Super Bowl XLVI-Business Planning at Its Best

http://jakesdtvblog.blogspot.com/2011/02/indianapolis-super-bowl-logo-revealed.html

This week I came across an article in Sport Travel magazine.  While the cover story of the January 2012 issue is not directly related to creating business plans, it does bring to home why it is so important to set goals, make action plans, and gain an understanding of the business. Just as the owners of Growthink try to help their customers realize, the approaches by the NFL and city of Indianapolis on improving the Super Bowl experience are based on the key principals of why planning is important.  This is being said, to me, it was a perfect example of why business plans are necessary-not only for start-up but also in times of growth or restructuring.

The article goes in depth at how the NFL has looked at it’s past Super Bowls, what worked good well and what didn’t work at all.  The most interesting part to me was what this year’s host city, Indianapolis, has done to ramp up the customer experience with not only Super Bowl XLVI but also future events in mind as well.  The NFL created a customer service approach to improve on training volunteers and event staff, spreading out representatives both outside and inside the stadium to direct fans, and for the first time opening the Super Bowl Media Day to 8,000 fans. 

Indianapolis itself however, has transformed downtown into a Super Bowl Village.  Host committee chairman, Mark Miles, said, “We looked at our assets and tried to be objective about our strengths and weaknesses.”  Knowing the weather in Indiana could be unpredictable and somewhat unpleasant in early February, they still chose to take their compact, walkable “downtown atmosphere and assets and turn it into something that Super Bowl visitors and residents of Indiana could embrace and enjoy.” Outside of the Super Bowl, changes made downtown and expansions to key areas such as the Indianapolis Convention Center will attract companies and organizers looking for the next place to hold their event. 

What Indianapolis has done that many cities have not, is realize that they need to play to their city’s strengths, make their offerings unique, and think towards the future.  They have an understanding of their competition, market, and the need to push the bar just a little higher.  All of these are the same components that go into making a successful business plan and are pieces that I will take with me as I journey into the business world.  From Growthink's emphasis on using business plans as a resource in creating strategies to the NFL and Indianapolis's approach in understanding their market and the need for change, it is without doubt that I will use their experience while developing my own ideas and forming them into business plans in the future.

Related Links:

http://www.sportstravelmagazine.com/

http://visitindy.com/

http://www.icclos.com/

http://www.nfl.com/

To Plan or Not To Plan, That Is the Question

So you have a great idea for a business, but now how do you make that vision reality?  Many experts say the first step when considering starting any business is to create a plan.  However, others believe it is really only a necessary evil to gain financing and investors.

As the popular NBC show, Americas Great Next Restaurant, has proven to us, a business plan can help both a company and potential investors to understand all aspects of their operations prior to opening. The show’s primary investors, Bobby Flay, equally famous for his celebrity chef status as Steve Ells is for his Chipotle restaurants, are no strangers to identifying talent and opportunity.  They are not just looking at if a restaurant can turn a profit but also the person behind the idea and their ability to successfully develop a concept.

A business plan can help a company to identify weaknesses in areas such as:  leadership and market feasibility as well as strengths such as: competitive environment and growth opportunities.  In a sense, it can help to determine if the idea you believe to be unique and great is truly worth pursuing.  It also gives you an opportunity to make adjustments and correct mistakes that can often result from under-planning.

The owners of the consulting firm, Growthink, have been helping entrepreneurs “successfully start, grow, and/or exit their companies” since 1999. Co-founded by Dave Lavinsky and Jay Turo, Growthink’s business plans have been featured in magazines such as Fortune, Businessweek, and Forbes.  The company not only provides services focusing on finding and securing investors but also “developing a strategic road map”.  They help their clients to set goals, make action plans, and gain a complete understanding of their business.  Probably the best summary supporting why a business plan is a good idea is their list of 20 Reasons Why You Need A Business Plan.