Entrepreneurs are brilliantly passionate people. They are always brimming with creative energy and powerful ideas. While these traits encourage them to make a difference, scale their business and increase profits, they may sometimes get distracted and lose focus.
Case Study: Café Karang Guni
Former air stewardess Dawn Lim knew she was filling a gap within the F&B industry when she started Café Karang Guni in 2015, an online B2B trading platform for second-hand kitchen equipment. The idea sparked when the 23-year-old realized that many F&B outlets in Singapore do not sustain long, leaving their almost-brand new equipment worthless. As the business grew, Dawn began facing challenges such as straddling between demand and supply, identifying her key customers and establishing a unique selling point (USP).
In 2016, Dawn received an email from Lance inviting her to get complimentary business advisor. “I felt it was timely for me to meet him so that I can have a clearer understanding of the various government support SMEs can leverage on. I also needed help in redefining my business strategies and aligning it to the company’s goals,” explained Dawn.
During the consultation, Lance assisted Dawn in coming up with the following solutions:
• Solution #1: Identifying key competitors
Dawn discovered that her competitors were mostly traditional rag-and-bone men who traded scraped goods across various industries. Lance recommended that Dawn focus on the local F&B industry and turn it into a niche for the company.
• Solution #2: Identifying customer demographics
Lance encouraged Dawn to focus her efforts on newer and younger F&B businesses as they were the more likely to require her services.
• Solution #3: Developing a USP
Dawn expressed interest in using her industrial specialization to provide a more comprehensive product range to her clients, with a team of capable and well-trained staff who can provide a more robust technical advice to her clients. Lance encouraged her to leverage on it and make it the company’s USP.
Results
Through this sharpened business model, Dawn had a more definitive, clear and structured view of all aspects of her business. This has helped her to capitalize on her strengths and address potential areas of weakness. Today, Dawn works closely with 60% of the F&B eateries in Singapore and is optimistic about expanding her business.
“Lance gave me a clearer picture on how to position my business. That allowed me to develop better strategies in growing my pool of customers. Moving forward, I hope to further develop my brand presence locally. One of the few things I’d like to improve on is including a diverse range of products to better serve the F&B industry,” shared Dawn.