicts only visible at portfolio level. 7. **Top five risks**: from the risk register, with owners, indicators and escalations this quarter. 8. **Next-quarter commitments**: what we will deliver, the metric each moves and what we will not do. 9. **Appendix**: per-product monthly reviews, 6-12 charts, decision log extract, headcount and budget detail. Rule: decisions and asks come first. Nothing in the appendix is required reading.