The food and drink industry has been deeply affected by the coronavirus outbreak. With venues and restaurants unable to open for months, many have been left without any income at all. While food producers and manufacturers have seen increased demand for goods, difficulties in the supply chain have led to operational delays and disruptions.
Despite this, it is possible for food and drinks companies to bounce back from the financial troubles they’ve faced so far in 2020. By diversifying your business and expanding into different areas, for example, you can increase your turnover and secure multiple revenue streams. For inspiration, take a look at these innovative ways you can expand your business now:
- Offer a catering service
If you’re a restaurant owner or a food producer, offering a catering service could be a fantastic way to boost your profits. Generally, existing food businesses need minimal equipment or investment in order to start offering a catering service. This means you can enter a new market without facing high costs.
Depending on the size of your premises, you may require extra space in order to provide additional services. However, you don’t need to worry as it will be easy for you if you take the commercial kitchen space for lease it can also speed up production. Also to increase your cold storage you can rely on mobile fridge and freezer trailers from Ice Cool Trailers. With this option you can minimize your outgoings and expand your business in line with demand from customers and clients.
- Provide a delivery option
Although establishments were unable to provide dining facilities for some time, delivery services were still permitted. If you haven’t yet introduced a delivery service, now might be the perfect time to do it. With so many established food delivery businesses out there, it’s easy to team up with a firm that can offer swift deliveries and unlimited delivery personnel.
While you may need to pay a small fee or commission in order to sign up with a delivery service, this can be well worth it when you consider how much your income can increase. Remember – people are using delivery services to access a wide range of goods and services. Whether you offer prepped meals, specialty desserts or luxury beverages, your existing customer base is looking for new ways to access your products.
- Offer ready-to-cook meal boxes
Meal, or recipe, boxes have grown in popularity in recent months, so this could be the ideal trend to help you expand your business. You won’t be delivering ready-to-eat meals, so you’ll have more flexibility when it comes to planning your deliveries. Furthermore, you’ll be able to choose from a wider range of produce and ingredients, so you can showcase your menu at its best.
People enjoy meal boxes because they enable them to create high quality meals at home. In addition to this, boxes that make it easy to follow a certain diet, such as low carb or low calories, are ideal for people who are on a fitness kick. With numerous ways to cater to popular demand, a foray into this new sector of the market could be extremely lucrative.
How Will the Industry Change?
Sadly, the impact of COVID-19 means that some businesses will be forced to close their doors for good. While major companies are reducing their workforces and closing some sites, some smaller businesses have been unable to ride out the reduced cash flow. If you’ve made it this far, however, then you’ll be pleased to know that things are beginning to change.
As lockdown restrictions have been eased, food and drinks companies have been able to reopen and ramp up their operations. In factories and production sites, social distancing measures have ensured workflows can continue to function at high speed, for example. Over recent months, we’ve become more accustomed to changes imposed due to COVID-19. As a result, businesses, food producers and customers are coming up with ingenious and innovative ways to bring the market back to life.
What to Expect in 2021
Many people are hoping that things will return to normal in the New Year. In reality, it’s highly likely that we’ll be continuing to adapt to a ‘new normal’ in 2021. Fortunately, we’ve already shown just how adaptable we are, so modifying your operations and growing your business needn’t be too difficult.
By diversifying your firm and providing solutions to changing restrictions, you can put your customers first and increase your revenue. In doing so, you’ll benefit from higher turnover and give your company the security it needs to thrive in the future.