progress and plot a more profit-based strategic plan, she says, “not just focus on getting stuff done.” They started canning and kegging their brew and distributing it to bars and liquor stores. “That’s where we will grow,” Loch says. “We’ll get some small growth in the taproom. But increasing our production capabilities outside the taproom is how we will grow our business and our brand.” But how? Arvold suggested an Enterprise CoreValue assessment, a process in which entrepreneurs analyze and grade their business performance and prospects for growth from the perspective of 16 different functions. Eight are related to
Reserve Your Ad Space TODAY!
They had reached a point in which they needed to benchmark their progress and plot a more profitbased strategic plan, Loch says, “not just focus on getting stuff done.” production, and eight are administrative, including human resources, sales, and marketing. “It gave them a good overview of the business,” Arvold said. “They’ve got a great business; they just want to take it to the next step.” Loch agrees: “The CoreValue assessment was a good way to figure out where we’re at and where our gaps are—what we needed to work on next.” They’re working with Enterprise Minnesota’s Steve Haarstad to plot their next step: a full-on strategic plan in which they’ll design production, marketing, and profitability. Loch and Pavlak plan to revisit their progress according to the assessment every 90 days and identify areas to improve. “The other piece is staying focused on revenue growth,” Arvold says. “How do you purposefully move from a startup canning operation to $3 million in three years? That’s huge growth. If you’re going to achieve that kind of growth, you have to have a really good plan and stay focused.”
Helping Manufacturing Enterprises Grow Profitably Inside Enterprise Minnesota® magazine you will find in-depth information and unmatched insights into the latest innovations, business successes, and ingenious company leaders among Minnesota’s manufacturing community. The magazine reaches over 42,000 readers, including CEOs and additional key decision-makers.
Chip Tangen Relationship Manager 651-226-6842 Chip.Tangen@enterpriseminnesota.org www.enterpriseminnesota.org
SPRING 2018 ENTERPRISE MINNESOTA /
7