I remember those days as a young chap, just the name Mr. Biggs was sure to turn angry faces into happy ones in seconds! I am talking about the early 90s, a little before this Internet age became widespread. Yes, the times when rice and coke completed the idea of a bubbling “Owambe” party in Lagos. For children, Mr. Biggs was always sure to sum up an essay on “What I did during the holidays.”
It wasn’t just the children who loved going to Mr. Biggs, adults too! Talk about a romantic day out. You don’t want to meet your date anywhere else but at Mr. Biggs. Don’t leave out the religious people too. This was how they ended a refreshing time in their worship centres. The fast food centre was sure to wrap up the day for them.
What has happened to Mr. Biggs today? I can tell you for free that there has been a shift over the years in the fast food and restaurant industry in Nigeria. There are newer restaurant chains, with much better sceneries and ambiances. Restaurants these days are being equipped with better amenities and are fancier than ever.
What about the menus? People these days are willing to pay a little extra for healthier options or even try more foreign dishes and it seems like Mr. Biggs is getting it all wrong in all corners. Perhaps this fast-food chain may be suffering from a corporate restructuring malfunction and has simply failed to keep up the pace with today’s market. Here are a few tips for corporate restructuring:
1. You must understand that change is inevitable, especially in a competitive marketplace. Embrace change and be innovative in running your business to stay ahead of competition.
2. Stay in tune with market trends. Over a period of time, shifts in the market place may occur due to multiple factors. You must learn to always follow market trends and understand the different shifts in the economy, customers’ personal preferences, spending habits, technological advancements and other social trends.
3. You must be willing to invest more money. Revamping your business in most cases come with a financial price that you must be willing to pay to be competitive.
4. Keep tabs on competition and be aware of new entrants. New entrants are especially important to note because they can come into the marketplace and take your market share without you realizing it.
5. Qualitative research from time to time is necessary because it gives you an in-depth understanding of your customers’ behaviours and the reasons behind such behaviours. This research may even help you determine whether you need to change your target market altogether.
