Have you watched the “race that stops the nation”, the Melbourne Cup?
The trainer gives a plan to the jockey. The jockey and horse then explode out of the barriers, needing a great start to get into a winning position to compete.
And just like business, you need to be well prepared and have a plan to get to the next stage.
If you start too soon and don’t have the tools and resources you need, you will not have a great start out of the barriers and race up the back straight.
Where are you on the strategy journey in your business?
There are 5 key areas which will grow a business and make it a sustainable business.
The 5 key areas are the Carmalk Strategic Framework – “Get on Track”
- The Barriers
- The Back Straight
- The Home Turn
- The Final Straight
- The Finish Line
Today I am going to focus on the start of the race stage 2 – “The Back Straight”.
The sprint down the back of the race track is a fight for the inside line. You don’t want to be stuck out wide on the home turn—it’s time to use your competitive advantage
- Do you have a plan and a strategy?
- Build your profile and brand, capitalise on the passion of the fan and customer
- Continue to deliver value and maintain relevance
- Set up the governance structure
- Review the staffing structure
- Set the budgets
- Review and create efficiencies
- Set the Key Performance Indicators (KPI’s) and key milestones
- Set 90-day quarterly plans and monitor
- Cultivate a Strong Identity and Strong Leadership
Successful businesses and clubs have a strong, well-defined identity and brand. They know who they are and whom they serve and every investment is made with that in mind.
Successful businesses and clubs define their vision and invest in it.
Successful businesses and clubs invest in their governance.
They get the basics right. They take care to identify and groom the future leaders of the club. They have the right structure to ensure that there is a sustained vision and culture over time. Cultivating the right people and the culture of your club is so important.
Ensure you have a master plan and reinvest in your facilities.
Staying relevant is the single most important thing clubs can do to keep their current members happy and to attract new ones. Top clubs know this and strategically reinvest in facilities and amenities.
This doesn’t mean you have to add new amenities to stay relevant, it can be about keeping your existing amenities in top condition.
Clubs need to focus on racing, dining and entertainment. It’s vital to have a variety of food and beverage offerings catering to a diverse need, as well as having on course accommodation.
Clubs now need an all-encompassing entertainment and accommodation offering as well as a supermarket and shops. They need to maximise the use of their land and their earning capacity.
Plan, plan, plan and set goals and review these regularly. Set up a strong vision and have a detailed masterplan with costings and think outside of the square. How can you earn money while you sleep and 365 days a year not just on a race day? Look at childcare facilities, accommodation, aged care, parking, community hubs, entertainment precincts and night entertainment.
In the next episode, I will be talking about stage 3, the Home Turn and what you need to be prepared to reach the finish line.
Business is a continuous race around the track. Get race ready, business-ready and “Get on Track”.
Is your Business Strategy on Track? Download 5 Easy Steps to Success ‘Get on Track’ Strategic Framework
