Getting it Right

Greetings of the week to you all and welcome to our blog.

Many businesses start small and grow over a period of time. Likewise in the Event business, many established businesses today started from a very humble beginning.

What aspect of the event business did you start with? How has it faired? Do you have any plans for growth? Yes you must because any business that does not grow dies over time. Indeed it is not only in business, in life anything that does not grow is technically dead.

So this week let us discuss some growth roadmaps that you may consider in your event business.

 

Human Capital: Capacities in business can be expanded by bringing in fresh hands to drive the affairs of the organisation. This could be in the areas of Business Development, Sales and Marketing, Operations, etc. The aim of employing more people is to bring in more business. This process must be handled carefully to avoid introducing redundant work force.  Each new intake must have clearly set out measureable deliverables to ensure that targets are met within the defined timelines.

Forward Integration: An event planner can apply this strategy for business growth. For instance the planner can create a concept for an exhibition, annual conference, concert, shows, etc. Once the idea is properly sold to the right sponsors, participants or customers, it may go on to become a very popular annual event.

Backward Integration: This is another strategy that an event planner can adopt. In this approach, the planner may decide to introduce a new business service into the mix. It may be rentals, decoration, catering, ushering, etc. as the case may be. The important thing is to identify an area that fits your business goals and objectives and go ahead to deploy the necessary infrastructure that will make it successful.

 

 

Geographical Expansion: This is a market development strategy. Finding new market for your existing business is a fantastic growth plan. It could mean finding new locations in your present environment, seeking new outlets in another town, state or country. However you decide to expand, ensure that you put in place the necessary logistics to support the solid take-off of then new venture.

Online Services: Many event planners have websites but these websites are not optimized for online real time services. I have tested a few websites that have the contact us link and I never receive any response from some of them. The ones that responded did so after a long time has elapsed. Gearing up for online services is a serious business. You have to provide the necessary details to ensure that customers receive response online and in real time. And there are customers out there to be serviced online. This is a good area to focus your business expansion attention.

 

There are a whole lot of growth strategies to consider in your business. Whichever way you decide to go. Best of Luck