So what do you do? Amy Troutmiller, Founder of Common Fuel Consulting
It’s sometimes an ice breaker. It’s often a query of curiosity. On the East Coast, especially, it’s almost certainly one of the first three questions after meeting someone.
“What do you do?”
Some careers/titles can be easily stated and don’t usually prompt elaboration.
“I’m an accountant.”
“I’m a teacher.”
My answer has always caused further probing. So let me take this opportunity to lay out some of what I actually do. And hopefully can do for you!
First and foremost, in the most general sense, I help any individual or business in the food and beverage realm with planning, strategy, financial performance and specific goals. That means if you’re a restaurant, a retailer, a winery, a bar, a hotel, or an importer or distributor of wine and/or spirits, I’m here for you.
-One of the most frequent inquiries I get are from businesses who need help becoming profitable. They’ve launched their dream, invested their capital and misjudged either product margins or operational costs. In these cases, they need financial reviews, sales strategy, and a path to survival and success. Sometimes I end up being the outside eyes that just identifies areas of opportunity. Other times, a concept needs reworked to compete in their market space. I’ve found in these cases, by presenting several scenarios and forecasts, business owners appreciate the ability to choose their path forward. At the end of these projects, I almost always hear “I wish I would have called you sooner.” Besides the reward of getting to help others, I love these clients because I often get to stay on with an hourly contract and provide guidance on an as-needed basis. They become friends and part of the Common Fuel family.
-People love food and wine, right? It seems like a fun business to be in! At the end of the day, it’s just that....business. And a tough one! Every minute someone thinks about starting a wine import business or a wine bar or buying a vineyard or opening a restaurant. Unless they’ve done it before, Google only goes so far, and there’s just no way to navigate many facets of the industry without “learning by doing”. There are hidden costs, a complex licensing and tax system, logistics, sourcing, business plans, contract negotiations, concept feasibility and so so much more. For anyone considering this business, you may need an attorney, a recruiter, a commercial real estate agent, and.....Common Fuel Consulting. We can assist at any stage of development and help ensure these businesses start off with sturdy footing and realistic budgets, systems, and expectations. In addition, we connect you to great vendors, consolidators, designers, PR etc. Together, we can make that dream a reality without common and costly missteps.
-Who’s ready for growth or change? If there was anything learned in 2020, it’s that we always have to be innovating, prepared for the unknown and open to the buzzy “pivot”. Sometimes it’s a winery that is ready to scale or enter distribution. Sometimes this is a brand that wants to develop a second label or a business that wants to create a private label. This can also be a solid concept ready for opening new locations, but requires competitive analysis or even design services. The goal for us all is to get to that growth phase! It can be just as scary as first starting out, because capital and time investment is required. Common Fuel Consulting can step in to guide this growth phase, whether it be actively working through the transition and launch or just providing the road map for your internal team to achieve it.
-Ready to sell? This can mean product; excess stock you want to liquidate or offload, a new product you need to accelerate placement with, or an entire portfolio you need brokers or buyers for. Decades in this business and deep relationships in all tiers, allows me to help! This may also mean an acquisition. Is your business ready to sell? If not, how do we get you there? I will assist with positioning your exit strategy, identifying potential buyers or partners, and preparing decks and presentations to maximize your return.
The above is by no means all encompassing. What I enjoy most about this business is that I get to work with a variety of fascinating people with diverse needs. It’s never boring and always deeply meaningful. If you have a business in food and/or beverage, please reach out! If there is ever something I can’t do for you, I almost certainly know someone who can. It’s my pleasure to meet new people, connect others, and build together.
Want to get in touch?
Email Amy directly at amy@commonfuelconsulting.com
Or schedule a time to talk