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How to Set Business Goals for Your Family Entertainment Center

Rebecca Twomey
Feb 6, 2020 9:40 AM

Whether you’re just about to open a Family Entertainment Center or have been running your business for years, setting and re-setting business goals is crucial if your goal is profitability.

 Why?

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 your time and attention by being intentional about 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, write them down. As you build out your business goals, your end goal will determine the decisions that you make.

2. Create Short-Term, Action-Orientated Goals

Now that you’ve got a handle on the future, it’s time to set the future in motion. Create short-term, action-orientated 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 include:

  • Revenue goals: How will you get to each new milestone? What are your operating expenses and how will you increase profitability over time?

  • Developmental 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 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 systems and 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 get to 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 to 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 with a more aggressive plan and aiming for big leaps on years 1, 3, and 5?

What you achieve is up to you. Creating a timeline and a micro-plan for how you will achieve your business goals is what will get you there.

Other Systems

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 to make it happen.

Bring your staff into the grand plan. Share your goals and timelines so everyone knows what to expect. This will also give your staff something to be excited about and will motivate them to work towards.

Then, be sure to consider what additional systems you can use to ensure that the plan goes to... well, plan.

Using a company PlayBook is a great way to keep your team focused on the end-goal as it is a place to build the bones of your process, best practices, and ways of operating.

You might also consider using sales and marketing 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 scheduling ahead.

Remember, time is money! The more time your staff can spend creating an incredible experience for your guests in-house, the better.

Moving Forward

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 on the image below.

Complimentary eBook: 3 Simple Ways to Improve Revenue at Your Family Entertainment Center

 

 

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