At Dynamic Retail Solutions, we can help businesses to expand and improve their profits by giving them access to a whole new world of selling opportunities. By distributing your product into food service markets, you can make the most of new groups of people who are excited and ready to invest in your product – but the first step to success is finding someone who’s willing to support your journey.
Of course, the best results from your efforts to sell to food service companies will take place when you know how to make the right impression. Though samples of your product and a professional appearance can go a long way towards making your interviews successful, it’s important to know which numbers you might have to share too!
The first, and perhaps most obvious number that you’ll need to keep in mind when you’re trying to impress a food service company, is revenue. Any investor or potential business considering using your product will want to know how well your product is selling. The people you’re pitching to want to be sure that you’re making a product that can sell, so make sure that you know how well it’s selling, what rate it’s selling at, and whether your revenue has been growing progressively since you started your business.
If your revenue looks good, don’t be afraid to explain why. If it doesn’t, make sure that you can explain that too!
Even if your product is selling well, the food service buyers that you connect with during your showcase will want to know exactly how much it takes to make whatever you’re providing. Even if you’re making a fantastic product that sells well, it won’t matter much if you’re spending just as much to make the product as you’re making when you sell it.
Revealing inventory numbers can be tricky when you want to impress a potential food service business. Though you want them to know that you’ll be ready to supply their needs as soon as they like, you also want them to feel as though you’re quickly selling all the inventory that you have.
Try to make sure that your inventory numbers are low, but reasonable. Excess inventory is often considered to be dead weight, and it can sometimes be a sign that your product isn’t doing as well as you had hoped – even if you’re just suffering from a temporary dry period.
If your business has already been a success in Australia, that’s wonderful, but it doesn’t necessarily mean that it’s going to have the same impact in food service markets. You might need to reveal other information about the expenses involved in getting your item distributed to food service businesses.
At the same time, you’ll need to be able to outline whether you’re going to need some help dealing with storing inventory, or managing the costs of delivering products. The less that people have to invest in you, the more likely they are to feel confident about your product.
Finally, if your business is doing well then you need to be able to project that it’s going to continue doing well, so that food service companies can keep relying on you to deliver. Provide numbers and comprehensive plans on how you’re going to adapt your product to suit the needs of your new customers, and what you expect to get in terms of sales during the first month, or year of business.
Food service businesses want to know that they’re going to make money with you, and your projections will help to put their minds at ease.
If you’re ready to take the plunge into the food service industry, and you know how to make the right impression, contact Michael to begin your next step today on 0408 338 446.