Future-Proof Growth: A Strategic lens for Event Companies in 2024 & Beyond

The landscape of the event industry in 2024 presents a markedly different scenario from the pre-pandemic era. Companies are now navigating a post-COVID world, marked by economic rebounds and shifts in consumer behaviour. In this context, event organisations face the dual challenge of leveraging emergent opportunities while fortifying against future uncertainties. In this week’s article we discuss exactly this and provide a strategic framework in order to achieve sustainable growth in a transformed marketplace.

Growth through service diversification

When considering sustainable growth strategies, many of our clients consider diversifying into various revenue streams, new markets, or alternative event formats.?

The temptation to venture into new and seemingly promising areas as a solution to all challenges is significant, yet it's crucial to approach this with strategic forethought. Diversification should be based on solid strategic reasons, necessitating a robust and ongoing market analysis to pinpoint emerging opportunities that align with the company’s strengths, strategy, and capabilities. Rather than leaping at new ventures just because they present themselves, the focus should remain on leveraging established core strengths, niche, and distinctiveness. This ensures the company remains ahead in its sector, evolving organically with the market.

While diversification can mitigate risks, spur revenue growth, and bolster business resilience, it’s imperative these pursuits do not stray from our fundamental ethos of excelling in our specialisms. Mastery and specialisation in our core offerings are what deliver unparalleled value, refining our expertise to provide unmatched quality and innovation. Hence, prioritising our core competencies is not solely about preserving our brand identity and ensuring optimal resource allocation; it's about cultivating a culture of excellence. This culture champions continuous improvement and deep domain knowledge over a breadth of service offerings, laying the foundation for lasting success and meaningful impact in our industry.

How To Approach New Opportunities

The event industry is experiencing significant fluctuations, marked by unfortunate downturns such as the sudden collapse of major players like Anna Valley, an established AV business. These disruptions, while regrettable, introduce unique opportunities for growth through partnerships and collaborations. Nevertheless, seizing these opportunities demands a structured approach to ensure they complement our core business without endangering it.

This is where the rigour of a business case document becomes indispensable. We, at Kershaw Partners, advocate for this methodical approach to exploration and decision-making. Before embarking on any diversification, we should scrutinise the opportunity through a detailed business case analysis. This involves articulating the project's scope, its rationale, the expected outcomes, timeline, resource allocation, costs, and the anticipated financial returns. Such a disciplined approach ensures that all ventures align with our strategic goals and are thoroughly vetted for feasibility and risk.

Once formulated, these business cases should be presented to a board for impartial evaluation. This process guarantees that every proposal is meticulously examined, with all risks and benefits weighed before any commitment is made. Not every project will proceed, but those that do will have undergone rigorous scrutiny, ensuring they are well-considered and strategically sound.

While I wholeheartedly encourage the pursuit of new opportunities, it's paramount to heed the wisdom in not diverging too far from our foundational activities. Over-diversification poses a risk to our core functions. Thus, our approach should marry ambition with prudence, ensuring our ventures not only promise growth but also align with and reinforce our central objectives.

Strategic Growth Through Systematic Excellence

Strengthening your current position and exploring ways to expand upon the foundation we've already established should be our initial strategy before considering diversification. A common challenge we see is the lack of thorough planning or the complete absence of a strategic plan. Achieving ambitious growth targets often begins with evaluating our business structure to ensure it's equipped to implement our plans effectively. This includes investing time in placing the right individuals in suitable roles, aligning everyone with the company's vision and strategy. This alignment is crucial, as missteps in these areas can significantly hinder progress, potentially introducing toxicity into the company culture or resulting in the loss of invaluable knowledge and contacts when individuals depart.

The significance of having robust systems in place cannot be overstated. Quality systems not only foster ongoing efficiencies within the company but also safeguard against the entry of individuals who may not align with the company's ethos. These systems enable rapid integration and education for new team members, thereby minimising operational disruptions.

Our discussions often circle back to the importance of systems and processes. They are the backbone of a company's value, supporting growth not just in financial terms but in operational maturity and market recognition. Despite the creative and social nature of our industry, which focuses on crafting memorable experiences, it's essential to remember that such creativity must be grounded in discipline. Adherence to well-defined systems and processes is what ultimately enhances the value of the business. It's this disciplined focus on systems and processes that will turn the dial on our company's value, demanding our unwavering attention.

The event industry's future hinges on your ability to adapt, innovate, and maintain a disciplined approach to growth. By prioritising your core strengths while judiciously exploring new avenues, and by embedding systemic excellence into the fabric of your operations, we pave the way for lasting success and impact. As we move forward, let us hold fast to the principles of strategic growth, operational integrity, and the relentless pursuit of excellence, ensuring that our industry not only recovers but thrives in the evolving landscape of 2024 and beyond.

For those looking to discuss their event company and its growth plan, I encourage you to take the next step towards transforming your vision into reality.?

Book a call with us HERE and let's explore together how we can elevate your company's growth.