There has never been a more exciting nor a more daunting time to be a food and beverage entrepreneur. The growth in grocery e-commerce through waves of lockdowns has allowed many small producers to capitalize on the direct-to-consumer boom. Start-ups across Canada have also benefited from increased demand for health-conscious products as well as a shift toward supporting more local and sustainable producers.
For a growing number of emerging brands, issues emerge slowly and hardly register until they become an existential concern: You might find profits are growing more slowly than anticipated, you’re needing to pay yourself less despite a steady increase in sales, or you may find it difficult to source key ingredients to meet the rising demand. Unfortunately, many entrepreneurs don’t look for the root of the issue until those issues become an overwhelming problem.
In an industry known for passion and purpose, knowing your numbers can be your biggest differentiator – and the best recipe for success. Read more in this insightful MNP article HERE