In advance of a major capital project, Shakespeare’s Globe commissioned a major review of its governance, management and operational structure.
This work suggested the need for a new, senior-level post as Head of Business Development.
The purpose of this post was to identify an individual capable of developing new income streams, optimising existing ones, and finding ways to monetise the increasingly well-known Shakespeare’s Globe brand.
Fourth Street was appointed to liaise with all department heads within the organisation and prioritise key Business Development opportunities – this would help to define the specification and narrow the search for the best Business Development director candidate.
Working directly to the Globe’s Director and Commercial Director, we carried out extensive internal consultation to immerse ourselves in the business model of an established destination.
We supplemented this with independent market research and financial modelling, notably to benchmark the Globe’s financial performance with key comparators.
We then produced a concise and candid Board-level report of the organisation’s strengths and weaknesses, focussing on key opportunity areas for driving additional income and better exploiting the renowned Globe brand.
Our work identified scope for a number of internal improvements and efficiencies but, importantly, pointed to a series of large new business development opportunities. This helped to define the specification for a new director of Business Development, whose appointment is pending.