The Challenge
Consumer’s Best, a New York-based consumer electronics retailer, found itself at a crossroads after several decades of steady growth. It had built a leading regional brand selling a broad range of consumer electronics with a strong focus on cameras, lighting, and digital cinema equipment along with high-end services and programs (rentals, custom printing, trade-in, government and education programs, professional consultation and more). While it had a strong regional presence, intense competition from a larger local firm and the expansion of Amazon into its market created significant challenges.
Opportunity Lab’s initial business assessment found:
- Inadequate data to analyze business performance
- No leadership team
- No growth strategy
- An unclear organization structure
Our Approach
CB had been organized around the vision and strategic genius of its founder with a culture based on personal relationships. It needed to move to a leadership and organizational structure that could take it to the next level of sustainable growth while maintaining its family-oriented, entrepreneurial culture. Because its culture was very close-knit and based on traditional values, it was essential that the solution be co-created in partnership with CB’s leaders. By customizing Opportunity Lab’s Culture of Opportunity process with CB, we were able to assess, diagnose and discover obstacles to growth.
Opportunity Lab in partnership with Consumer’s Best:
- Conducted a business review and strategic direction
- Created a leadership team structure and developed the team
- Developed a Human Resources Department
- Developed a performance management program
- Strengthened the leadership team by successfully recruiting best-in-class business leaders
Working in partnership with the owners and their newly-formed leadership team, we were able to implement value-added systems, including:
- an innovative business planning process,
- a performance management system,
- and a recruiting and selection program.
The Results
Consumer’s Best has achieved the following with Opportunity Lab’s services:
- 20% average growth in annual sales and 20% increase in profits
- Best total solution for content creators ranging from professional photographers, videographers, sound engineers, and filmmakers with omni-channel sales offering and rental of new, refurbished state-of-the-art equipment, custom printing, education and technical support
- A next generation succession plan that enables leaders to grow skills, career opportunities and financial success
