Now that your distillery’s been in business for a few years it’s the perfect time to reflect and create a strategic plan that’ll set you up for future success. With a strong sense of self and an understanding of what you’re doing well, owners should be well positioned to turn this experience into a plan that fits their definition of success.
In the latest video from Park Street University, Scott Schiller, managing director of Thoroughbred Spirits Group, explains how you can leverage the experience and data you’ve collected building your brand into a strategic plan. Schiller highlights both the importance of making a plan and the key tenets owners should pay attention to when evaluating themselves. Having worked with a variety of distillers, Schiller demonstrates how being self reflective can go a long way. He’ll give you the necessary criteria for evaluating the status quo of your business and even dive into his own personal experience formulating plans to help distilleries eventually get acquired.
“There’s simply far too much competition in this industry to not be critical of your business” says Schiller. “If you’re not mindful and watching your homefront, somebody else is.”