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Here’s How I Grew Five Businesses, and Eventually Sold One to a Fortune 500 Company.
Developing and Deploying a Strategic Plan: an Entertainment Company
This week I am writing about Developing and Deploying a Strategic Plan. A Strategic Plan is an evolving, written plan that sets forth the vision, mission, and values of your company, long and short-range goals, and KPI’s to measure progress.
I have been writing a few posts about some of my hero clients and how we are able to achieve significant results from our work together. We use 36 Coaching Modules, which are areas within your business under the categories of Growth, Profits, and Freedom. When we improve your performance in these areas your business will run better.
Brian’s Entertainment Business
I have been working with Brian, this week’s business hero, the owner of an Entertainment Company (and several other of his businesses) for a few years now. When I met Brian he was relatively new in his business and he was considering the possibility of selling it due to low performance. Brian filled out our Coaching Module Scorecard which measures businesses in 36 areas under the categories of Growth, Profits, and Freedom. We determined that we should immediately develop and deploy a Strategic Plan. This is a tool that we develop for nearly every client that we work with.
The Strategic Planning Process for an Entertainment Business
Brian filled out a personal and business questionnaire and returned it to me prior to our planning session. Then we met for 2 hours to work on his personal vision and values and life goals for him and his family. Then we developed his business vision, values and mission, one year and five-year goals, and action plan for reaching his goals. Finally, we met with his team so that we could deploy Brian’s vision, values, and mission to them and get their buy-in and involvement.
Tactical Marketing For Brian’s Entertainment Company
We decided to target large corporations that do events; Brian began doing pro-bono work for large charities. We also focused on working in hospitality industry associations and with city officials to develop relationships and joint venture partnerships.
Employee Acquisition for Brian’s Entertainment Company
Finally, we worked on developing an employee hiring plan to allow his business to grow without overworking Brian. Since Brian’s business was very small at that point, and Brian had some relatives who had available time and skills to help his business, we recruited them. We also added some independent contractors to help with Brian’s events.
Results for Brian’s Entertainment Company
The result was dramatic growth and more time off for Brian. Here’s what Brian said;
“I’ve tripled my revenues and my infrastructure allows me to travel out of town without worrying about the business.”
Congratulations to business hero Brian for his rapid success! He is enjoying more time for his passion of traveling while his business generates a good income for him. Developing and Deploying a Strategic Plan was a crucial key in reaching his personal and business goals.