…insights from entrepreneurs in the food industry in Nigeria

Everything has Changed- Here are a list of things to do about it

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100 % Facts :  Everything Has Changed ! ! !

This is where you will be tested on your : Creativity, Passion , Authenticity, Industry knowledge, Operational efficiency and Innovations.

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Here are a list of things to do about it :              

  • Not all businesses will survive this change, some may be too big or too slow to Pivot
  • Cash is king
  • Have a stronger online presence include online payments
  • Collect customer data
  • Streamline your business and reevaluate your opening  hours : Buckle down
  • Cut back on expenses
  • Restructure/Renegotiate loans and payment plans
  • Hire great staff- they will save you money in the long run
  • Talk to landlord, talk to staff- cut some salaries but keep some employed
  • Invest in logistics – delivery bikes
  • Invest in better equipment
  • Get rid of old assets and optimize your operations
  • Get rid of weak employees
  • Get rid of low performing products
  • Review your supply chain
  • Revisit menu, costing and recipe-  what can you cut back on
  • Work more in your business- multitask and get busy- time to be an active leader again
  • Improve your Customer service and Build a community
  • Invest in proper packaging to deliver food in the best condition
  • Review the “Business model canvas”- what is yours ? how else can you get your products to customers – distribution

 

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