Todd Allsup As Henry Kissinger said, “If you don’t know where you are going, every road will get you nowhere.” But how do we develop an effective roadmap when the industry is in a state of transformation? During our Food Engineering webinar last week , co-host Diane Wolf and I discussed the importance of a strategic plan when preparing for your food manufacturing business’ future. Technology. Robotics. Mergers and acquisitions. Big Data. These advances have created a constantly evolving market. Understanding industry trends and the market’s health are key to creating a successful strategic plan — and business. 3 questions to facilitate mindful growth Answer these three questions to ensure your food manufacturing business is capitalizing on industry opportunities and market trends: 1. Are you effectively managing SKUs? We all know who Nike is, and what the brand represents with their slogan — ”Just do it” — being instantly recognizable. Years ago, the company defined their strengths and created a business plan accordingly. The food and beverage industry needs to do the same. Product knowledge is key as you refine your strategic plan. How can you prepare for the future of your business without understanding your products’ relationship to the market? By constantly monitoring the health of your industry. Which products are successful? Which products are not? The performance of comparable products can help you determine what SKUs to bring to market. However, there is such thing as SKU abundance. Technology has contributed to SKU saturation as brands are able to easily add flavor combinations, for example. For most companies, every pound sold is a good pound. But this doesn’t mean that producing all possible SKUs is the best decision for your growth. Consumers may not be responsive to all products you bring to market. Evaluate your product mix […]