There is no shame in admitting when your strategy and operating model are not returning the revenues you’d hoped. In fact, recognising that action is needed, could save your business. The term, pivoting has been around for years – typically referring to start-ups that drastically changed a part or their whole business, rapidly to avoid wasting time, effort and money on failing ideas. Did you know YouTube set out to be a video-dating website?
The Coronavirus crisis has seen a surge in pivot strategies, as vulnerable businesses look to innovate to survive and even thrive. A sudden and all-encompassing change is not for the faint hearted – a pivot strategy isn’t a magic pill that will reinvigorate revenues overnight. However, executed well, a change in strategy could increase your chances of lucrative outcomes.
How catering software, Saffron, can power your pivot:
- (Re)define the proposition – identify new goals that align with your vision. A slight change of direction may be what is needed.
- Identify non-essential costs – use catering software functionality to reduce operational and food costs, streamline processes, identify where to increase gross margin and reduce food waste.
- Right-size the business – identify where you can extract value, manage stock, suppliers and recipe specifications to refocus operations in a new direction.
- Know your target audiences – talk to your customers – listen, source feedback and respond. Consider – what problem are you solving?
- Communicate – be crystal clear with your staff and your customers, get your messaging right and communicate consistently. It is important that your strategy is understood and supported by all stakeholders.
- Preserve and adapt – implement change quickly and consistently to ensure you remain relevant. Monitor KPIs in real-time to make informed decisions.
Saffron is designed to find the most efficient way to run complex catering operations. A change in strategy based on informed decisions and implemented through robust infrastructure has a far greater chance of success. For more information visit https://fdhospitality.com/solution/