2022 is finally here! The best thing about starting a new year is the renewed optimism that it brings. As we move deeper into January, it’s so important that your Food & Beverage Distribution Business has a clear plan in place to tackle the coming year.
We aren’t going to lie, there will be many ups and downs throughout 2022. But what will determine your businesses success is the way that you plan and limit the effect that the challenges have on your business.
Here how Australian Food & Beverage Distribution Businesses can start 2022 right.
Set New Goals and KPIs for the year ahead
I know what you’re thinking, its seems obvious right? However, many Vendors and Distributions fall into the trap of continuing the same goals and KPIs from the previous year into the new year or worse – not have any goals or KPIs to begin with. The problem with either option is those businesses often find themselves in the exact same position from the previous year – no growth and limited motivation.
Your Distribution Business needs to have something to aim for! To make 2022 a success, your business MUST create Goals and KPIs for the year ahead. The benefit of creating new goals and KPIs each year is your Business will have a new motivating factor to achieve greater success.
Related Article: 4 Ways To Save Your Food & Beverage Distribution Business During Covid and Beyond.
Complete a SWOT Analysis
In any industry completing a SWOT Analysis is an essential task at the beginning of the year. A SWOT analysis is a detailed report that underlines your businesses Strengths, Weaknesses, Opportunities and Threats.
A SWOT analysis should be used as your business’s foundation for the year ahead.
With the Australian Food & Beverage industry is continuing to change, it is vital that your business completes a SWOT Analysis every year.
Here are a few examples of what your businesses SWOT analysis should include:
Strengths
- What are your businesses strengths?
- What does your business do well?
- What does your business do better than the competition?
Weaknesses
- What are your businesses weaknesses?
- What areas of your business do you need to improvement?
- Where is your business falling behind the competition?
Opportunities
- What are some of the opportunities for your business?
- Is there a new product you would like to sell?
- Do you want to expand your distribution business?
Threats
- What are some of the biggest threats to your business?
- What is the competition doing better than you?
- Is sourcing products going to be an issue?
- Will the current economical conditions impact your business?
Your Business’s SWOT analysis should identify what you’re doing well, what areas need to be improved, potential areas that your business can grow and any immediate threats to your business.
Having this information on hand will put your business in a better position to implement solutions that maximise growth.
Performing a SWOT analysis isn’t a time-consuming task as some may think. Vendors don’t need to spend any more than a few hours completing a SWOT analysis.
Related article: Why Do Food & Beverage Businesses Fail? The Main Reasons Why and How to Avoid Them.
Analyse your Businesses Financials
Before your business starts to push forward into 2022 it’s so important that you understand your businesses financial position.
You need to be sure you have adequate amounts of funds available that both cover overheads and allow you to invest in solutions that escalate growth. You also need to consider having enough funds to operate in unplanned times such as an economic downturn or Covid-enforced lockdowns.
Related Article: 5 Signs Your Business Could Have a Cashflow Issue.
Cater to your customer
The way customers find their next food distributor has changed! Years ago, customers would stick to their local distributor out of loyalty. But in the past 2 years many Australian customers have shunned their regular distribution business for alternatives that offer better price or customer experience.
To be successful in 2022, you need make sure you are catering to your customer’s demands. Your businesses number 1 priority should be to simplify the customer order process and limit their stress. Make sure you have an Online Ordering Website, offer Automatic Credit Card Payments and remind customers when their order is due. The easier you make your customers purchasing journey the more customers you will get – it’s that simple.
Related Article: What Australian Customers Look For In A F&B Distribution Business.
Aim for a Strong First Quarter
It’s so important that your business has a strong first quarter of the year. If your businesses experiences a slow first quarter, you will find yourself playing catch up for the rest of the year.
Put all your energy into gaining as much cashflow as possible, the further in front you get in the first few months of the year, the less amount of stress and pressure you will have at the end of the year.
Final Word,
2022 will be a year of many ups and downs. The best thing your business can do is have a clear plan in place that focuses on growth. Using the tips mentioned above, your business will go along way to having continued success in 2022 and beyond.
To read more advice like this, visit our news section here.
About EasyVend
For food and beverage vendors and distributors, EasyVend supports and automates every part of your business, freeing you up to grow your sales unlike other ERP systems that are designed more for wholesale suppliers than for distribution businesses like yours.
EasyVend includes all your everyday features like Inventory Management, Invoicing, Receipting, Route Management, Automatic Credit Card Payments, Online Ordering, Xero Integration, Customer Reminders, Business Reporting and so much more.
Want to learn more about EasyVend? For a no-obligation free demo of EasyVend Web and how we can help your Food & Beverage Distribution Business, call us today on 1300 473 744 or submit the form below.