Can't work in your business? Work on it!
Apr 20, 2020, 7:30 PM
For many food businesses, COVID-19 has created some enforced ‘down-time’. While taking time away from your business can refresh the mind, it can also reinvigorate some passion to get back to doing what you love.
In fact, this is an excellent time to get away from the daily routines of ‘doing’ to stand back and really think about your business goals, growth path and improvements that can be made to better serve your personal/family needs.
To get you started, here are 5 areas of your business you can start thinking about today.
1. Check costings – It can be a tedious and dull task, but highly important. Email your suppliers to get current pricing. While you’re at it, email some alternative suppliers for their pricing to see if you can get a better deal. Check your recipe costings to ensure that your target margins are intact. Better still, see if you can find areas to reduce costs. How? Perhaps substitute an ingredient for a cheaper one, use less of more expensive ingredients or change the way you prep an ingredient to reduce waste.
2. Analyse sales data – your POS or ordering system should provide great data analytics. If it doesn’t, switch platforms immediately. A food business is a numbers business. Check what is selling and what isn’t, have customer preferences changed over time?
3. Get creative – design new menu items or products, cost them and have them ready to be implemented.
4. Marketing – keep up your presence on social media. Think about some creative posts or ads. Devise a plan to re-launch your business when you can get back to work.
5. Consider new revenue streams – we are entering uncertain economic and social times. It is time to diversify revenue streams to ensure your business is better equipped to manage the volatility. Can you sell online? Can you sell wholesale? If you’re a producer, can you sell direct to consumers? Can you expand your delivery or shipping areas?
Remember, successful food businesses are made at the margins. It’s the small changes and improvements that add up to great things. So, use this time wisely and work on your business.
