The food industry has adapted to a very different market place since March of 2020. Consumers, suppliers and retailers have all had to adapt to a new environment for buying, producing and selling food and beverage. It is time to understand the impact on your business and share the results with your customers. For the long-term sustainability of your business, you need to understand and assess this new environment and communicate with your customers.
August 19- So much has changed since March 2020. You should understand the impact on your business, good and bad. Some food and beverage businesses have been able to adapt and deliver great performance while others have struggled. You need to assess what has happened and the impact to your employees, your cost of goods and your ability to service your customers. Once you have an objective assessment you need to communicate to your customers. They have been focused on getting inventory to their stores and operating in a very different retail environment. We will share insights into how you can assess your performance and communicate with your customers. This will be important in your relationship with your customers going forward. Soon we will be into the 4th quarter, which is the most important selling period of the year in food.
August 26- Every business has experienced changes to cost of goods. Labour efficiencies are lower due to physical distancing in production and there are many extra costs for hygiene and PPE. Some input costs have increased as well, as your suppliers react to their own reality. Your selling price needs to reflect the changes you are experiencing. We will give you a process to follow to help you get the price increase you require with your customers. No one likes to see prices go up but they have to when your cost of goods are changing. Peter will share his experience working with a retailer to give insights and the questions you need to answer to get the right price for your product.