7 Examples of Goals For Any Food Business

 

 

Starting a food business requires more than just a passion for delicious food. Successful entrepreneurs in the food industry understand the importance of setting clear goals to guide their business decisions and marketing plans. 

Whether you’re running a bustling restaurant, a local food truck, or providing conveniently packaged foods, you want to set goals to make sure your business stays on track and continues to grow and prosper. In this article, we’ll look at 7 goals a food business should consider setting.

Different Types of Food Businesses

When people think of a food business, the first thing that usually comes to mind is restaurants. However, there are several types of food businesses in existence. Below are just a few of the common types out there to give you an idea of the variety that exists in the marketplace.

• Restaurants- These can vary from fast food joints to fine dining establishments. They primarily focus on providing meals to customers in a dining environment. 
• Food Trucks- These are mobile restaurants. They are often known for specific dishes and provide flexibility in choosing locations. Food truck business goals can be very different than some other types of food businesses. 
• Catering – These businesses specialize in providing food for events, parties, weddings, corporate meetings, etc. They handle food preparation, presentation, and sometimes service for a large number of people. We have an article for specific goals for a catering business.
• Meal Kit Delivery Services- This is a business that delivers pre-portioned ingredients for specific recipes directly to customers’ doors. 
• Bakeries and Pastries-These businesses focus on making baked goods like bread, cakes, pastries, cookies, and more. They can be physical locations or they can ship their goodies to customers and stores. We also have an article for some great goals for a bakery business.
• Specialty Food Shops-These are businesses that sell specific products like gourmet cheeses, artisanal chocolates, organic produce, or imported goods. They often cater to a niche market or food enthusiasts.

There is no shortage of people looking for different ways to consume their favorite foods. The food industry will continue to evolve and change to meet that demand. Whichever type of food business you run, you will need clear goals to shoot for. Let’s take a look at a few goals that will make a difference in your business.

1. Perfect Your Recipe or Menu

At the heart of the food industry is of course the food itself. As a food business owner, you’ll want to be very intentional with what you are serving your customers. You don’t often see a successful food business serving up top-tier enchiladas, sushi, fettuccine, and burgers all together (unless maybe it’s a buffet). 

Most thriving food businesses are known for a signature dish or the type of food that is on their menu. For example, Cane’s Chicken Fingers serves just that, chicken fingers. They perfected their chicken finger recipe and paired it with a signature sauce. So whether you’re serving up pies, bread, pasta, or soups, specialize in whatever it is and make sure it tastes as good as it can.

 

2. Establish a Brand

A brand is essentially how people perceive your business. What people think of when they think of your company. Establishing a brand is how a business stands out from the crowd. Wendy’s, McDonald’s, Burger King, Five Guys, and Whataburger all serve burgers, however, people’s perception of each brand is completely different. 

Figure out what you want people to associate your food business with and incorporate it into your brand colors, voice, and overall marketing. If you want to be sophisticated, use more muted colors and a formal tone in messaging. If you want to highlight cultural heritage use specific symbolism that brings that out. Develop a brand that resonates with your target audience, reflecting your values and the unique essence of your food product.

 

3. Keep Customer Review Ratings High

Think about it: before we try something new, we’re checking reviews online to see what others are saying. In the digital age, your reputation hinges on the reviews of your customers. Positive reviews can build trust, while bad reviews can be quite detrimental. In general, 86% of customers will avoid doing business with a company if it has too many negative ratings.

Customer experiences matter, so don’t be afraid to go the extra mile to make customers have a great experience. Seek feedback regularly and see what your business can improve upon and address any issues customers may be having. Incentivize happy customers to provide reviews on sites like Yelp to help get those ratings up.

 

4. Minimize Food Waste

According to the USDA, it’s estimated about 30-40% of the US food supply is wasted. As a food entrepreneur, consider the impact of food waste on both the environment and your bottom line. 

Some ways to reduce waste are to implement efficient inventory management to prevent over-purchasing and get creative with ingredient use to minimize waste. Partner with local humanitarian organizations and donate any excess food they can use to feed those in need. By reducing your business’s food waste, you’re not just contributing to a healthier planet but also optimizing your business’s resources.

 

5. Find the Ideal Location 

If you have a brick-and-mortar food business, deciding on where to set up shop is a major decision. Location can determine foot traffic, set the tone for your establishment, and can be conducive to whether you succeed or not. You’ll want to do thorough market research to make sure you are setting up in an area where your target market will be able to find you. You’ll also want to consider where the competition is, what other businesses will be nearby yours, as well as what your overall business needs are such as receiving shipments or customer parking. 

To find the right location, you should conduct a location analysis. This is when you identify a location that may work and then analyze it to see if it is the right location for your physical food business. A location analysis should involve the following:

• Visibility and Accessibility-How visible is your location and can people access it easily
• Labor costs-What are the labor costs in the county or state you plan to open your location
• Proximity to suppliers-Delivery fees can increase depending on location. Finding a location close to suppliers will allow for faster and cheaper shipping.
• Competition-Who are you competing against in the area? Are they larger and more established or are they smaller businesses like yourself?
• Zoning and other regulations-Make sure to check all zoning and other regulations. Also, stay up to date with them as they often change.
• Demographics-Is your target audience in the area where you intend to open this location?

 

6. Create a Loyalty Strategy

A business’s regulars are a valuable asset. By crafting a loyalty strategy, you can create loyal customers who not only continue to come back but also become advocates and recommend your business to others. Reward repeat customers with incentives like points that can be traded for small rewards such as a BOGO deal. Provide personalized experiences or exclusive events, and don’t forget a heartfelt thank you goes a long way. Making your customers feel special will build that relationship and convert one-time clients to lifetime supporters. 

Loyalty programs can be as simple as a card you can punch each time a customer buys from you. Or, you can develop an app where users earn points with each purchase. Whichever route you choose, be sure to utilize email and SMS marketing to help encourage customers to participate in the program, and the benefits of doing so..

7. Increase Online Presence

Nowadays, being online isn’t an option – it’s a must. It can be frustrating for potential customers if they can’t find more information about a business online. By not having a strong online presence, you’re likely missing out on more customers. 

Make it easy for your target audience to find your business and food products online. Establish a user-friendly website or even consider developing an app that showcases your menu, story, and contact information. A well-designed website serves as a virtual storefront. Engage with your audience on social media platforms as well. Your online presence isn’t just about visibility; it’s about creating a connection with your audience and building trust.

Conclusion

Goals are not static; they should evolve as your business grows and the culinary landscape changes. Whether you’re just starting your food business journey or you’ve been serving up delicacies since ‘99, these seven food business goals will help to ensure you’re focused on the long-term success of your business. 

Also read:

8 Goals For an Ice Cream Business

7 Business Goals for a Coffee Shop

5 Business Goals for a Restaurant

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