Are you doing your own drywall?
I like to do things around the house. For some it is a chore, but I get a sense of accomplishment from painting a room or putting up a new light fixture. One of my favourite places to be is in the workshop, where I like to make furniture. The demands of family and work have kept me away from that but recently I have been able to get back there, which is great.
Last year we had a flood in our basement when we received a month’s worth of rain in a day. For any of you who have been through that, it is frustrating and a pain. We lost many family photos and a few special things. We also got rid of a lot of stuff we probably did not need.
As we get the work done to make the basement a nice space, we debate what we should do ourselves and what we need to pay experts for. We did get the pros in to hang the gyprock and do the plastering. As much as I would like to save the money, the pros can do it so much faster and better than me. I will paint and do the trim. I enjoy that and I know I can do a good job.
In your business are you trying to do everything? Are you hanging the gyprock and plastering? Even though you know you are not very good at it and it will probably take you much longer to get it done.
Managing a food and beverage business is a tough challenge. There are a lot of things on your to do list. When you are trying to grow the business, it does not seem realistic to pay people when you can do it. Part of managing the business is to figure out when you need to get some help and how to afford it.
Some things to think about…
Your price should include paying someone to do the drywall
A lot of the work we do is helping people figure out the right price for their products. No doubt it is a balance between generating the revenue you need and a selling price that will result in a retail that is competitive.
We see a lot of entrepreneurs who believe their product will only sell at a certain retail price. They do not do the work of going to the store and figuring out where they will be in the category. A lot has changed in recent years with pricing. You also have to consider the location where the consumer is making the decision to buy. That is very different at a farmers market compared to a grocery store.
Your price also needs to be set to scale your business. That means more volume and other people performing some tasks as you can’t do it all.
Your value proposition needs to sell your product at the price that is right. This is relative to other products and what value your target market puts on the product.
The drywall is taking so long you can’t do what you are good at
Some entrepreneurs believe they have to do everything. I would agree they have to know how to do everything, but it might not be the best solution to do it all. We all have different skill sets. Just because you have decided to work in food and beverage does not mean you are an accountant or a salesperson.
Trying to do everything means you are doing things that you are not good at or perhaps take you exceedingly too long to accomplish. We even see examples where people are hurting their business because they really are not good at something.
We do a lot of work with people on the relationship with retailers. Just because you are good at growing something does not mean you are the right person to interact with a category manager. They do not see it, but their business would be in a much better place if they would let someone else build the relationship.
The frustration of plastering is taking the enjoyment out of it all
Many food and beverage entrepreneurs get into this business because they have a passion for a product or a process or something else that motivates them. When you are spending too much time on the parts of the business you do not enjoy, it can take all of the fun out of it.
If there are tasks or roles that you are not good at, there are two things that can happen. You put in extra time to figure it out or you avoid it. There are people who will figure it out or perhaps get some expertise to help them figure it out and master the task. Others will continue to put off this part of the job, to the point where it hurts your business.
We see this so often in developing relationships with retailers. I agree it is not always fun or rewarding but it is part of the job. Something that needs focus 52 weeks of the year, not just when you have a meeting. If you are not good at this part of the business it does cost money to get support but it should also deliver a return on your investment.
If we go back to our basement, I know if I had tried to do the plastering I would have been so frustrated and disappointed with my job I would lose interest in the painting and the trim. I have watched videos. I have watched people do this in our house. I have tried and every time it frustrates me.
Be objective about your ability to handle the trowel
I have had to accept in my business I cannot do it all. Trust me I am not eager to spend money when I think I can do something. I have worked hard to get our value proposition to a point where the fees we can charge will support people doing things I am not good at or cannot do.
Take a step back and figure out where you are really good, just ok and perhaps hurting your business or holding it back. Ask some others you trust for their input. You might not always like what you hear but if your efforts are holding the business back or taking the joy out of it for you then perhaps it is time to take a different approach.
You might have to find some things to cut back on to afford the expertise. That is all managing the business. We hear the phrase working on the business as opposed to in the business.
As I said I have watched a lot of videos. It looks so easy… I get going and it looks like a piece of artwork my mother kept from grade 1.
Some advice I listened to
One association I have been involved with for the past 15 years is the Canadian Association of Professional Speakers. I have learned so much from the members. Although we are all speakers and in some cases compete for work, there is a real culture of sharing. Several years ago, we had a meeting and Joe Sherren CSP HoF was part of a panel discussion. By the way, CSP stands for Certified Speaking Professional and HoF means he was in the Canadian Speaking Hall of Fame. A person asked Joe when you should hire some support in your business. Most speakers work on their own and do it all. I will always remember Joe’s simple, straight forward answer:
“Before you think you can afford it”
That got me thinking. I did take his advice and my experience has been I enjoy what I do so much more and I believe I do my job better. I can focus on the things I am good at and deliver value to our clients. Susan who works with me is good at different things. The result is a much better business.
Think about whether you should be hanging the drywall and doing the plastering. If it just isn’t right, figure out how to get the expertise and an economic model that will support it.
Peter
SKUFood Recipes for Success Podcast
The response to our SKUFood Recipe for Success podcast has been great. We want to thank everyone who has been with us as a guest. So many interesting conversations about our industry.
In this episode, we're delighted to sit down with Carly, a culinary innovator on a mission to elevate kitchen experiences through the power of mustard. As she embarked on her journey towards obtaining her Red Seal Certification, Carly discovered the transformative potential of mustard as a culinary secret weapon. With a simple spoonful, she realized how mustard could effortlessly elevate familiar dishes to new heights of flavor and complexity.
Drawing on her expertise as a trained chef, Carly has embarked on an entrepreneurial venture, carving out a niche in the local food market for high-quality mustard. Her creations not only cater to seasoned chefs but also invite enthusiasts of all cooking levels to experiment and explore the culinary magic of mustard. Join us as Carly shares her insights, experiences, and the delicious journey she's undertaken to fill the mustard gap in the food market, inspiring us all to embrace the simple yet profound impact of this versatile ingredient in our kitchens.
Listeria outbreak is a sobering reminder
This week we learned a third person has died in Canada as a result of the listeria in Silk and Great Value brand plant-based milks. Food safety is such an important component of our industry.
This story has been in the news for a few weeks. It involves a national brand, private label and a co packer. All things many companies in the industry would be working with.
Although we do not like to see these stories in the news, it is a reminder to reinforce the food safety protocols in your business and discuss the issue with your staff and co packers.
