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What a difference business planning made for Best Buy

New Jersey residents may remember that nearly a year ago, it looked as though Best Buy was destined for failure. There seemed to be no stopping the decline of the stock, the founder of the company was trying to take it back and the then-CEO was removed amidst a scandal. It seemed as if no amount of business planning could save the company.

Fast forward a year, and Best Buy is looking forward to a joyous holiday season. The retail giant's rebound is credited in large part to the company's new CEO. In just 15 short months since he took the helm, he has reconfigured the stores, instituted a risky "price matching guarantee" and took the company's stock from $11 per share up to over $40.

Some tough choices had to be made such as cutting nearly 600 jobs from the corporate headquarters in Minnesota. Even so, he kept stores open when others thought it would be best to just close the doors. Stores are now more of a hands-on showroom for customers. They can come and see, touch and learn about a product, then go home a buy it online after comparing prices and taking advantage of the company's now permanent price matching.

Anyone in New Jersey that doubts the value of business planning need only look as far as Best Buy. Of course, having a solid business plan may not be enough. Once a business plan is drawn up, the details will need to be filled in. This could include making and implementing business and legal decisions that will move the company toward its goals. Once the preparations are made, perseverance and patience may be the hardest part of the path to success.

Source: CBS Minnesota, New CEO Single-Handedly Turning Best Buy Around, Frank Vascellaro, Nov. 6, 2013

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