How COVID-19 has changed the Food and Beverage Industry.
The COVID-19 pandemic has fundamentally changed how we look at and interact with companies and industries around the world. While these trends range from very obvious, to subtle - it’s hard to think of any sectors that haven’t been affected. With grocery stores being one of the consistently busy places, regardless of the stage of lockdown, it’s easy to assume that these businesses may have been immune. But, that couldn’t be further from the truth. Even grocery stores have had to make drastic changes to the way they run their businesses, and things like restaurants, catering companies, and other food related suppliers had to adjust their business models completely on the fly to survive.
There are a few trends that spread throughout all facets of the Food & Beverage industry, and those trends have been amplified by the effect that the pandemic has had on consumer preferences. Unsurprisingly, most of those trends include an increased focus or awareness on healthy eating. Check a few of them out here:
Transparency - easy to read food labels with ingredients that are clean, ethical, and responsibly sourced. Consumers want to know more about where their food is coming from.
Health and wellness - this trend has been around and growing for some time now, but with COVID-19 it’s picked up even more steam. Consumers are more aware of both their physical and mental health, and are looking for products that will help them get or stay fit.
A focus on immune health - now this makes a lot of sense… I mean, we have been fighting a global pandemic for the last year. I know, this sounds really similar to the health and wellness bullet above… but I feel like this is such a huge trend it needed its own highlight. Consumers are really looking for products that will help keep them safe and boost immunity with ingredients such as elderberry, acerola cherry, apple cider vinegar, and more.
So...how should restaurants, food & beverage suppliers, grocery stores, and all companies in the food and beverage industry approach these changes? The answer, with business acumen. I know, I know...of course I’d say that… I am writing for Acumen Learning. But hear me out. When analyzing these trends and the impact each will have on your business, it’s essential your team not only understands their department, but understands business as a whole. And according to studies, 95% of employees don’t understand their company's strategy, and 90% don’t understand important business metrics. So, how can they make the best decisions for your business strategy? I know you see where this is going, but the answer is...they can't. They need to understand how decisions they make and changes they implement will not just affect their team in a vacuum - but the company as a whole. That’s where we come in. Our unique training approach for finance and business acumen will help anyone make faster and bolder decisions that are likely to lead to a good outcome. That’s what CEOs want, and what we deliver! Whether you’re looking for personal development or training for your entire team, we hope you’ll consider partnering with us.
Oh, and if you want to learn more about how business acumen plays a role in the consumer products industry...check out our video below!