5 Reason to Create a Profit Plan for Your Food Business
We all know that the quickest way to achieve our goals is to have a plan.
You identify where you are right now, and where you want to be.
Then you connect the dots and detail the steps for getting from point A to point B.
Except when you’re running a growing food business, it’s not quite that easy...
You’re likely implementing multiple strategies to achieve your business objectives - most or all of which will cost money to implement - and you’ve got your eye on increasing sales.
There are a lot of people, information and money to manage!
Profit Planning helps you see the big picture of your business and keep you on track to reaching your goals.
Here are just some of the ways that Profit Planning can benefit you in your business:
Helps you get clear on your business objective and goals (if you haven’t already).
Allows you to see if increased sales, decreased costs, or both are your keys to higher profitability.
Helps you establish what the right monthly sales target is for our business.
Provides a baseline + the ability to monitor your progress toward your goals, as well as the success of the strategies + tactics you've implemented.
Enables you to get detailed on how you’ll grow sales (and the costs associated), get clear on when and how to hire, what your cash runway forecast looks like, and allows you to run financial scenarios to assist in decision making.
Inside the Profitable Food Business Community we’re talking about Profit Planning and how to set the right goals for your business. In fact, the first Tuesday of every month I do a LIVE Q+A session to answer your questions and support you on your Food Biz Financial Journey!
Join the community and our next Q+A session here
About the Author: Sarah Delevan is a Food Business Financial Coach and Consultant with over 7 years of working in the food industry. She received her MBA from Rollins College and In 2017 she founded Sarah Delevan Consulting based in Los Angeles, CA and serving clients across the United States. She is the creator of the Financial Success Formula and the founder of the Profitable Food Business program and the host of The Good Food CFO Podcast. To learn more about Sarah and opportunities to grow a more profitable food business Click Here.