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If It Aint Broke        
By Sybilla Matzat, Strategic Marketing

If it aint’ broke…don’t fix it.  For many things in life and business, this old adage holds true.  But what if ‘it’ is broke – how do you know and how do you fix ‘it’?  Like most things this takes a little work, but the payoff is well worth it.

Taking time to review your ‘broke’ items in business can save you from becoming broke in the long run.

Take a look at services and supplies you consider staples and see where and how you can save your company time and/or money.

Take, for example, the recent steep cost increases in food.  According to CBS Evening News Report (7.20.2007) some retailers are experiencing up to 30 percent or more in increased food supplies to run their restaurants.  Naturally, that rolls down to the customer in either higher prices or reduced portion size.  And, of course, the ever increasing freight, fuel and energy costs make everything else go up exponentially.

So what can you do to fix these things?  Where can you as the restaurateur or retailer save money, increase your bottom line or just stay even?  Take the time and effort to learn about each of your suppliers and where they are offering special deals or discounts.  Here are a few tips that may work for you:

 Ask your supplier to offer quantity discounts if you increase your purchases by a certain percentage.  Create special offers & menu items to customers featuring these products.  Effectively market to your target audience through promotions that not only increase store traffic, but increase the number of visits per customer.*

Create menu items that reduce your costs –

In an article  by John R. McPherson, Adrian V. Mitchell, and Mark R. Mitten in the McKinsey Quarterly published February 01, 2003…….

‘time-strapped consumers value control, personality, and choice when making their dinner plans. At Chipotle Mexican Grill (owned by McDonald’s), control begins at the counter, where diners decide how much of each ingredient goes into their burritos. At Cafe Express (in which Wendy’s International is an investor), the key is the restaurants’ "oasis tables," where patrons top off their meals with anything from Parmesan cheese to capers. Customers like the customized product; restaurants, unsurprisingly, like not having to bear the cost of waitstaff.’

Look to the internet for competitors offering specials and make your supplier aware of these – they may offer you the same thing so they don’t lose your business.

Use your leverage as a long term customer to secure pricing – your not going anywhere – and these days many businesses come and go.

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