Core Media is planning to unveil a new five-year business plan to clients early in the New Year, a project that has been two years in the making.
CEO Alan Cox told attendees at a Business Plus Breakfast Club event this morning (Friday, October 20) that the plan was launched internally last month. “We’ve gone through a rigorous business planning process over the past two years in order to ensure that we are properly geared for the future,” said Cox.
“We are transforming from being a series of silo divisions into a more integrated business. The plan is centred on collaboration initiatives to improve the output for our clients,” Cox added. “We want to become a full solution business rather than offering media planning to some clients and research to others. We want to be able to produce output that involves all of our skills.”
Core Media was advised on its new plan by consultants PwC. “Then we pulled together a bunch of people from the board of the company to help map out the kind of actions required over five years. It was a long process but I think it has resulted in a good plan.”
Prior to being finalised, the draft business plan was presented the management team of around 50 people. “We got fantastic feedback which improved what we had done, and we modified the vision as a result of that. Then we went back again with the updated version and they helped us to fine-tune it,” said Cox.
According to Cox, adland staff retention has become more challenging in recent years. “Being in this small city and having digital giants on your doorstep in the Silicon Docks, we are disproportionately hit as a city for talent. These firms are literally around the corner and that’s a real problem for our industry.”