“The only thing constant in life, is change” – Apparently, a new dimension can be deciphered post Covid 19 for this quote.
Been exactly over a month pondering and assessing the dichotomy of executing fast or holding tight (cash). But the beauty of this ambiguity compels us to think, reassess and evaluate. Sharing Quick Thoughts –
1) “Small is the new big” – Build your niche in a smaller niche of cuisine, client base, Brand or geography. Localisation is the flavour of the day. Volumes will be generated by specific niche segments than traditional money spinners.
2) Differentiated focus on Health and Hygiene – Long gone days, where FSSAI licenses as a pre-requisite was a mere compliance with absolute no physical checks. Come 2020, new norm of HACCP certification for kitchens will become the new norm (Hazard Analysis and Critical Control Points review). Higher Compliance means higher cost translates to better value proposition to client. Don’t rely on Zomato to give you a “Hygiene” rating!
3) Pivot from Corporate Focused Business Models – If rumors are to be believed about “work from home” being encouraged further post Covid and encouraging smaller workspaces, we can consider a massive jolt to Institutional Catering and Food Tech Companies – which will lead to massive domino effect on the entire value chain. The new pivot can be the “Condominium/Residential” Focused Models of Food Delivery and Service. Much deeper than mere contactless delivery would have to be done – Though it should not happen at the mercy of Aggregator Giants, otherwise the exercise is futile.
4) Emergence of Public Liability Insurance – Will do a detailed post on this but in the world of multiple stakeholders and “one order exchanging multiple hands” – Only scope of protection remains to take individual covers for our respective Companies .
5) Pre-requisite while changing respective business models – Invest like there are rains for the next couple of longer days, even months. Beta Testing can be mild and at one’s comfort – not a bomb’s cost! If as a Caterer, one is pivoting to cloud kitchen or vice versa – the spend on the aggregator has to be controlled.
6) Gig Economy would be the new reality especially for Cloud Kitchens – slump in orders, dwindling APC’s call for on-demand services especially of helping hands, riders, ops guys and so on so forth. Big opportunity in trying to organize that market, since fixed costs have to be converted into variable costs to leverage sudden spurts and unpredictable slump.
#Notetoself “Money saved is money earned” while “failing to plan is planning to fail”
#Strategicplanning #Catering #EventHospitality #CloudKithcen #Businessplanning