2023 Goals for my Food Retail Business
The past is not independent of the future. Every year we reflect on how the last year went for our company. We reflect and then set aspirations for the next year.
Here are 5 reflections from 2022 as a CPG Retail business
1. It was hard - It was the year of price increases, shipping, supply chain issues and having challenge keeping things in stock. We saw volume declines due to price increases / budget pressures for families / changing trends back from e-comm to in person.
2. Innovation exists - In spite of that, we found and partnered with new brands and deepened relationships with the brands we carry ❤️
We launched many new brands in categories that did not exist on Switch - pasta, wraps, ready to eat cookies for example.
3. Don’t wait for the right moment, just start - I wrapped up 41 episodes of the Weekly Show that kept me inspired for our why and connected to our customers.
4. If you want to go far, go together - I DM’d customers and YouTubers asking them for help and they said YES! They gave me & Switch energy and love and support AND our customers helped us thrive ❤️
5. Recognition - It’s important to know and practice speaking our company’s story and why - which is why this Top 15 recognition means so much to me.
We made Top 15 in Canada for the The Odlum Brown Forum Pitch. We have a fantastic mentor assigned to us through this program. 2 iconic Canadian CPG companies - Blume and SmartSweets were past winners We pitch in Feb 2023!
This recognition is really important if we want to become a household name in Canada and continue on our path to becoming Not a Small Business.
My 2023 Goals for my Food Retail Business
1. Explore Unusual Partnerships:
In 2017, I was terrified of competition.
Now, I am excited. The fact that there are other online low carb grocery stores means great things - that online independent retailers have a space in the grocery space.
Well, I want to talk to the people behind these stores.
SwitchGrocery is not alone in facing opportunities and challenges. This means I am ready to be generous in sharing all our wins, things we are doing that are working well for us - with our competitors.
This is the ultimate mental growth for me - realizing that there is room and space for all of us. So this year I plan to reach out to our competitors, customers, coffee shops, bakeries, our suppliers, influencers to collaborate and partner much more than we have done in the past.
2. In Person Events:
Did you know that Switch was KNOWN for events? We held in person events in Vancouver and Toronto on low budgets and provided Starbucks coffee.
I miss those face to face meetings with our old and new customers and supporters because it connects me and our team to our why.
Our goal is atleast 2 in person events in 2023. Event planning is not my strength you guys, so I'm lucky to have Brie on our team!
3. Grow Financial Sustainability:
We did the grow at all costs approach when Facebook/Instagram ads were good. No I don’t regret it because we have amazing customers today that have stayed with us for years after finding us through a Facebook ad 💛 But as we all know, ads are not as effective anymore. We will continue to put resources towards reaching people organically in 2023.
This year specifically we need to take continued steps to improve Switch’s P&L and Cash Flow. That includes a mix of revenue and costs. I want to stay in the game, and if that means difficult decisions, we gotta do what we gotta do.
Reflections and Goals for my Food Retail Business VIDEO
We covered all this in last week's live show if you'd like to know details about any particular one, here's the video below!
None of this would be possible without our amazing customers, vendors, suppliers, team members and supporters (you know who you are). If you are reading this, I thank you from the bottom of my heart and would absolutely love to
We would love to have you on this bIf you found this helpful, I would absolutely love if you would give us a follow where you live. YouTube, LinkedIn, TikTok, Facebook
- Neha & the SwitchGrocery team