The Indian Exhibitions Industry is all set for a rewarding period of rapid expansion and explosive growth. The next 10 years would see a major transformation of the sector and necessitate a transition from an entrepreneur setup to a corporate setup for most business owners. This article focuses on ten essential strategies which a business owner must adopt while planning for their next phase.

Change of Mindset for Changed Business Environment

The Exhibition Industry is in for interesting times. All over, Corporates are keen to meet their customers and find exhibitions as an ideal marketplace. Central and State Governments too are busy launching new exhibitions all the time to showcase business opportunities in the upcoming sectors.

Nonetheless, these are confusing times for the Exhibition Contractors too. The last few years have seen massive shrinkage of workmen in the sector and yet the demand continues to grow.

Stand Builders: ▶ Where am I? Current positioning ▶ Where can I reach? Dreams / Aspirations ▶ What resources can I garner? Enterprise Planning ▶ Who can I trust? Team Building

Human Resource Planning

Great Teams deliver great results. All business owners need to create a reliable in-house team for ensuring good project execution. While working with freelancers can be cost-effective, it is time to lay solid foundations for the future by making investments in HR. Please evaluate what essential full-time staff you require in your core team. Every Dream team should at least have: ▶ ONE Planning Expert for thinking through each project execution ▶ ONE Operations Expert for onsite execution ▶ ONE Finance Expert for managing your working capital ▶ ONE HR Expert for managing teams ▶ ONE Superman for last-minute crisis management

There is NO FIVE-IN-ONE Human available for handling all the portfolios.

Essential Investments

It is also vital to look at essential investments your business needs to make. Please evaluate your requirements for: ▶ Warehousing & Workshop premises ▶ Computers / Printers ▶ Licensed Business Software ▶ Professional software for 3D Animation, Designing, Walkthroughs

You can consider business leasing vs buying real estate. Software-as-a-Service models, Pay-as-you-use service models can also help you optimise your cash flows.

Work Planning

Failing to Plan is equivalent to Planning to Fail. Future Business will thrive on proper planning for each project. Before you accept any order, find some time to answer these questions: ▶ Why am I accepting this order? Profit / Marquee Client? ▶ How can I execute this project? Resource Planning

Mindless business acquisition will result in mindless chaos during execution. One badly executed project can create havoc in your working capital cycle, derail your business, and jeopardise your business reputation.

Good Resource Planning works at 70% resource allocation. 30% latent resource availability helps you grab those last-minute highly profitable projects and enables you to handle last-minute onsite escalations easily.

Team members should have pre-defined cycles of work-rest-work-rest. Always busy Teams are always tired and can never deliver superlative performances.

Project Acceptance & Delivery

Please adopt Project Management techniques for each and every project you accept. Each project should start with a project briefing with all involved internal teams and the project manager should present Detailed Project Breakup along with time planning, design planning, resource planning and external vendor planning.

Design Planning and its mapping with onsite execution planning is a must for delivering flawless projects. Most of the client disputes originate due to gaps between submitted design and onsite delivery. Proper advance planning can help you eliminate these flaws.

Onsite Execution

On-ground realities are always different from floor plans. All good project planners visit the venues regularly to understand any changes and plan for the same. It is always a wise plan to double-check on time available for onsite construction, power availability during the construction period, staff F&B and toilets, security settings and material storage options.

Any material onsite alteration must be confirmed with the client in writing.

Printing of posters with low-res images or pixelated files is a cardinal sin. Always check the files 3-5 days in advance and inform clients if they need to resend the files.

Any additional work onsite must be documented, photographed and approved by the client. This will avoid unnecessary heartburns while presenting final bills.

Crisis Management

While we all plan for smooth execution, crisis can strike anytime. Please develop a problem-solving attitude rather than problem-creating.

While handling a crisis, present a solution that is practical, workable and deliverable within the limited time constraints. It may cost more, but a good project delivery will surely give client satisfaction and assured future projects for you.

Training and Constant Skill Upgradation

All good resources require periodic training and upgradation. Your team is no different. Training skills the team, makes them confident and creates an environment of positivity. Training will cost you time and money, but it is a necessary investment. Never shy away from these investments.

Financial Planning, Taxation, Insurance

A healthy business is tax-compliant, treats its vendors with respect and makes payments as per pre-agreed milestones. No shortcuts here.

Insurance planning is also a good way to underwrite risks. Do you have workman compensation insurance? Do you have professional liability cover? Theft insurance for your office and warehouses? Keyman insurance for self?

Succession Planning

A smart entrepreneur knows when to scale up and when to ease down. Your business is your brand and it should not fade away with your retirement. If you create a good team and train them well, they will continue to perform well while you are off to your next mountain expedition.

Please self-introspect and decide what you seek out of this business. Is it self-employment, earn while you work, or is this an investment which will yield dividends in future even after your retirement?

You are in an excellent business. Whether you are aspiring for an XUV 700 or an X7, the choice is yours. Your business will help you achieve whatever you dream of.

All the best for a great future.