Harvard Case - Lagom Kitchen + Brewery: A Quest for Survival
"Lagom Kitchen + Brewery: A Quest for Survival" Harvard business case study is written by Sanjeev Pathak, Rajesh Pillania. It deals with the challenges in the field of Entrepreneurship. The case study is 12 page(s) long and it was first published on : Aug 22, 2017
At Fern Fort University, we recommend Lagom Kitchen + Brewery pursue a hybrid growth strategy focusing on expanding their existing business model while simultaneously exploring strategic partnerships and potential acquisitions within the craft food and beverage industry. This approach will leverage Lagom?s existing strengths in brand building, operational efficiency, and customer loyalty while mitigating risks associated with rapid expansion or large-scale acquisitions.
2. Background
Lagom Kitchen + Brewery is a successful craft brewery and restaurant facing a crossroads. Their current business model, centered around a strong brand and loyal customer base, has proven effective, but the owners are seeking growth opportunities. They are considering various options, including expanding their current location, opening new locations, franchising, or pursuing acquisitions.
The case study introduces the main protagonists:
- Erik and Anna: The founders and owners of Lagom, passionate about their craft and dedicated to building a sustainable business.
- The Board of Directors: Advising Erik and Anna, providing guidance on strategic decisions and financial matters.
- The Management Team: Responsible for day-to-day operations, including marketing, finance, and production.
3. Analysis of the Case Study
To analyze Lagom?s situation, we employ a SWOT analysis to identify internal strengths and weaknesses, and external opportunities and threats:
Strengths:
- Strong brand: Lagom has established a loyal customer base, known for its high-quality food and beverages, unique atmosphere, and community engagement.
- Operational efficiency: The brewery and restaurant operate with a well-defined system, minimizing waste and maximizing profitability.
- Experienced team: The management team possesses a deep understanding of the craft food and beverage industry, coupled with strong operational expertise.
- Financial stability: Lagom enjoys a healthy cash flow and a strong financial position, allowing for strategic investments and expansion.
Weaknesses:
- Limited geographic reach: Operating solely in one location restricts Lagom?s potential customer base and market share.
- Limited product diversification: While the current menu is popular, expanding product offerings could attract a wider audience.
- Dependence on local market conditions: Lagom?s success is tied to the local economy and consumer preferences, making it susceptible to external factors.
Opportunities:
- Growing craft beer market: The craft beer industry continues to expand, presenting opportunities for Lagom to capture market share.
- Consumer demand for local and sustainable products: Consumers increasingly favor locally sourced and environmentally friendly options, aligning with Lagom?s values.
- Potential for partnerships and acquisitions: Collaborating with other businesses or acquiring complementary brands could expand Lagom?s reach and product offerings.
Threats:
- Increased competition: The craft beer market is becoming increasingly competitive, with new entrants and established players vying for market share.
- Economic uncertainty: Economic downturns could impact consumer spending, affecting Lagom?s revenue.
- Regulatory changes: Government regulations, such as alcohol licensing or environmental policies, could impact Lagom?s operations.
4. Recommendations
Lagom should pursue a hybrid growth strategy incorporating the following recommendations:
1. Expand Existing Business Model:
- Increase production capacity: Invest in additional brewing equipment and expand the kitchen facilities to accommodate increased demand and potential product diversification.
- Enhance marketing and branding: Develop a comprehensive marketing strategy to reach a wider audience, leveraging social media, digital marketing, and local partnerships.
- Improve customer experience: Implement customer loyalty programs, offer online ordering and delivery options, and enhance the overall dining experience.
- Explore new revenue streams: Introduce new product lines, such as bottled beer, merchandise, or catering services, to diversify revenue sources.
2. Strategic Partnerships and Acquisitions:
- Partner with complementary businesses: Collaborate with local food producers, restaurants, or event organizers to expand reach and cross-promote offerings.
- Explore potential acquisitions: Identify and evaluate potential acquisitions of craft breweries, restaurants, or complementary businesses in adjacent markets.
- Focus on strategic fit: Prioritize acquisitions that align with Lagom?s brand, values, and operational expertise, ensuring a seamless integration.
3. Financial Strategy:
- Secure additional funding: Explore options for debt financing, equity financing, or private equity investment to support expansion plans.
- Optimize capital structure: Balance debt and equity financing to minimize financial risk and maximize shareholder value.
- Implement a robust financial forecasting model: Develop detailed financial projections to guide investment decisions and monitor progress.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations leverage Lagom?s existing strengths in brand building, operational efficiency, and customer loyalty while aligning with their mission of providing high-quality craft food and beverages in a welcoming and sustainable environment.
- External customers and internal clients: The recommendations cater to the needs of both existing and potential customers, while also considering the interests of employees, investors, and the community.
- Competitors: By expanding their reach and product offerings, Lagom can better compete in the increasingly competitive craft food and beverage market.
- Attractiveness ? quantitative measures: The recommendations are supported by financial analysis, including projected ROI, break-even analysis, and cash flow forecasting, demonstrating the potential for profitable growth.
- Assumptions: The recommendations are based on assumptions regarding the continued growth of the craft food and beverage market, consumer demand for local and sustainable products, and Lagom?s ability to execute its expansion plans effectively.
6. Conclusion
By pursuing a hybrid growth strategy, Lagom Kitchen + Brewery can leverage its existing strengths to achieve sustainable growth while mitigating risks associated with rapid expansion or large-scale acquisitions. This approach will allow Lagom to maintain its core identity and values while expanding its reach and market share, ensuring its long-term success in the dynamic craft food and beverage industry.
7. Discussion
Other alternatives not selected include:
- Franchising: While franchising could accelerate growth, it carries risks associated with maintaining brand consistency and controlling quality across multiple locations.
- Rapid expansion: Opening multiple locations simultaneously could strain resources and lead to operational inefficiencies.
Risks and key assumptions:
- Competition: Increased competition could impact Lagom?s market share and profitability.
- Economic uncertainty: Economic downturns could affect consumer spending and impact Lagom?s revenue.
- Execution: Lagom?s success depends on its ability to execute its expansion plans effectively, managing resources and maintaining quality.
8. Next Steps
To implement the recommendations, Lagom should:
- Develop a detailed strategic plan: Outline specific goals, timelines, and resource allocation for expansion and partnership initiatives.
- Conduct thorough due diligence: Carefully evaluate potential partners and acquisition targets, ensuring strategic fit and financial viability.
- Secure funding: Explore financing options and secure necessary capital to support expansion plans.
- Implement a robust monitoring and evaluation system: Track progress against key performance indicators and make adjustments as needed.
By following these steps, Lagom Kitchen + Brewery can navigate the challenges and opportunities of the craft food and beverage industry, achieving sustainable growth and securing its place as a leading player in the market.
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Case Description
On the evening of September 30, 2016, the founder and chief executive officer of Lagom Kitchen + Brewery (Lagom) surveyed his newly opened microbrewery and restaurant with pride. He had put a great deal of hard work, time, and money into this venture; in the past two years, Lagom had required an investment of US$1 million. Yet the business's Gurgaon location, within India's Delhi National Capital Region, had failed to deliver the footfall that the founder had expected. Lagom was at the centre of an information technology corporate park where more than 10,000 employees worked, and was surrounded by many business parks and malls. However, fewer companies had moved into these spaces than anticipated, which was affecting Lagom's sales. Should the founder alter Lagom's product offerings or increase the price of the menu items? Should he increase the focus on corporate customers by undertaking exclusive tie-ups, or should he increase Lagom's social marketing efforts to attract customers from nearby condominiums? Lagom's founder had only two weeks to act before the restaurant's financial situation became critical.
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