Now is a great time to set business goals for your family entertainment center. It's a new year and a fresh start for all of us, so if you haven't done so already, we recommend that you set yourself up for success by brainstorming some new goals and developing a plan of action to achieve them!
Well, time and time again we see that those who plan and continue to adapt are the most successful. And folks like Warren Buffet, a man who has grown an empire across many verticals, believe that focus is the key.
Focus on what produces results. Focus on what is most important. And this starts with your business goals.
How to Set Business Goals for Your Family Entertainment Center
Let’s explore how you can focus on being more intentional with your business goals.
But first, grab a piece of paper or create a Word document to document each of the areas below.
1. Begin with the End in Mind: Your Long-Term Plan
As with all great things, if we don’t consider the end, we’ll find ourselves stuck.
Your first task is to document your end goal. Do you want to build a business that grows and is profitable for generations? Perhaps you’d like to pass the business down to your children and grandchildren.
Or, perhaps your goal is to build a Family Entertainment Center concept that grows into a multi-location or franchise. You might be considering how to replicate your business again and again (if this is your path, be sure to pick up a copy of E-Myth Revised by Michael Gerber!).
Whatever your intentions are, write them down. As you build out your action steps, your end goal will act as a true-north for your business and help you prioritize.
2. Create Short-Term, Action-Oriented Goals
Now that you’ve got a handle on the future, it’s time to set the future in motion. Create short-term, action-oriented goals that will get you from A to B, then from B to C.
Some areas of your business you’ll want to create action plans for are:
- Revenue goals: How will you reach your milestones? What are your operating expenses and how will you increase profitability over time?
- Operational goals: How will you continue to develop your staff as you grow? How will you scale the business and adapt each area of the business?
- Sales & marketing goals: How will you stay up to date with marketing and social media trends? What systems will you use to track business from different marketing avenues? How will you improve your sales and up-selling efforts?
- Facility improvement & technology goals: How will you continue to innovate as the years pass? What new attractions will you add? How will that impact your sales and marketing efforts? And what about technology? How will you account for the need to continually add new or upgrade systems?
As you respond to the areas above, you’ll likely think of many more goals that you’ll need to focus on in order to achieve your end goal. As you do, be sure to write them down!
3. Implement Systems for Growth
Now that you’ve documented your business goals, it’s time to set them in motion by implementing systems that'll make your goals a reality.
The first system is easy: a simple calendar will do.
Build a timeline and determine where each step of your plan should fall. Are you looking to hit revenue milestones on years 1, 5, and 10? Or, are you working on a more aggressive plan and aim to make some big leaps on years 1, 3, and 5?
Creating a timeline and a micro-plan for when you'd like to achieve your business goals is what will get you there.
It’s important to remember that you won’t get where you’re going alone. You’ll need a dedicated staff and people in your corner that will help make it happen.
Bring your staff into the grand plan. Share your goals and timelines so that everyone knows what to expect. This will also give your staff something to be excited about and motivate them to work towards.
Then, be sure to consider what additional systems you can use to ensure that the plan goes as planned!
Creating a company PlayBook is a great way to keep your team focused on the end-goal as it is a place to store the bones of your process, best practices, and ways of operating.
You might also consider using sales and marketing automation tools to help you grow business without as much manual effort. Systems like Party Center Software for online party booking and digital waivers will save critical man-hours that might be otherwise spent playing phone tag or digging through a stack of papers.
Tools like Mailchimp or Constant Contact will help your staff to automate email efforts. And social media scheduling tools like Sprout Social or Hootsuite will save you loads of time on your social efforts by allowing you to schedule ahead.
How to Use Instagram
To Grow Your FEC Party & Event Revenue
Remember, time is money! The more time your staff can spend creating an incredible experience for your guests in-house, the better.
As you grow, don’t forget to return to your business goals again and again. In fact, we recommend reviewing them each annually to keep them fresh and re-align any old or outdated ideas.
Want to get started increasing revenue today? Download a free copy of our guide, 3 Simple Ways to Improve Revenue & Book More Parties at Your Family Entertainment Center by clicking here or below.
3 Simple Ways to Improve Revenue at Your FEC
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