Categories:Business Planning, Expand Your Food Business, Funding & Financials, Knowledge Pantry, Sales & Customer Experience, Small Business Tools
March 31, 2015
One of the biggest issues food producers run into is knowing how much product to make. Waste – the throwing out of good product because it’s gone bad – can eat away at your profit margin quicker than you can boil a pot of water. Even if you’re not making a perishable product, knowing how much product you should have on hand to fulfill predicted sales can be stressful – too much inventory and you’ll end up with money just sitting on the shelf unsold, too little inventory and you’ll have people clambering for products they want but can’t get (and will go elsewhere for!).
About a year ago, I was reading an article about predictive analytics (yes, this is the stuff I read for fun…it’s a sickness I tell you!) and it got me thinking. Why couldn’t food producers also have a predictive tool. For as long as I’ve worked in kitchens, we’ve always kept track of our ‘pars’ – the average amount of any given product we expect to sell on any given day – by simply writing it down on a piece of paper and then….well, truthfully, in the most cases we’d only pay vague attention to that paper in the future and instead rely on gut instincts which sometimes proved right but sometimes proved very very wrong.
So with the idea of a predictive tool for food pars, inventory, and anticipated sales, niggling away at me, I’ve spent the last 11 months developing a comprehensive spreadsheet you can use for your business that will predict your pars based on your actual historic sales while taking factors such as bad weather into account. Rather than write down everything it can do, check out this short introduction video that will give you a sense of what it’s capable of:
Regardless of what type of product you sell (this works even if you’re in food service) or what channels you sell through; online, farmers’ markets, wholesale to stores, etc, this tool is designed to help you be more accurate. Click here to purchase the spreadsheet for
$70 $55 (this price is only available through this Friday, April 3rd).