Revenue Generation Tip # 1 – Create and celebrate a festival of collaboration and teamwork

On Sunday the 13th October 2019, Singapore held its first ever Rum festival. Rum

Bellion 2019 #RumBellionSG is the brainchild of Eddy Montana (General Manager,

Neon Pigeon Singapore). With the support from his fantastic team at Neon Pigeon

and in collaboration with 3 neighbouring restaurants plus well-known Rum brands

such as Baba Au Rum, Phraya, Mekong, Appleton and many more, Rum Bellion was

a success!

And don’t just take our word for it! Check this out!

A picture is worth a thousand words. And this was just at 7pm!

So why is Wolfe Strategies, the accountants for the Food & Beverage industry, writing about this?

The F&B sector, irrespective of countries or regions, is facing increasing challenges.

In our research, we have discovered that almost 50% of business do not survive past

the 5-year mark.

In an environment with stiff competition, rapidly evolving consumer tastes and

rising costs as well as geopolitical uncertainties, how would restaurants and cafes

continue to thrive? The key is collaboration and teamwork.

What are the current consumer trends in your neighbourhood? Perhaps more and

more people are preferring vegetarian / vegan options? Why not collaborate with

well-known chefs and brands in this arena?

Perhaps consumer spending in your area is weather and occasion dependent? If the

weekend forecast is sunny, why not have a street party in collaboration with your

local council and other restaurants and cafes? Or perhaps a Halloween-themed bar

crawl?

A festival or event to recognize and celebrate the niche tastes of your local consumer

could propel your outlet to the attention of wider audiences and usher in a steady

stream of customers.

About the Author

Sarang Mandke – Sarang is a Chartered

Accountant with 5+ years experience.

He owns and manages Wolfe Strategies,

a consulting firm specializing in

providing real time operational

efficiency solutions to restaurants, cafes

and bars. Wolfe Strategies has its offices

in Singapore, Australia and the U.K.

Sarang can be reached on

finance@wolfe-strategies.com

Disclaimer

The views expressed in this article are those of the author and are based on existing

publications as well as limited research. Market conditions and factors may differ for

each business and hence, these views should not be solely relied on when making

decisions.