Over the next few months, we’ll take an inside look at how the NSCA 2017 Excellence in Business award winners have adapted to the constantly changing industry. The story of Live! is next on the list. For its ability to develop new business strategies while supporting its core business, Live! was named an NSCA 2017 Excellence in Business award winner in the Business Performance category.
Facing dramatic and constant industry change, Live! recognized the need for a creative, innovative departure from how its business had thrived so far. The needs of clients were shifting, and the implementation of emerging AV technologies requires anything but “business as usual.” The company wanted to extend and defend Live’s core business while building new and emerging business areas.
To begin this transformation, Live!’s systems integration division brought its entire team together to develop a new model: “Define, Design, & Deliver.” This model represents an easy-to-understand view of project phases – end-to-end consultation, service, and support – without using overly technical jargon, helping customers understand what it’s like to partner with Live!.
The company also redeveloped its mission, vision, and values statements, gathering input from each associate along the way.
Establishing a Foundation
To identify new trends, and turn opportunities into initiatives, Live! researched industry data and publications for tried-and-true strategic tools, such as McKinsey’s Three Horizons of Growth, Porter’s Five Forces, and the Competitive Profile Matrix, that could offer guidance on managing for current performance while maximizing future opportunities for growth.
To support its core business while simultaneously establishing new areas of service, Live! focused on leveraging existing project management, increasing service/maintenance contracts, continuous improvement in quality and efficiency, reducing excess capacity, and increasing programming and design jobs.
Connecting with Customers
To support clients’ ever-changing needs, the company launched an annual Live!Con event. Live!Con provides a forum for clients to enjoy information from expert speakers, receive hands-on training, and browse a showcase of vendor products and services. The event increased the visibility of Live! on several fronts, positioning it as an educational resource for customers.
Creating Valuable Contributors
Live! also re-examined its hiring methods, choosing to extend the interview process. This change has produced new hires that become valuable contributors within a very short period of time. Training and certifications are given top priority to increase employee engagement, support employees’ passions, and hone top-notch skills.
Hard Work Pays Off
The cumulative results of this work have been dramatic growth, an increase in revenue, and outstanding employee engagement. Experiencing three consecutive years of double-digit growth, Live! saw 45.3% of this growth occur in 2016. Its gross profit percentage also improved by nearly 5 points.
Live! hasn’t lost a client since 2013, suggesting that its client-retention efforts continue to be highly successful.
“Building on the critical foundation of employee engagement, strong processes and procedures, and an unwavering commitment to quality, a solid visionary business strategy has provided us with a sustainable, growth-oriented culture,” says Live!’s David Mead, CTS, strategic sales and corporate trainer.
In case you missed other stories about how the 2017 NSCA Excellence in Business award winners made business changes to adapt to the constantly changing industry, check them out here: