Strategic Planning Drives Proactive Change for an Innovative Bookseller

A small, boutique bookstore opened in a previously underserved area of the Washington, D.C. urban region. After three years of strong and largely unimpeded growth, the store suddenly found itself surrounded by three new competitors including one store that represented an expansion of a high-profile independent bookstore.

Sylvia Lagerquist of Lagerquist Accounting & Advisory worked with the client to recalibrate the store’s growth strategy around the SWOT matrix, addressing the firm’s internal strengths and weaknesses, as well as its external opportunities and threats. Haines & Lagerquist then used this framework to advise the client on how to balance growth, explore new revenue opportunities, plan for identified challenges and prioritize key decisions.

Some of the innovations developed out of this process included maximizing the financial value of the store’s retail space by creating a second line of business around events; building new strategic partnerships; strengthening relationships with customers within the store’s walkshed; and pursuing stronger alignment with key community priorities and interests.

In addition, the process enabled the store’s owners to better identify and align their individual priorities for the business and coalesce around key objectives that the owners collectively could agree to and pursue.

The process utilized by Lagerquist Accounting & Advisory follows the Grove Strategic Visioning model, which addresses business history, SWOT analysis, context mapping, bold visioning, and establishing clear steps to achieve that vision.

Financial analysis and advisory is a key component in the Bookkeeping & Accounting and Outsourced CFO services offered by Lagerquist Accounting & Advisory. Learn more about Our Difference and meet Our Team.