The Challenge: Stunted growth.
Type of Business: Professional Services, Event
Planning
Location: Western U.S.
This company started out as the event-planning department of
a very large enterprise. After becoming independent and being
on its own for 10 years, it was doing well in terms of its profitability.
Each of the event planners was booked solid. Contracts were renewing.
There were consistent margins. However,
the company had one primary
client and hadn’t truly grown in 5 years. Major dependency
on a single
client was hurting their security. An IIB-accredited
associate determined their issues to be:
- Major dependency upon a single client.
- All planners dedicated to the key client. No planners designated
for smaller clients or for
obtaining new clients.
- Business owner tied-up with her own events in addition to
managing planners.
- Business owner not delegating tasks.
- No clear plan for the future of the company.
How we helped:
- Helped owner clarify key goals for the company.
- Replaced one senior planner with a new employee to be cross-trained.
- Created an account manager position and appointed a senior
planner to take over the
management of the staff.
- Hired a second person to take over events owner was working
on personally.
- Reorganized owner’s responsibilities to free up time
to focus on obtaining new clients.
The result: The owner had been trying to obtain
a particular client for over a year. With the new staff
to help
her develop the relationship, the owner was successful. New contracts
are now coming from
the new client, and the owner is laying the
foundation for yet another significant account. The first
steps
the owner took in calling on new prospects have now led to a 5-year
plan for the company and another growth spurt around the corner.
The owner has determined that she now needs a management team to
handle the growth.
Client advised by Carol B.
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