The food and beverage industry is one that can thrive even in the face of a struggling economy. It is, however, important for business owners and executives to know how to navigate financial, market and operational challenges to ensure a strong revenue stream and long-term viability. While some companies are successful operating at the status quo, it is critical for most to look both inward and outward to determine areas for improvement. Looking inward, companies can improve strategic planning, financial analysis, operational systems and product development. Looking outward, companies can partner with industry experts and advisors as well as participating in benchmarking programs to learn best practices from marketplace leaders.
GHJ recently conducted a targeted survey of food industry business owners and executives to explore topics such as business growth, pricing issues, new-business strategies and financial management. This year’s survey results show that owners are cautiously optimistic about the growth of their businesses in 2012.