More and more restaurants are adopting a digital-first approach. Here are some of the reasons why Vancouver's Tractor Everday is making the transition.
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This class was an interesting one! We learned about risk and financial analysis – the very basics of being able to make a product financially successful in the market. We started the class off with a risk management discussion. It was interesting to see how the obvious things are sometimes overlooked.
Example: Factors not considered or overlooked. A factor so big that even though we considered all other things, this one factor changed everything. Or something as simple as incorrect assumptions made.
Then we went on to talk about why or how this could happen. We talked about how getting the wrong information could lead to this, or how you may have information that you didn’t need, or how there may be information that you want, but cannot obtain! We also learned the risk management process in steps: Identification, Quantification, Response, Monitoring and Control.
We then dived into the 4 P’s of Marketing traditionally used – price, place, promotion and product. We finished the class off with financial analysis, where we learned how to do some simple yet important calculations such as cost of goods sold and break-even analysis.
As we come towards the end of the course, everyone is busy putting their final projects together for presentations to begin next week!