Questions

I run a small video production agency (newevolutionvideo.com) and professional studio rental (dk3studios.com) and would like to know how to create a good strategic document that can power my companies to the next level. Every time I try to create one I get writers block or some sort of frustration along with lacking the necessary skill set to do this properly. Any resources or assistance would be welcomed. Thank you

Divide your task in multiple steps. Then tackle each one individually.

First, think on how the industry (in your case professional studio rental, but also production agency) is developing in the next years. Think of the context, competitors, new technologies (in video production - AI generated production for example).

Second, think where you want your companies to be in the next 1, 2, 5 and 10 years. Be specific! Think of KPIs that are important to you - be it market share, growth rates or anything else concrete. Please don't think of number of employees or other secondary measures (obviously, you need to have enough employees to cover the business, but the actual business is important, not what you need in order to run it, this comes later).

Third, think what measures you need to take in order to avoid the pitfalls from your research in the first step, and what measures you need in order to accomplish your second step. Try to bring them together and make sure they don't clash (an example would be: you know a new technology is being developed that can revolutionize the camera tech - and you want to have a decent market share for your rental business - obviously you need to plan in advance to get the new tech early, perhaps talk to the manufacturers?). In this step create actionable statements, like the example I gave you earlier.

In the last step go ahead and create quotable mission goals for your employees, website, board meetings etc. - put them somewhere where you can see them. You know what stands behind them so you can easily explain them to your employees and colleagues. These together with the document you created (and the actionable statements) should be your guidance. Of course, you need to monitor, update and improve this document every so often. My recommendation is at least every 3 months.

Hope this helps! If you need more details, something is unclear or just want more personalized feedback you are welcome to give me a call!

Best of luck to you,
Dragos-Cristian


Answered a month ago

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