How to Succeed in the F&B Industry | CoHive Blogs

How to Succeed in the F&B Industry

There are many types of businesses out there, and entrepreneurs are getting more creative with their business choices. One that seems to be the most popular is the food and beverage business. In Indonesia, food and beverage businesses are thriving. The Indonesian Ministry of Industry stated that the F&B sector in 2018 itself, contributed 6,34%

There are many types of businesses out there, and entrepreneurs are getting more creative with their business choices. One that seems to be the most popular is the food and beverage business. In Indonesia, food and beverage businesses are thriving. The Indonesian Ministry of Industry stated that the F&B sector in 2018 itself, contributed 6,34% to the national GDP. In 2019, the government set the growth target of this industry to 8%. These data prove that the food & beverage industry is an up-and-coming business field.

 

Although the demand is high, the competition in this industry is just as high. 70% of businesses go bankrupt within their first three years, and 90% of companies are unable to open more than one outlet. On top of that, there is an apparent gap between beginners and experts in the industry. These facts show that although this industry is promising, doing it the right way and understanding what needs to be done is a must to make it successful.

 

Titled “Boosting Your Revenue in Food & Beverage Business”, CoHive brought this meaningful discussion through one of its flagship programs, CoTalks. The event aims to give insights to F&B entrepreneurs about the challenges they may face on the industry. Moreover, the speakers also share tips to overcome the obstacles. The speakers are two influential figures from the F&B industry: Ervina Waty; CFO of Ismaya Group, and Rifki RM; CEO of Foodizz, the first platform of F&B education in Indonesia.

 

Ervina Waty stated that businesses should have a clear vision and mission, and she formulated it into 3S, which are Serve, Sustain, Simple. Serve means that as providers, we have to understand that not all customers are the same. How we treat a hungry customer may be different from how we treat another patron. Ervina further explained that businesses have to have vendor management. She gave an example of a time when a restaurant’s product goes out of stock. They have to have a backup vendor that can supply their inventory just in case their regular vendor is not able to give them an appropriate amount of products. An effective and efficient process is also needed to run a smooth-sailing restaurant.

 

F&B entrepreneurs also have to take customer’s satisfaction into account. Aside from the product’s quality, the customer’s experience has to be just as good. Customers experience indicated by how we take their orders, the time it takes to serve the food and the way we set our restaurant’s ambience, all have considerable roles to customer’s experience. Their experience will become public opinion, and if we maintain consistently high-quality services, we will gain customer’s loyalty.

 

Furthermore, Rifki RM, as CEO of Foodizz.id, explained what the company is all about. Foodizz offers offline workshops, web seminars, and on-demand content about technical and strategic business models delivered by F&B business experts. The hype of new F&B entrepreneurs is apparent through the number of members Foodizz reached. In the span of 15 months, 10.000+ F&B entrepreneurs join Foodizz’s learning community, and 3.300+ F&B entrepreneurs join Foodizz as paid members.

 

Other than a part of human’s daily needs, food and beverages have become a trend. Many entrepreneurs create innovations to attract F&B enthusiasts and become successful at it, but many have also failed. Knowledge and understanding the market are the keys to be a part of those who succeed, and hopefully will further contribute to Indonesia’s economic growth.

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