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Food Trucking 101 - The Drive Down the Path to Success Continues

Posted on 4/28/2019 by Ray Lamboy in LAEDA News

Camden, NJ- As part of its continued commitment to providing high-quality educational programs that are relevant and impactful to the community in South Jersey, LAEDA hosted Food Trucking 101. The 8-week course was designed for those going into the mobile food industry to help them open and maintain the business. The program concluded on Thursday, April 25th with a celebration dinner and presentation of certificates to all the graduates. Alex LaBant, Assistant Program Manager and Jamila Powell, Program Director spoke to each graduate about using LAEDA’s resources and taking advantage of its business counseling to further their entrepreneurial careers.

The last class highlighted the concepts of bookkeeping such as keeping various records. These records include inventory, supplier, customer, and personnel records. Other records such as the sales and expenses records will be used to generated the income statement and balance sheet which are important for knowing exactly what is coming in and going out. Maintaining accurate and complete records helps business owners understand the financial position and project cash requirements and sales projections. “It is important to establish a system that is consistent with the size and nature of your business, “Jamila described, “Capture all transactions, record them, and then report them.”

Most business owners will keep a record of inventory and suppliers but never review these records for trends, shrinkages, andor patterns. A review of your records can minimize not only shrinkage from employee theft but also expenses from volume discounts or supplier negotiations.

In addition to reviewing your inventory and supplier records, it is essential to keep in touch with your customers’ and monitor their buying patterns because this will help your business grow when customers’ needs are met. “A lot of people usually keep great records, but slip when it comes to customer records system. You must turn the transactional into the relational because it’s the relationship that creates loyalty customers,” Jamila stated.  Alongside this, the employees that are running your business are crucial because they are the foundation of your business and without them, the business cannot run. “As a small business owner you really want to keep the best employees for your business- do performance evaluations and have an employee handbook of what is expected,” Jamila emphasized.

At the end of the presentation, Gabriela Santaferraro from TD Bank shared details and resources on financial help through banks. “Relationships are crucial and they matter,” Gabriela stated. “You must take those small essential steps for your business and establish a relationship with your banking specialist so that way the bank knows you who are and can help you find valuable resources.”

The night concluded with partaking in the potluck dinner, presenting certificates, and continuing conversations. At the heart of these conservations were creating good business practices and maintaining valuable relationships.

LAEDA offers seminars and short-term course in various counties of South Jersey throughout the year. A long term course is also offered three times per year where entrepreneurs receive 72+ hours of training from industry professionals, business planning, and business counseling. The program is free, but you must qualify. LAEDA welcomes you to join our community of successful entrepreneurs. Visit our website at www.laeda.com or call (856) 338-1177 to learn more.