Strategic Planning
Strategic planning is the process of envisioning to a point in the future, and then translating this vision into defined goals or objectives with a series of steps to achieve them.
Strategic planning in an event context involves looking at where you would like your event to be at a certain point in the future and then setting goals and steps that will help you reach that position, taking into account the event itself, as well as the environment it operates in.
Strategic planning helps to focus energy and resources, strengthen operations and ensure that stakeholders, employees and volunteers are moving in the same direction by working toward common goals.
Effective strategic planning also guides not only where an event is going and the actions needed to make progress, but also how you will know if it is successful.
Tips:
Strategic Planning Process
The event strategic planning process is a continual process of three stages:
- Think – about your opportunities, threats, capabilities, goals and vision for the future.
- Execute – the development, design, communication and implementation of your plan.
- Evaluate – how successful you have been and keep exploring how to improve.
Strategic Plan
The Strategic Plan is a document used to communicate (both internally and externally), the key components of the strategic planning process.
- Take the time to make the planning process as effective and valuable as possible.
- Keep it simple by summarising the plan down to a single A3 page with clear direction and priority outcomes. Download a template here.
- A good plan must be implementable – consider the resources required for implementation and set realistic and achievable goals.
- Include clear milestones to assist with tracking your progress and are measurable.
- Strategic plans should be a living document that can be updated as part of a regular review and renewal process or as a priority when required.
- Strategic plans should be developed and maintained in the context of long-term planning (3 – 10 years).
Business Plan
Business planning is a process of creating, communicating and implementing an operational roadmap to guide your actions, policies and decision-making which should align with the strategic plan and assist in its implementation.
- A Business Plan is a document (or set of documents) which outlines the directions, actions and implementation schedule and is typically focused on short term operational planning (1 – 3 years).
- Business plans guide the internal operations of an organisation:
- to summarise its operational and financial objectives (1 – 3 years), and;
- to show how these objectives will be achieved and monitored.
- A business plan is continually modified as conditions change, and new opportunities and/or threats emerge therefore, you should build in review and renewal processes to the plan.
- For medium to large events strategic and business planning is often mandatory. Entities operating these events are often required by partners (such as local and central government), banks and insurance companies to have robust strategic and business plans.
Strategic Event Growth
Growing your event at a sustainable rate is important for longevity and stability, while taking advantage of any opportunities for larger leaps when they appear is also of strategic importance. Identifying the key elements for growth within a timeline can help to build a bigger picture of the journey, while leaving room for flexibility and the ability to pivot where necessary.
Growth Parameters | What type of growth?
Key questions and considerations when determining your growth parameters:
- What kind of growth are you looking for and why?
- What will this enable you to do?
- How does this align with the event's strategy/strategic plan and your purpose/vision?
- What are your stakeholders looking for – how will it advance their objectives?
- What is the market potential?
- What are the parameters / timing of desired growth / current capability / risk appetite?
Objectives
Examples of key objectives include:
- Revenue growth – grow event revenue by X% by XXXX
- Profitability – average profit / surplus margin of >X% achieved by X and sustained
- Revenue certainty – X% of total revenue forecast is confirmed by XX
- Financial sustainability – sufficient reserves to cover XX days of operation and fund strategic initiatives
- Participation and attendance – increase attendance (free / ticketed) and grow engagement
- Grow visitation – increase out of town / region attendance and participation to X% of total by XXXX
- Brand and profile – awareness and engagement of event increases by X% by XXXX
- Format – develop, deliver on, and expand format (programming, days, locations)
- Model optimisation – model is optimised to maximise commercial return and minimise risk
External Analysis
Some Key Trends that can drive or slow down the growth of your event include:
- Political
- Change in government, new policies
- Reduction in public sector spending
- Increased demand on central and local government funding
- Event staffing constraints
- Economic
- Economic recession
- Widespread cost of living challenges – less discretionary spend
- Impact of inflation driving operational costs up
- Lack of supplier competition / availability
- Social
- Changing demographics (attendees / participants and volunteers)
- Demonstration to diversity, inclusion and accessibility are key
- Consumer focus on wellbeing, healthier lifestyles
- Rise in influencer culture driving decisions
- Technological
- Influence of technology on attendance / participation / event experience expectations
- Changing consumption of media
- Video content key
- Mainstream adoption of AI
- Legal
- Health and Safety legislation
- Safeguarding data in line with privacy laws
- Environmental
- Sustainability a key focus
- Consumers' growing awareness and prioritisation of environmental and ethical considerations
Internal Analysis
Key questions and considerations for internal analysis:
- Financial position and performance
- Revenue Model
- Assets
- Partnerships (e.g. commercial / funding / philanthropy)
- Capability and capacity
- Market potential and trends
- Event positioning / competitor analysis
- Strategic partner alignment (e.g. RTO and Council)
S.W.O.T Analysis
S.W.O.T. Analysis is a powerful tool to review the position you and your event are in, both internally and externally.
- Strengths [Internal]
- Examples include: Growing participation / attendance; high profile / strong brand; high satisfaction / stakeholder feedback; supportive partnerships; profitability / cash reserves.
- Weaknesses [Internal]
- Examples include: Weak financial position; confusing value proposition; limited marketing and promotion; resourcing and capability constraints; venue/infrastructure challenges.
- Opportunities [External]
- Examples include: Target partner categories motivated to invest; untapped funding / philanthropic funds in region; demand / market potential for event / expansion; technological advances / integration; new audience segment / niche.
- Threats [External]
- Examples include: Increased competition; funding constraints; rising operational costs; exiting / challenging to attract partners; reliance on volunteer base.
Types of Growth Opportunity
High-Potential Opportunity Identification
Growth Strategy | How we will achieve growth
Key Actions and Phasing
- Setting up for success
- Confirming the what/when/who/how
- Identifying key actions
- Identifying and securing resources
- Measurement consideration – how do we know that this is succeeding
- Launch and building momentum
- Launch
- Ongoing optimisation of efforts – guided by data insights
- Identification and engagement of existing and potential commercial partners.
- Accelerating
- Reviewing growth strategy
- Reinvesting retained profits and leveraging efficiencies to unlock further growth
- Identifying new opportunities for growth
Key Enablers – What we need to succeed
- Capability and capacity: The right competencies and resourcing (internal and external) in place to maximise growth potential.
- Financial resources: Ability to access funds or leverage additional revenue opportunities to pursue and implement growth framework.
- Compelling value proposition: Events must be compelling for participants and stakeholders to engage with, and partners to align to.
- Partner and funding framework: An overarching strategic approach, rather than tactical and transactional, that optimises partnership and funding revenue.
- Key stakeholder engagement: Stakeholders and Partners are aware, engaged and supportive of strategic growth objectives.
- Event measurement: Adopting a pragmatic approach to event measurement provides a baseline and supports future growth opportunities and goals.
- Growth mindset and culture: An ongoing commitment to event growth and sustainable success.
Useful Links:
- Strategic Event Growth – Plan on a Page | download template
- Strategic Plan Structure – download template
- Summary Strategic Plan – download template
- Business planning tools and tips (business.govt.nz/business-planning-tools-and-tips)
Have you considered?
- What are your short and long-term goals and objectives for your event?
- What are your strengths, weaknesses, opportunities and threats?
- How do you intend to achieve your long-term goals and objectives?