28 September 2020
Innovating for Growth: Scale-ups diary – The Street Food Company – part 1
We are once again following another business through the Innovating for Growth: Scale-ups programme, The Street Food Company. You can read last year's diary from JR Pass and The Good Slice’s diary from earlier this year. You will hear first-hand about the programme’s different sessions and how they are using these to focus and change their business direction. Let’s here more from James.
“Hi, I’m James and together with my co-founder Kevin, we started The Street Food Company. The business sparked from our backpacking adventures and tasting the world’s best street food, from Bangkok’s shredded mango salads, chorizo chilli mint hotdogs from Havana to the toasted coconut curries of Sri Lanka. Back in the UK, we couldn’t find the same electrifying flavours and inspiring dishes anywhere and were bored with the more mainstream dishes everyone was offering.
We decided to make a range of bold, adventurous and unique Street Food sauces that helped others easily recreate the world’s best street food with just a few simple ingredients, no need for specialist skills or hard-to-find herbs and spices. We started supplying university chefs to help them provide street food for their students, but the business has recently grown into theme parks, football stadia to pub chains and hotels across the UK. Our simple mission to help anyone easily recreate the world’s best street food that we find on our travels was well underway!
Fast forward to March this year and all that changed. All our customers had to close their doors and the food service sector as we knew it changed overnight. We quickly decided to turn our focus to diversifying our business and to launch a retail side for consumers who wanted to cook more adventurously at home with bolder world flavours. The Innovating for Growth programme couldn’t have come at a better time as we now had access to a group of specialist advisors who could help us in every aspect of our new retail growth plan, to ensure we focussed our limited resources in the right direction at such a critical time.
We kicked off with a session by Rasheed Ogunlaru, owner of Soul Trader. The meeting was not only a great way to meet and interact with the other businesses on the course, but it also focussed on us as founders and the importance of looking after ourselves and that we have a clear vision, mission and plan for our own lives as much as we should for our business.
The rest of the course was focussed on our growth plan, which centres around a simple one page Business Model Canvas tool, that helps you layout how you will deliver products and services that your customers value and will pay for. Our opening strategy session with Robert from Red Ochre identified the key to our growth as being:
- A clearer value proposition for our products.
- More defined target customers.
- Finding the right marketing activities.
- Identifying the right partners to sell the products through.
With a much clearer focus on what we needed, we dived straight into brand sessions run by Dave and Sandra from ABA, which helped us realise the importance of branding, it being the sum total of everything your company does and how it behaves. It’s how customers feel about your brand and not what you think they feel. This focussed our thinking on the purpose of our company, what we could be best in the world at and how we should communicate this to our customers.
Our company purpose has now changed from helping people to make street food at home to one with a much bigger mission of making truly unique, adventurous and fun products with crazy bold flavours that other companies are afraid to do; that challenges the status quo and pushes the boundaries of food and flavour. We are reinvigorated as the potential and possibilities feel limitless.
We excitedly jumped into a Marketing session with Helen from ABA where we learned to create detailed customer personas to really understand our customers, focus on communicating the emotional benefits of our products and to detail our customer’s journey to give a five star service at every touchpoint.
With customers on our mind, we met with Dean from Fluxx, an incredible product and service innovation company. We felt we knew our customers, but Fluxx challenged us to question our assumptions and delve deeper, suggesting great techniques like diary studies and split testing to really get inside the heads of our customers and understand how and why they use our products.
Last, but certainly not least, was financial planning with Julie from Metavalue. This session addressed our questions over budgeting, pricing and KPIs, helped us to create a financial forecast and plan and has instilled a commitment in us to review our P&L (profit and loss), balance sheet and key financial information monthly.
The programme has been incredibly useful in helping us work through our new business direction and we can’t wait to get stuck into Part 2 and let you know more! Feel free to follow us on Instagram and Facebook or contact us at email@example.com. ‘Till then, Let Your Taste Buds Travel!"