Specialty Food Magazine

Spring 2019

Specialty Food Magazine is the leading publication for retailers, manufacturers and foodservice professionals in the specialty food trade. It provides news, trends and business-building insights that help readers keep their businesses competitive.

Issue link: https://www.e-digitaleditions.com/i/1090132

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Page 70 of 87

BY MARK HAMSTRA 5 Steps for Creating a Growth Vision A successful growth vision needs to be flexible and updated as market conditions change, experts say. C reating a practical strategy for growth is one of the most important things a small company can do to help ensure its success for the long term. The process begins with researching the market, and the growth vision often needs to be updated periodically as data is gathered and market conditions evolve. Entrepreneurs many times simply dive into their business without putting enough thought into how they will manage the expansion of the enterprise, says Robby Riggs, cofounder of Sana Sano Consulting. One of the things that makes entrepreneurs different in their DNA is that they have the courage and the risk profile to say, 'Hey, I'm going to start on something, and whether it fails or not, I'm just going to run hard at it,'" he says. That approach can work in the short term, says Vincent Biscaye, founder of New York-based Step Two Advisors, but eventually those startups need to formulate a plan with a budget and a timetable, at the very least, in order to survive. "In the long term, that lack of structure will come back and bite your business," he says. Based on the level of leadership experience, the product type, and other factors, different companies will need to approach their strategies for creating a growth vision differently. Cindy Hsiao, founder and strategy director at March Brand, uses travel planning as an analogy. "If you are planning to go on a business trip, or a family trip, or a camping trip, they are all going to be very different plans," she says. 68SPECIALTY FOOD MAGAZINspecialtyfood.com article bug specialty food maker 68 ❘ SPECIALTY FOOD MAGAZINE specialtyfood.com

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