3 Ways You Can Save with a Food Ingredient Broker

Are you looking for ways to save money on food ingredients? If so, you should consider working with a food ingredient broker. Not only can they can help you find the best prices on ingredients, but they can also help you find rare or difficult-to-find ingredients. In this blog post, we will discuss 3 ways that you can save money by working with a food ingredient broker.

What is a Food Ingredient Broker?

Food ingredient brokers can help you navigate the numerous problems of locating the components that make your restaurant’s cuisine so unique. They work with a variety of food manufacturers, suppliers, and growers and may also assist you in receiving favorable pricing and finding ingredients that might be difficult to come by. However, working with a broker has several advantages beyond obtaining all of your required meal components.

3 Ways to Save with a Food Ingredient Broker

If you are a food manufacturer, you know how important it is to find the best prices on food ingredients. Ingredients can be one of the most significant expenses for a food manufacturer, so it is essential to find ways to save money on them. One way to do this is by working with a food ingredient broker.

1) Save Money

A food ingredient broker is a company that specializes in finding the best prices on food ingredients. They work with suppliers worldwide and have access to many different types of ingredients. By working with a broker, you can get access to better prices on ingredients than you would if you were to purchase them yourself.

2) Get Those Difficult-to-Find Ingredients

Another way that you can save money by working with a broker is by finding rare or difficult-to-find ingredients. If you are looking for an ingredient that is not commonly used or need an ingredient in a particular form, a broker can help you find it. They have access to a vast network of suppliers and can often find ingredients unavailable through traditional channels.

3) Save Time

Finally, working with a food ingredient broker can save you time and hassle. If you are trying to source ingredients yourself, you may have to deal with multiple suppliers, each with their minimum order quantities, delivery times, and terms. This can be very time-consuming and frustrating. Working with a broker can streamline the process and get all the information you need from one company.

The Bottom Line

Working with a food ingredient broker can save you money, time, and hassle. If you are looking for ways to reduce your food manufacturing costs, consider working with a broker. They can help you find the best prices on ingredients and can also help you find rare or difficult-to-find ingredients. Contact a food ingredient broker today to learn more about how they can help you save money on your food manufacturing costs.

Looking for immediate cost savings AND more income? Contact the greater goods today to see how we can help!

5 Tips for A Successful Product Launch

Did you know that just 25% of new product launches are successful? Launching a new product can be both exciting and nerve-wracking. You want to ensure that everything goes off without a hitch and that your product is well-received by customers. This blog post will give you 5 tips for a successful product launch. Follow these tips, and you can rest assured that your product will be a success!

What Makes for a Successful Product Launch?

A successful product launch requires careful planning and execution. You can’t just wing it and hope for the best. To ensure that your product is successful, you need to plan everything out carefully. Here are 5 tips that will help you have a successful product launch:

1) Get Feedback from Potential Customers Before Launching

It would help if you always got feedback from potential customers before launching your product. This will give you an idea of what they’re looking for and what they would like to see in a product. It’s also an excellent way to gauge whether or not your product is something they would be interested in purchasing. Try conducting surveys or focus groups with potential customers to get their feedback.

2) Do Your Research

Before launching your product, you need to do your research. This means understanding your target market and knowing what they’re looking for. It also means knowing your competition and what they’re offering. If you don’t take the time to do your research, you’re likely to fail.

3) Create a Marketing Plan

You can’t launch a product without a marketing plan. You need to know how you’re going to get the word out about your product, and you need to have a budget for it. Your marketing plan should include traditional methods like advertising and social media, and PR.

4) Have a Realistic Goal

When setting goals for your product launch, make sure they’re realistic. If you set your sights too high, you’re likely disappointed. On the other hand, if you put them too low, you won’t be able to reach your full potential. Figure out what’s realistic for you, and go for it!

5) Be Prepared for the Unexpected

No matter how much planning you do, there’s always a chance something will go wrong. It’s essential to have a contingency plan in place if something happens. This way, you can minimize the damage and ensure that your product launch is still thriving.

Avoiding Common Product Launch Mistakes

By avoiding these mistakes, you can increase your chances of success:

  • Not doing enough market research
  • Not having a realistic goal
  • Failing to create a marketing plan
  • Not getting feedback from potential customers
  • Not being prepared for the unexpected

The Bottom Line

Launching a new product can be a daunting task, but it doesn’t have to be. If you follow these 5 tips, you can rest assured that your product will be a success!

Need some help launching your food business? Contact the greater goods today to see how we can help!

The 5 Fields of Food Science to Know as A Food Business

In a food business, it’s essential to know the basics of food science. The five fields of food science to understand as a food business are food microbiology, food engineering & processing, food chemistry, nutrition, and sensory analysis. This blog post will discuss each of these fields in detail and explain what they mean for your business. Knowing the basics of food science will help you create better products and make your business more successful!

1) Food Microbiology

The scientific study of how microorganisms interact with foods, and food microbiology, focuses on bacteria, molds, yeasts, and viruses. Food safety and quality are two topics that are particularly pertinent to product development. Food safety is the protection of people from pathogenic germs in food. It’s nearly impossible to get rid of all germs from any meal; nevertheless, you can take many measures to hinder their proliferation or destroy them.

In food science, pathogenic microorganisms and their poisons are being discovered using increasingly sensitive and rapid detection technologies and developing packaging and procedures that restrict their growth and survival. Some organisms aren’t necessarily dangerous, but others cause food to spoil.

2) Food Engineering & Processing

On the other hand, food engineers create the concepts that food processors use to transform raw materials into healthy, long-lasting meals. Engineers may not take a direct part in menu planning; nevertheless, processors will. The way you treat an ingredient significantly influences the flavor, color, safety, and shelf life of meals.

Analyze the high-pressure treatment (HPP) and its influence on the fresh fruit and vegetable juice sector. HPP is a non-thermal “cold pasteurization” technique that allows you to produce fruit and vegetable juices without any adverse effects of thermal processes, such as taste, texture, or color changes. The process does not alter the nutritional profile of the juices, so it doesn’t require fortification.

3) Food Chemistry

Foods are biochemicals because, in most cases, they or their raw ingredients are or were living things. Biochemistry may be crucial to a product developer’s knowledge. Enzymes are biochemistries’ primary engines of action. The conversion of the disaccharide lactose into its component sugars galactose and glucose is improved by adding the enzyme lactase to milk, which breaks down the disaccharide into its component’s galactose and glucose, making it more digestible.

4) Nutrition

When creating new products or altering old ones, one of the most challenging tasks is to produce tasty meals that are low in calories but still satisfy customers. The biological effects of so-called nutraceuticals and functional foods have received significant research. Product designers are noticing and working to include these foods or their bioactive components in new items. Customers will eventually demand the same health advantages from their away-from-home meals that they receive at home.

5) Sensory Analysis

Sensory science employs people to describe and assess foods’ tastes, textures, appearance, and other qualities. Product developers rely on sensory evaluation methods. You can use sensory techniques to narrow down ideas, select prototypes, optimize a developing product, and monitor and maintain quality.

Evaluate a product’s preference and popularity. Tests may be used to evaluate consumer preferences and the acceptability of a product. Quantitative descriptive analysis (QDA) can be used to assess the taste qualities, assigning numerical ratings for these criteria.

The Bottom Line

So, there you have it: The five fields of food science to know as a food business. As you can see, a lot goes into making sure the food we eat is safe and of high quality. But with the help of food scientists, we can be confident that the food we consume is delicious and nutritious.

Looking to take your food business to the next level? Contact the greater goods today to see how we can help!

How Do I Find the Right Manufacturers for My Food Business?

Starting a food business can be a rewarding experience, but it can also be challenging. One of the most important decisions you will make is selecting the right manufacturers for your products. When making this decision, there are many factors to consider, such as quality, price, and delivery time. This blog post will discuss how to find the right manufacturers for your food business and how to negotiate the best deal possible!

The Right Food Manufacturer for You

There are many different food manufacturers, each with advantages, knowledge, and advantages to food manufacturers. On a case-by-case basis, you must identify a manufacturer. Your needs are unique to you. Therefore, you need to locate a supplier that can match your priorities.

How to Find a Manufacturer

Suppose you choose to work with Greater Goods to locate a manufacturing partner. In that case, we can assist you throughout the process, from being clear about requirements to shortlisting and selecting potential partners. We can help you with preparation and questions or even go to meetings with potential partners to act as your technological expert.

Create a Shortlist

Create a shortlist based on your needs. We use our knowledge and network of connections to develop a list of manufacturers that can meet your specifications.

Review and Explain

We’ll discuss the shortlist with you in a few minutes. We’ll provide you with choices and explain what they are and why they’re essential.

Assist with the Process

You’ll need to contact a shortlist of vendors and invite them to discuss your requirements and provide a quotation. Greater Goods may help you with these talks by suggesting questions you should ask, how a manufacturer operates, and what they would be worried about. Alternatively, Greater Goods could take on the position of Food Technologist and engage in the process.

Negotiate the Best Deal Possible

Once you’ve selected the manufacturer you’d like to work with, it’s time to negotiate the best possible deal. This is where having an expert on your side can be extremely helpful. Greater Goods has a team of experienced negotiators who can help you get the best terms possible.

Product and Process Specification

This is a requirement of your agreement with the manufacturer. Its main goal is to guarantee that you get what you desire from experience. It also enables the manufacturer to have a concrete specification against which it can calculate its costs.

Batch Test and Sampling

Manufacturers will almost certainly source the components, and, as a result, it is critical to continue testing and fine-tuning the formula until total production begins. There’s usually some change to the recipe for a product from small-scale manufacturing to the factory. Again, having an expert like Greater Goods on board might be beneficial at the end of the process to ensure you’re getting the right product.

Conclusion

In conclusion, finding the right manufacturer for your food business is critical. It can be challenging to know where to start with so many manufacturers to choose from. However, by following these tips and working with an experienced team you can be sure to find the perfect partner for your business!So, think you could benefit from the help of a food business consultant? Contact us today to discuss your needs!

3 Key Stages of Launching a New Food Product

Are you considering starting a food business? Before you launch a new food product, there are certain things to know about the industry. The food industry is often regarded as one of the most difficult and high-risk sectors into which to venture. Entrepreneurs looking to get into the market, on the other hand, are in no short supply of enthusiasm. When you work with a food startup consulting company, you’ll discover firsthand just how lucrative the food business can be. Here are the three key stages of launching a new food product so that you can enter the market with your best foot forward.

1. Create a Competitive Advantage by Differentiating Your Product From the Crowd

As your food startup consulting representative can tell you, the food industry is characterized by intense rivalry, which is one of the elements that contributes to the high risk associated with launching a food business. It is critical that you identify your unique selling proposition in order to distinguish your food product from the competition. Consider what you do well and how you may express this effectively in your marketing plan to attract the attention of your target market.

2. Put Your Products Through Their Paces With Help From a Food Startup Consulting Company

Test the marketability of your product on a modest scale before making a significant commitment, such as signing a lease or acquiring large-scale machinery and equipment. Your food startup consulting representative will play a crucial role in this step. Consider creating a pop-up shop or making your goods available at a local community market or other popular gathering place. Your early consumers will function as your test market, which will allow you to demonstrate the feasibility of your business concept throughout the business development stage.

This trial run will provide you with crucial information about how your items will be accepted in the overall marketplace. You’ll garner valuable primary research data that can be used to evaluate critical initiatives such as pricing, as well as an opportunity to iron out any possible operational hitches.

Validating your product is an important step in any business’s development. Food businesses typically have high startup expenses, making this testing procedure step vital.

3. Study the Path of Others to Avoid Pitfalls

Enlist the assistance of a mentor in the food sector, such as a food startup consulting company. This will give you useful information and insights about beginning and operating a food company, which can possibly save you money by preventing you from making mistakes down the line. Even if you do not participate in a structured mentoring program, you may still benefit from surrounding yourself with knowledgeable individuals. Those who have previous expertise in the same field as well as experts such as accountants and lawyers might be included in this group. Attending networking events may also be an excellent approach to meeting people who are related to your business or profession in your town.

When you study the successes and mistakes that other businesses have made in the food industry, you’ll be able to avoid many, if not most, of the pitfalls related to launching a new food product.

The smartest thing to do when getting into the new food product business is to partner with a food startup consulting company. For more information about how to get started, please contact us today.

Ways The Greater Goods Can Help You Start a Business in 2022

Thinking of launching your own food business in 2022? It’s not a bad idea. While a lot of industries have their ups and downs depending on the economy and current trends, there is always one thing that people are going to need: food.

However, starting a food business can be a big job. In fact, it’s hard to even know where to start! That’s where the greater goods comes in. We’re a food industry consultancy based in Toronto, Ontario, that has a passion for helping young companies thrive in the business.

How do we do that? Read on for the different ways the greater goods can help you start a business in 2022.

Food Start-up Consulting

Do you have an idea for a product and are unsure of what to do next? Or have you already created a product, branding, and even packaging, but are now completely stuck? Then you would be a great candidate for food start-up consulting with the greater goods.

There are two main phases in the process, the first of which is validation and planning. Here, we determine whether there is indeed a market for your product and, perhaps most importantly, whether it has a fighting chance against the competition. If everything checks out we move to phase 2, which we call launch, and from here it’ll be smooth sailing. We have a 100% track record, so you can be confident that you’ll be well on your way to success!

Food Product Launch Strategy

Many start-ups try to go straight to a food broker to get help with distribution, which is often a mistake. A food broker usually wants to hear about your sales before they even consider taking you on, but what if you don’t have any?

Well, then you need a food marketing strategy, including a sales launch plan. This can show brokers that, while you don’t currently have any sales, you at least have a well-thought-out plan that shows you can be successful in the marketplace.

The best part? We already have a network of brokers we use for both Canadian and international sales, including the US and Europe. This means we know how to help you find the best – and most successful – broker for your needs.

Market Opportunity Assessment

It’s great to have confidence in your food product idea, but how do you know for sure? Sometimes a gut feeling isn’t quite enough to make you want to take a risk. And that’s why you need a market opportunity assessment.

This will help you determine who will buy your product, the shopper problem it solves, and how to brand, price, and market it for best results. Investors want to know your food marketing strategy is based on research and facts, and a market opportunity assessment will help give them that certainty and comfort they need to move forward.

Food Product Development Services

Whether your product is nearly ready to hit the shelves or is just at the idea stage, the greater goods can help you achieve food product development perfection with our team of experts. We can help with:

  • Making your product meet standards (like vegan, kosher, non-GMO, etc.)
  • Food safety CFCR licensing
  • Nutritional labelling
  • Nutritional fact tables
  • GS1 barcoding
  • Trademark management

And we may even be able to help you reduce product costs in the process!

All-in-all, working with the greater goods can help you start your food business cheaper, faster, and with less mistakes. Book a free consultation today!

A Look at Robot Retail. Is This Our Future?

There’s a new retail trend on the rise, and it doesn’t involve human-to-human interaction. Robot retail, or the use of robots in place of humans to complete retail tasks, is growing in popularity. In fact, one advisory firm predicts that over 150,000 mobile robots will be deployed in physical retail locations by 2025. That’s a lot of robots!

In this blog post, we will take a closer look at robot retail, and discuss whether or not robots will indeed play a big role in our future. Let’s go!

How Does Robot Retail Work?

Thanks to seemingly continuous improvements in technology, today’s retail robots are significantly more advanced than they ever have been before. For example, many now come with machine vision algorithms that allow them to record and analyze video and images and respond appropriately. This gives them the ability to accomplish many different tasks within the world of retail, from identifying and cleaning up messes to properly stocking shelves. They can even be programmed to recognize and greet customers as they enter a store!

What are the Benefits of Robot Retail?

There are a number of benefits that come along with using robots in retail settings. For starters, they can help improve a store’s customer service by providing a more efficient and effective shopping experience. For example, if a customer is looking for a specific product, a retail robot will not only know exactly where to find it, but they can also guide them to its location. This helps free up human employees to complete other tasks or focus on other areas of the business, as there’s usually a lot going on in a retail store.

However, perhaps the biggest benefit of retail robots is that they don’t get tired and they don’t need breaks, meaning they can work for longer hours than humans. This can help to increase productivity and cut down on labor costs. And at the end of the day, what business doesn’t want that?

Are There Any Drawbacks to Robot Retail?

The biggest concern that people seem to have about robot retail has to do with the biggest benefit listed above. Since they can increase productivity and reduce costs, some people may view retail robots as a threat to their job security. After all, if a machine can do the same job as them and doesn’t need things like health insurance or paid vacation days, why would a company choose to keep them around?

Additionally, there’s always the possibility that something could go wrong with a retail robot. They are machines, after all, and we all know how temperamental they can be! If a retail robot were to malfunction in some way, it could cause quite a bit of havoc in a store.

So, Are Robots Really the Future of Retail?

At this point, it’s really impossible to say for sure. While it’s certainly exciting, robot retail is still a relatively new concept, and it will take some time to see if business owners, employees, and customers will embrace it with open arms. However, given the benefits that come along with using robots in retail settings, it’s certainly something worth keeping an eye on!

Looking to grow your food business in the future? Contact the greater goods today to see how we can help!

An Overview of Food Price Increases in Canada

If you’ve been to the grocery store lately, you probably won’t be surprised to hear that food prices are once again on the rise in Canada. In fact, according to Canada’s Food Price Report 2022, we can expect to see an overall increase of about 5-7%. Unfortunately, this is the highest estimated increase since this report first came out about 12 years ago.

If you’re like most people, you probably have a few questions in light of this information. Namely, what’s causing these increases? And what foods are affected? In this blog post, we will do our best to provide answers to these questions and more in our overview of food price increases in Canada. 

Why are Food Prices Increasing in Canada?

COVID-19 is Still a Factor

As you’re probably well-aware at this point, the COVID-19 pandemic wreaked havoc on our supply chains these past few years. Lockdowns were – and in some cases, still are – happening all over the world, forcing all kinds of businesses to close their doors, some even permanently. While most grocery stores and food manufacturing plants have remained open throughout the pandemic, people were and are still getting sick, forcing them to stay home from work and putting an overall hamper on productivity.

And, while things may be slowly getting better, COVID-19 is still very much present in Canada and throughout the world, so we can still expect these kinds of supply chain issues to persist in the near future. However, the pandemic isn’t the only reason for the increases, especially for certain types of foods.

Climate Change

Climate change has become a big issue for the food supply chain, especially for farmers. For example, British Columbia experienced a heat dome in late June of 2021, which really impacted the livestock industry. In fact, one farmer claims to have lost 10% of her flock due to the weather.

Crops are also suffering due to the heat. Again in 2021, the weather in Western Canada really hurt the production of crops like wheat and canola, reducing both the quantity and quality of their harvests.

It looks like farmers are going to need to figure out how to protect both their animals and crops from this scorching hot weather if production is going to ever go back to normal, and that will likely take some time. So, at least for now, you should expect to pay more for these kinds of products.

How Much More Can We Expect to Pay for Food in Canada?

According to Canada’s Food Price Report 2022 as referenced above, the average family of 4 can expect to pay an extra $966.08 for food this year. They also predict that these prices will be higher than average in Ontario, BC, Alberta, Saskatchewan, and Newfoundland and Labrador.

Here is a list of expected price increases by type of food:

  • Bakery: 5-7%
  • Dairy: 6-8%
  • Meat: 0-2%
  • Seafood: 0-2%
  • Vegetables: 5-7%
  • Fruits: 3-5%
  • Other: 2-4%
  • Restaurants: 6-8%

So, if you’re worried about food costs this year, you may want to take a look at this list and try to budget accordingly. Unfortunately, this problem may not be going away anytime soon.

Looking to reduce costs at your food business? Contact the greater goods today to see how we can help!

Food Broker Information Every Food Business Owner Should Know

Whether you’re launching a food business or looking for ways to improve your current one, getting outside help can be beneficial. For food business owners, hiring food brokers can end up being a smart investment. What does a food broker do? Find out more about food brokers, including how they can help your business grow or get off to a great start in the industry.

What Food Brokers Do

Food brokers are sales agents who help food businesses, such as producers and startup companies, with sales. These professionals assist food businesses with negotiating sales to buyers, including stores and wholesalers. They typically have multiple clients in the food industry and form connections with retailers and wholesalers. Food brokers also provide consulting services to food businesses in order to help them understand the current market better. These services can help food businesses sell more products or come up with new products to sell.

How Food Brokers Can Help Food Businesses

Food business owners need to successfully sell their products to wholesalers, retailers, or other buyers. However, developing food products to sell on the market requires considerable time and effort for food manufacturers and food producers. Bringing in a food broker to reach out to potential buyers and handle negotiations means food sellers can devote as much time and effort as possible to developing their products.

Since food brokers establish many connections within the industry, this also makes it easier for sellers to find and contact potential buyers. Instead of having to find these buyers on their own and reach out to them, they can turn to food brokers. Working with food brokers also means food businesses do not have to hire and maintain an internal sales staff, which can help these sellers save money on operating costs.

With consulting services from food brokers, food businesses can gain valuable insight into the current market. Food brokers can help them decide how to make improvements to their business, such as offering a new product or making changes to existing products to better reflect market trends. These professionals can also assist food sellers in other ways, such as finding the right ingredients for new or existing products, offering supply security, and offering guidance on branding and packaging. Food brokers can help food businesses save money on the cost of packaging and ingredients while also boosting sales.

Looking for a Reliable Food Broker? Contact Us

If you’re trying to find a dependable and experienced food broker to help your food business, please contact us for more information. Our expert team of food industry consultants provides a wide range of services that can help your food business thrive, including food product development, food brokerage and distribution, branding and packaging, and market opportunity assessments.

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Food Startup Consulting Helps Manage the 5 Stages of Growth

Are you planning to start a food or beverage business? Maybe you hope to sell to restaurants or through specialty food markets. Perhaps you’re eying internet sales. Possibly you plan to sell directly to the public from a food truck or small cafe. Whatever your plans, a food startup consulting service can help you through the inevitable stages of growing your business.

Here are five stages you’ll need to work through to make your venture a success.

1. Choosing and Validating a Product

You may already have an idea of what you want to sell, but it’s not enough that you like the concept and your friends think it tastes good. You need to understand what similar products are available from competitors and where there’s a gap you can fill. How are you going to differentiate yours so that customers will want it? Will you be selling more than one product or type of food? What does it cost to produce and how will you price it for profitability?

2. Choosing Your Distribution Channel

Preparing your food or beverage is important, but it’s equally important to get it into the hands of customers. If you’re not going to be selling live to people, that means selling over the internet or through food shops and restaurants. If you plan to be a supplier, you need to identify who will buy. If you’ll do business online, will it be through Facebook, Amazon or your own website?

Also, now’s the time to start developing your business plan if you haven’t already.

3. Product and Market Testing

This is where you refine your product. Get some people to taste, garner their feedback and make adjustments necessary to hit the culinary nail on the head. Don’t forget about packaging; that can make or break your chances.

This is also the time to more thoroughly define your distribution. Whether your product is on Amazon, Facebook or a retailer’s shelf, how will you make it stand out? Why should people buy yours rather than a competitor’s?

4. Preparation and Launch

In an ideal world, you would merely announce what you have to offer and people would queue up to buy it. Of course that’s not going to happen. If you sell from a physical location, consider a popup or soft launch. If yours is a packaged product, try to set up some sampling sites. Consider coupons, discounts and giveaways to get folks to check it out.

Also, be sure you can produce enough to meet demand if your product takes off.

5. Post-Launch Evaluation

Even products that launch successfully seldom have steadily increased sales. Revenues often level out or sometimes drop off. Even if you’re doing well, maybe you can do better.

It’s good to revisit the previous growth stages. Be constantly attuned to feedback on your product and marketing strategy. There may be an opportunity to improve your product, develop new offerings, improve your distribution through current channels or even explore new ways to sell.

Manage the Growth Stages with a Food Startup Consulting Service

Starting a food business can be a satisfying endeavour but also a difficult and stressful one. Your chances of success improve when you work with a partner who has been through the process and understands what makes a winner. A startup food consulting service can help you navigate the challenging path to getting your food and beverage business off the ground.

3 Key Benefits of Clear Business Objectives

While it can be hard to find the time when you’re running a busy company, setting clear business objectives is essential if you’re looking to achieve success. Without them your company will lack direction, and may not be able to meet even its short-term goals. This can not only lead to frustration among employees, but also a decline in sales or profits. This is typically the exact opposite of what most businesses want to achieve!

In this blog post, we will discuss the three key benefits of having clear objectives: measuring success, improved leadership, and better decision-making. Read on to learn more!

Measuring Success

One of the biggest benefits of having clear business objectives is that it allows you to measure success. When you have a goal, you can track your progress and see if you are on track to achieve it. 

For example, if you’re looking to increase your food product sales by 20%, you may decide to create a marketing strategy that will help you achieve that goal. You can then track and measure your sales regularly to see if your chosen tactics are working, and whether you’re making enough progress to meet your objective. If not, you can make changes to your strategy that may ultimately improve your chances of success. This ability to measure success allows you to adapt quickly and improve your chances of reaching your goals.

Improved Leadership

Another key benefit of having clear objectives is that it can improve leadership within your company. When everyone in the company knows what the goals are, they can work towards them more effectively.

For example, a company that is looking to expand its operations into a new market may need to create a new sales team. By having clear objectives, the leaders in the company can develop a plan and give direction to the new sales team so they know what they are working towards. This type of clarity can also help improve communication within teams, as everyone will be on the same page. Uncertainty among your team can really get in the way of achieving your goals, so it’s worth taking the time to clearly lay out your business objectives.

Better Decision-Making

Finally, having clear objectives can also lead to better decision-making within your company. When you know what you’re after, it’s easier to make choices that will help you achieve your goals.

For example, if one of your objectives is to improve customer satisfaction, you may not even question a decision to invest in new customer service software. This type of decision is easier to make when you have a goal in mind, as opposed to making choices blindly.

Furthermore, good decision-making can help your company reach its objectives more quickly. You’ll be less likely to waste your energy on options that have little to do with your objectives. By making decisions that are aligned with your goals, you’ll be able to save time and resources.

Need some help setting or achieving your food business’ objectives? Contact the greater goods today to see how we can help!

Why is My Food Cost Percentage So Important?

Anyone who has found success in the food industry will tell you to keep a close eye on your food cost percentage. This important metric tells you how much you’ve been spending on the ingredients for your products, which is often a major part of a food business’ budget. And if you’re after maximizing profits while minimizing costs (and why wouldn’t you be?), meticulously monitoring anything your business spends money on should be one of your top priorities.

With so many financial decisions to keep track of, though, what is it about food cost percentage that makes it so important? In other words, what ways can these calculations benefit your business? Let’s explore these questions further below.

It Allows You to Compare Your Spending to Similar Businesses

If you’re new to the food industry and unsure of what your spending should look like, then you can definitely benefit from calculating your food cost percentage. By comparing it to the averages in your particular field, you can determine if you’re within the normal spending range or if you need to make some adjustments to stay competitive.

For example, among quick-service and full-service restaurants, the food cost percentage is usually around 28 – 32%. If you’re in that industry and your food cost percentage is anywhere around that range, then you’re probably on the right track. However, if you find it’s significantly off, you may want to reconsider some of your ingredients.

You’ll Have a Better Understanding of How Supply Chains Impact Costs and Profitability

Supply chain disruptions seem to be more of an issue lately than ever before, and it’s important to understand how this impacts both the costs and profitability of your food business. For example, there was a great vanilla shortage back in 2018, which made the price of this baking essential soar. Bakeries and other food manufacturers who rely on this ingredient were hit hard by this shortage and subsequent price increase. However, those who were able to catch it in time by calculating their food cost percentage and making appropriate adjustments likely had less issues managing their overall profitability than others.

It Lets You Make Better Spending Decisions

By taking the time to calculate the cost of each and every ingredient in your food products, you’ll have a better idea of how strict you need to be with your budget. For example, do you have enough room in there to upgrade to higher-quality ingredients? Or is it so tight that you should consider cutting back? Since margins can be so tight in the food industry you need to be careful, and your food cost percentages can certainly help you understand and make the most of your budget.

You Can Identify Items that Are No Longer Profitable

If your business offers a wide array of food products, then there’s a good chance that some are making you more money than others. By calculating your food cost percentages, you can identify the less profitable items and update, retire, or re-price them accordingly. Your loyal customers may not be thrilled with the changes at first, but your business will almost certainly be better off in the long run.

Need some help managing your food cost percentage? Contact the greater goods today to see how we can help!