Gary McGaghey is the CFO of PwC, the world’s largest professional services firm. Gary McGaghey has done extensive research on how to be successful in business and he shares his insights at conferences around the world. Gary’s research includes a model called The Business Success Equation (BSE) which consists of five steps: Strategy, Execution, People Development, Finance and Marketing. Gary believes that it takes all five areas to achieve success in business.
Visit his crunchbase profile at https://www.crunchbase.com/person/gary-mcgaghey
I wanted to share with you a case study that we did for one of our clients. The client is a large, privately held company and right now they are growing very quickly. We were asked to put together a business plan that would give them direction as to how they could continue this growth for the next five years based on the BSE model. I think the case study will probably provide you with some interesting insights into how Gary McGaghey’s theories can be applied to a business.
When doing strategy planning for your business there are five key stakeholders that need to be involved:
- The Board of Directors/Owners;
- Management;
- Customers;
- Competitors; and
- Suppliers
The company in this case study was very open to input from all five stakeholder groups so we made sure that each group was represented in our planning sessions. We used Gary McGaghey’s BSE model as a framework for the meeting. To be successful, you need to have buy-in at all levels of your organization. We also needed to be aware that this was a privately held company so there is no stock market driving the need for sales growth, like you would see in a public company.
The private equities expert and CFO at Williams Lea gave the opening presentation which covered the background of the client’s company. The client described their business as one that provides high-end promotional products to large companies.