Luke's lobster is a renowned brand in the U.S. Food & Beverage industry, with more than 40 branches in the U.S. and Asia. Founder Luke Holden started Luke's lobster at the age of 24, during Great Recession in 2009.
In facing the epidemic, do everyone agree that many businesses are risking survival？
Next let’s take a look at this real story and 7 Winning Actions you can grasp on, which will definitely help your company in surviving and thriving!
Initially Luke Holden was an investment banker and he opened a 250 square feet restaurant called Luke's lobster in New York, with a start-up capital of USD $35,000. During the Great Recession, they too faced a huge cash flow crisis, and the team worked until 3am every day. Luke himself drive on a journey of 64km every Friday for cheques collection, just to avoid giving customers an excuse to delay payment.
Even in times of Great Recession, his business has been exceptionally great.
What did Luke Done Right?
Firstly, Price Setting - A lobster roll to sold at USD $15, while a set meal at $18.
Second, Quality - the product quality is high, which can even par with high-class restaurants. During economic downturn, customers would likely reduce spending on high class products, at the same time, people would also reward themselves on weekends and during festive season.
Even at the times of Great Recession, Luke has found the right target customers.
What are his guiding principles?
As a business owner, while trapped by the epidemic, have you made adjustment to your products/ services?
What are your guiding principles?
Until today in 2020, Luke’s Lobster in facing the second crisis, he has a set of “Strategies Protecting Sales from Declining” such as electronic gift card, DIY lobster roll kits etc.
In 2009, Luke also faced “Cash Flow Problem”, whereby he made use of the “Leverage Strategy”, he found a star favourite food supplier, Luke then produced lobster meat for businesses and at the same time keep the rest for own business use. Luke also built upstream and downstream supply chain at the same time, and cash flow gradually recovered.
Have you found your “Strategies & Solutions in Protecting Sales from Declining”? The Critical Question is to clarify whether your CASH FLOW will be able to survive for six months in the worst situation.
Will the sales recovery after MCO?
According OCBC Bank economist who is world class economist mentioning that after the city lock down, there is no V-shaped recovery in the consumer market in China.
We visited the business owner of a company that has businesses in 18 countries, and he said that business in China fell by 60%.
What will happen to our sales volume after MCO?
As a matter of urgency, we will prepare a webinar “June and Beyond: How to Come Out of the Perfect Storm Alive ”to give you a clear direction + strategy + method + execution which help your business in surviving and thriving.
*This webinar will be conducted in MANDARIN
“June and Beyond: How to Come Out of the Perfect Storm Alive ”
Webinar Highlights ↓↓↓
Calculate 6-Month Cash Flow | Explore 4 Major Industry Real Case Studies:
Calculate + Analyse + Strategize
• Real Case Studies in 4 major industries - manufacturing, retail / trade, Food & Beverage and service industries
• Guide you in calculating 6-month cash flow
• Learn how to extend 3-month cash flow sustainability period to 4 months
• What strategies to implement, in order to keep the enterprise going and enhance the viability
Surviving & Thriving – 9 Major Winning Actions to Take
Stress Test | How Far Can Your Business Viability Take You During a Crisis or Recession
When you suspect you have a heart problem, you will go to the hospital for a stress test.
Everyone is in a crisis moment. Has your business done a stress test?
Example: In the worst case, the sales dropped by 80%, and the turnover decreased from RM100mil to RM20mil, but the overall cost still stands at RM60mil. At that moment, how much did the company lose? What is the negative number of cash flows?
★YYC CEO Datin Shin will draw u the example of case studies for the stress test for 4 big industries.
• Take you through stress test and help you compare in the worst, best, and most practical scenarios.
• Provide you with different options, so that you can choose to make "The Most Difficult Decision" or "Survival with Broken Arms Decision" in the present or in the next six months.
Improve 3C1S (Cash, Credit, Cost, Sales)
At this critical moment, every government is improving 3C.
3C is Cash,Credit,Cost.
What did you do for your 3C? The YYC CEO will guide you on how to handle cash, bank credit and costs.
At the same time 1S is your sales.
At this time, how to make your sales recovery?
How To Protect Sales From Declining | 5 Major Options
• Review the real needs of customers and be customer oriented
• Implement new revenue or pricing models
• Launch innovative products or add value to existing products (new products should be developed according to the market demand, to ensure that the products will be popular in the market)
• How to boldly provide warranty policy
• Explore channels to get new customers
• With so many ratios reported in the financial statements, which ratios will help you spot the “Deep Water” your enterprise is falling into? Business owners must be able to spot and read several alarming financial ratios.
Financial Ratios | Help You Gain Clarity and Make the Right Decision in Time
• Change business model
• Increase profit margin
• Corporate restructure
• Mergers & Acquisitions
• Malaysian Airline Case Study: 6 turnaround strategies
Sustainable & Feasible Strategies – How to:
• Your CEO guide in making a series of Wake Up Call Actions, from cost, people, sales, cash to how to communicate.
Guidance for CEO to Make Wake Up Call to Shareholders and Employees
• Your guidance in applying the DMS principles
• How to review and adjust regularly
• Back-to-Work 100 days plan
How to Implement Actions During Epidemic & Back-To-Work Plan
After getting direction + strategy + method: execute to get results
• Guide you to create Dashboard
• Guide you to improve your team ’s KPI performance through Traffic Light System
• Guide you on daily chores to ensure the team achieves results
Result to determine Success
• Provide tools and solution, setting up trackable Dashboard for your team to ensure the execution with result
By joining this webinar, you GET:
* Attend this webinar to win Cash Tracker tool and Dashboard tool.
Please note that purchase of our courses is non-refundable.
If in any case you are unable to attend, you must notify YYC in writing via email 3 working days prior to the course date, and you will be given the opportunity to transfer to another course.
Failure to attend without meeting aforestated notification deadline is considered a cancellation and NO refund will be issued. YYC reserves the right to change any of the above without any prior notice.
GET Your Comprehensive Guidance from Finance Guru Datin Shin
In such challenging times, you need a professional cross-industries Finance Guru – Datin Shin. In addition to having accounting knowledge, she is also an expert in financial management, market strategy, sales strategy, law matters and many more core areas significant for business focus in surviving and thriving in a crisis.
She is also the CEO of YYC Group, an accounting and business advisory group with 46 years of excellence. She is the CEO who has expanded a traditional accounting firm from 50 employees to the now innovative diversified YYC Group with 800 employees and trusted by 120,000 business owners.
Get help from an experienced CEO whereby Datin Shin will help you overcome Covid-19 epidemic crisis, guide you to survive and thrive.