What is the biggest mistake CEOs & their boards make when master planning?
I bought my home in 2003.
Dad and I went halves as that was the only way each of us could escape the rent trap. It’s a large house with lots of outdoor spaces on a nice big block in Wyoming.
It was perfect, right up until 2012 when things changed. I had met Nick, and we became married needing space for his kids. Plus, I needed a home office. Suddenly, the footprint of the house no longer worked.
We’ve thought about the solution to this problem for quite some time. My preliminary research showed that moving to a larger property was prohibitively expensive, and everyone in the house enjoys the Central Coast address. The other night I got my notepad out and we brainstormed all the daily challenges we faced as an extended family living together, what we wanted to achieve for the future, and the opportunities our property provided.
Whammo! The answer was there all along. Now we are undertaking the next stage, which is getting expert advice on our ideas, drawing up a staged masterplan to move critical rooms (like the laundry) and build extensions on our under-used land assets.
I tell this story as many of us are faced with a venue footprint that no longer works for our business today, or we have under-used areas that we need to turn into an income stream for the future. Any kind of redevelopment can be a stressful undertaking, and many of us get stuck thinking about which direction to take. So where do we start?
Master planning goes together with strategic planning.
We ask ourselves, “What business am I in now, and what business will I lead tomorrow?”
Comprehensive strategic research opens our eyes to what’s happening in the present and possible opportunities for the future. It opens our perspective to new ideas and new business.
Planning gives us a road map to equip ourselves as leaders, and our organisation with the skills, processes, and partnerships to ensure success during and after a redevelopment, or when a new business is created.
It’s an exciting time to be a director or CEO as the not-for-profit and club industries experience radical change.
The same way that shopping centres are transforming, clubs have unlimited potential to drive new business, and re-imagine their way forward. Not-for-profits are finding new ways to generate fee-for-service businesses.
CEOs and boards have an opportunity to shine by demonstrating their ingenuity and foresight.
One small strategic step today can be one giant leap in profits for the club or service provider tomorrow. If you don’t have a strategic plan, or your strategic plan is limited in scope, the small step starts with saying, “come and see my business; talk to me about the way forward”.
Don’t let a perceived lack of funds deter you. With our preferred partner, Maddens Project Managers and Quantity Surveyors, we have been working with clients who have pots of gold, to clients who have nothing but land. Every CEO we talk to has a desire to shore up their club’s or not-for-profit's future financial security and to stand out from the pack.
The biggest mistake I see CEOs make is redevelopment, new development, or new business with no plan and no advice.
No plan to manage communications to members and the community, no plan on how they will achieve a return on investment, no plan to create and manage a new line of income, no plan on marketing, and no plan to improve the board and management’s ability to govern and manage a complex business, no recruitment plan.
I see boards and CEOs get it stuck in their heads that their idea is the only idea, and don’t take the time to research facts and listen to the experience of experts.
No matter if you're struggling today or thriving, new development takes more time than you would expect. Talk to either Steve Madden or myself today.
SHAYNE LESLIE | email@example.com
0412 241 773
Madden Project Managers and Quantity Surveyors work with Clubs, Pubs, Residential, Retail, Aged care Disability Care,Energy supply, Heritage and environmentally sensitive sites, and more. See their website at www.maddenqs.com.au.
Integrated Governance specialise in governance, strategy, and recruitment for registered clubs and not-for-profits. www.integratedgovernance.com.au.