The huddles this month focused on additional COVID-19 relief funding, the Food Finance Institute’s most recent events, and fundamental changes caused by the pandemic. Check-out the recording here.
Talking Points
- COVID-19 relief funding
- PPP – more funding available!
- Stimulus – up to a $600 relief check for many Americans
- Rental assistance is back
- $300 extra on unemployment
- Ag – 13 billion
- Education – K-12 additional assistance
- Roadways and Amtrak receiving funding
- Ending surprise medical billing
- Provision – a cost of meals is a deductible again
- No funding for state and local governments though… Yikes!
- First Edible-Alpha® Live! Event
- Presenting Businesses: Farms and food companies – all had social or regenerative social impact dimensions that are front and center in their business models.
- Also, a part of a coaching cohort over the past year, receiving 1-on-1 coaching from Tera as well as monthly group meetings.
- Famous Founder Interviews with
- Midwestern BioAg: Gary Zimmer & Leilani Zimmer Durand
- Iroquois Valley Farmland REIT: David Miller
- Niman Ranch Meats: Paul Willis
- Interview with Briana Warner of Atlantic Sea Farms; an amazing example of regenerative agriculture with kelp
- Check out the recordings, which will be released over the coming weeks, on our Edible-Alpha® YouTube channel! Tera’s keynote is available now for viewing!
- Presenting Businesses: Farms and food companies – all had social or regenerative social impact dimensions that are front and center in their business models.
- Scenario Planning Workshop
- Piloted virtually with 10 companies which worked very well with great progress made by businesses; Eric DeLuca facilitated, certified Scenario Planner.
- Look at the external environment for drivers in the economy and where the uncertainties are coming from to drive your strategy
- Resilience
- Foresight – anticipate things before they happen from strategic thinking
- Manage your investment portfolio by diversifying with supply chain, customers, geography terms, processors, relationships (Don’t have a brand that is so narrow that it’s only from your farm, add in flexibility)
Trends
- Major disruption in the international food supply chain
- The UK has a more contagious mutation which is out of control in London
- 25% drop in food imports, most food comes from southern Europe
- Fundamental changes to businesses due to COVID-19
- 4700+ companies are cutting back on real estate costs over the next year – space they have and negotiating rent costs
- Some companies will be cutting employee pay for those who moved from a more expensive area to a less expensive area (ex: NYC to Albany)
- What will the impacts for food businesses be if people don’t return to cities? If Millennials continue to cook at home and no longer want grab-and-go snacks?
- Risk mitigation with diversification in business models – not purchasing everything from the same place
- Cliodynamics – applying math to history
- Quantifying the rise and fall of empires over time
- Research shows you can predict the fall of empires based on the degree of income disparity and the degree of political disfunction
Tips & Next Steps
- Scaler Series Monthly workshops can help your food and farm clients
- The FFI Scaler Series offers food and beverage businesses the flexibility to learn how to successfully grow their business, one virtual workshop at a time. Enrollment is free for 2020-21 training, brought to you by funding from the Small Business Administration.
- Topics and dates include:
- Sales and Distribution Planning | Jan. 14, 2021
- Marketing and Branding Planning | Feb. 4, 2021
- Operations and Organizational Planning | Feb. 24, 2021
- Sources and Uses of Capital Planning | March 18, 2021
- Food Safety and GFSIPlanning | April 15, 2021
Listen to our Podcast | Sign up for our Newsletter | View Training Opportunities