No question these are uncertain times and wine business leaders who are coming out ahead are relentless at key management disciplines.
Here are some Do's from Scion's team of advisors and Don'ts from top industry leaders:
- Drive with your eyes up. Use scenario planning to narrow the gap between your plan and the realities of execution in today's environment.
- Look for opportunity. You may be able to attract A-players who might not be available in a booming economy.
- Demand top performance. Instill more financial discipline, set specific measurable goals and hold your team more accountable.
- Identify critical decisions that result in biggest win or biggest pain. Leverage your trusted sounding board to drive a more thorough, robust problem-solving process.
- Ramp up branding. Focus spending on where you get the most returns.
Increase visibility in your top markets. Offer top customers a distinctive, relevant experience.
- Prune your portfolio. Jettison unprofitable wines and lines of business.
- "… be arbitrary in your decision making.” - Tom Klein, Rodney Strong
- "… postpone critical investments essential to long term goals.” – Bruce Cakebread, Cakebread Cellars
- "… take your key customers and supporters for granted.” - Larry Maguire, Far Niente
- "… cut back on anything that lessens your customer experience.” – Jean Arnold, Hanzell Vineyards
Deborah Steinthal, Partner