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Situation
A venture-backed, rapidly expanding $25MM digital marketing agency with a goal to grow $100MM in four years came to PVG with a need for a strategic plan. While the agency had a strong management team in place, the CEO was looking to an outside resource to help facilitate the planning process.
Solution
PVG began a multi-phase planning process in September 2006 with a SWOT analysis and initial strategic objectives. Financial projections followed in October with functional goals for each department outlined in November. By the end of the year, a final formal plan was presented to the Board of Directors. In January 2007, PVG began facilitating quarterly update assessments with each department head with P&L responsibility to assess actual performance in relation to their functional goals.
Impact
With well constructed goals and objectives, the entire management team bought into the plan. By working within a proven framework to develop financial objectives, PVG helped this client align elements of strategic planning with performance and compensation. While revenue grew by 30% and profitability improved by nearly 50%, perhaps the most important outcome for this client is an ongoing strategic planning process that can evolve with their business.