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While Thrive Advisors liquor store consultants aren’t financial experts, we do have operational expertise that can fine tune your annual strategic plan. In this blog post, we provide a brief overview of strategic planning and describe how liquor store consulting services can help.
What is an Annual Strategic Plan?
An annual strategic plan is a road map for achieving your liquor store’s goals. A strategic plan includes:
Mission statement
The mission statement is the company’s “north star”, defining the organization’s purpose and values.
Goals
Goals are specific, long-term objectives that help shape strategic decisions, actions, forecasts and budgets. Goals should be measurable. Examples: “Increase annual revenue by 10%”, “Reduce employee acquisition costs by 15%”, “Decrease operational expense by 5%”.
Past performance analysis
A thorough review of the past year’s performance helps determine areas for improvement and clarifies your strategy. Performance analysis identifies successes, shortcomings and trends.
Budget
A budget ensures resources are allocated in a way that supports your goals. A budget usually includes projections for revenue, expenses, cash flow, and profit.
Measurable actions
A strategic plan outlines steps for achieving goals. Actions usually include timelines, action ownership, and a way to measure outcomes.
Periodic review and plan update when necessary
Strategic plans are usually flexible and can change. A quarterly review evaluates progress to date and allows your business to adapt its strategy to achieve both quarterly and annual goals.
Strategic planning sources
“How to Write a Strategic Plan”, Business Development Bank of Canada, October 4, 22.
“Strategic planning”, Wikipedia.
“A How to Guide for Creating a Business Budget”, Bench, September 23, 2022.
How Liquor Store Consulting Services Help Achieve Strategic Plans
Most liquor store principals first contact Thrive Liquor & Cannabis Advisors when they are starting a liquor store and need a BC liquor license application. Though liquor licensing is our core service, we also have operational expertise – the nitty-gritty details of running a successful retail liquor business.
Our consultants provide ongoing guidance, analysis and recommendations that can make your strategic plan come to life.
Liquor license compliance audits and training
Your BC liquor license is a golden ticket that needs to be safeguarded. Compliance infractions can be costly and time consuming. We ensure your operation continues to meet licensing terms and conditions by providing compliance audits and compliance training for managers and associates.
Inventory analysis and optimization
Our consultants analyze inventory to identify categories and SKUs that are performing well or are underperforming. We help create inventories that meet demand and align with goals.
Store layout consulting
A consultant can evaluate your liquor store layout to improve traffic flow, maximize product visibility and increase sales.
Employee acquisition
Hiring liquor store employees is easy; hiring the right liquor store employees is a challenge. If your liquor store is experiencing high turnover or your new hires lack experience, it may be a sign that your employee acquisition, onboarding and training practices need a makeover. Our consultants write effective job descriptions, evaluate prospective employees, and provide compliance training.
Liquor Store Consulting that Works
Thrive Advisors liquor store consultants have operational expertise to help you implement strategies that achieve your goals. By addressing fundamental operational needs like compliance, inventory, layout, and employee acquisition, we can help your liquor store realize its strategic goals in the coming year.
