It’s never too early to start planning to improve your business in 2024. The team at IHS Provider CORE Insights Group know it’s daunting to run your day-to-day business while preparing for the future. So, in a recent post, they have put together five actions you should take now to prepare for next year.
The CORE Insights Group provide customized consulting and procurement management services. Their expert team has decades of experience and insights that can help them drive quick results for their customers and shift the power back to the operator.
As an operator, it’s easy to get so busy with the day-to-day challenges – like fighting inflation, looking for late deliveries and managing labor – that you forget to take a step back and plan for the future.
Here are five actions you can – and should – take now to prepare for success in 2024:
1 Schedule a business review with your broadliners:
Take the time now to schedule a review with your distributor partner(s) to discuss your operational goals and needs for 2024.
Why it matters: Your broadline distributor is a critical partner in the supply chain. They can help you get ahead of the business challenges you’ll face in the coming year and help you drive your growth. Sharing your goals will ensure you’re aligned and can use your partnership effectively.
2 Review your labor costs:
Evaluate whether you need more or less staff, a more streamlined way of working – both front of house and back – or better technology solutions or products to help you save labor in the year ahead.
Why it matters: While it may seem obvious, labor costs are a major part of your overall operating expenses. Figuring out how to reduce labor needs through technology or product solutions or finding ways to enhance your team and ways of working through improved scheduling, training or additional staffing can not only ensure cost control but enhance your customer experience.
3 Evaluate your menu offerings:
Do a complete inventory of your menu using sales and food cost data.
Why it matters: Your menu prices and food costs may not have kept up with inflation. Looking for ways to reduce menu costs – for example, by finding product alternatives or labor-saving items, adjusting portion size or menu prices to be more in line with the marketplace, or reducing waste – can enhance your bottom line.
4 Review your contracts:
Make sure you have an inventory of your contracts when they renew or rollover and when they can be renegotiated.
Why it matters: You may be leaving money on the table by just rolling over existing agreements or forgetting to renew. Having the right information will ensure you’re getting what you’ve already negotiated or can renegotiate successfully to get the value you deserve.
5 Develop your product review strategy:
Evaluate whether you are buying the right menu products that drive value to your customers, especially around high-cost or workhorse items. Do you have guaranteed pricing on core products? Can you simplify your purchasing process by eliminating items from your menu or back of the house?
Why it matters: Consolidating volume to give you better leverage with your partners, eliminating slow-moving items that lead to waste and shrink, and using limited-time offering specials as a strategy can help you control food costs and make your menu more effective.
Are you thinking, “That sounds great, but where do I find the time?” At CORE Insights Group, we help operators like you find the time, resources and structure to drive success. Using our CORE360 platform, we can help you gather your data, structure your processes and prepare for better negotiations with your partners.
Content and image supplied by CORE Insights Group
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