[ad_1]
For Aizuddin, the co-founder and managing director of Kay’s Steak & Lobster (Kay’s), changing into an F&B entrepreneur was a deceptively easy determination.
With a background within the banking and finance trade, he didn’t have any grand inspirations or motivations to start out the enterprise.
“The principle driving pressure was my need to flee the each day grind of commuting via site visitors jams,” he admitted candidly.
Residing in Putra Heights and dealing in KL, he discovered the each day commute to be a serious problem. So, in 2014, he determined to open a restaurant near dwelling in order to not cope with site visitors.
However why a restaurant?
“Properly, my first thought was, how arduous can or not it’s to run a restaurant?” Aizuddin replied. “You simply cook dinner, serve, and acquire money from clients. Everybody must eat not less than thrice a day, so you will have three alternatives in a day that clients will come and purchase from you.”
Little did he understand how arduous it will be to run and maintain a restaurant enterprise. In hindsight, the entrepreneur mentioned he wouldn’t even have thought of it within the first place had he identified what he is aware of now.
From 2014 to 2017, the enterprise solely managed to interrupt even. Aizuddin started having second ideas, questioning whether or not the hassle the workforce put in was even price it.
“I questioned if we must always simply shut it down and return to the company world,” he admitted.
However fortunately, the entrepreneur persevered.
In 2017, Aizuddin renamed his enterprise to Kay’s Steak & Lobster, higher highlighting their core choices. He carried out an intensive overview of their prices, applied menu engineering methods, and repriced their menu. He additionally renegotiated cost phrases with suppliers, securing credit score phrases starting from seven to 30 days.
“This has offered us with extra money circulation to allocate in direction of our advertising and marketing initiatives,” he defined.
With amped up advertising and marketing efforts, they had been capable of improve their model visibility and entice a wider viewers, whereas additionally introducing a loyalty programme to retain these clients.
Thanks to those methods, Aizuddin now celebrates a decade within the F&B trade.
“Whereas my journey started out of a easy want for comfort, it’s been a rewarding expertise evolving the restaurant into what it’s at the moment.”
Constructing a wholesome enterprise
From one restaurant in 2014, Kay’s has since expanded to 3 retailers in complete.
Whereas the amount of retailers elevated, the workforce has additionally been sustaining and even enhancing their high quality. Aizuddin shared {that a} main shift within the enterprise has been in direction of establishing standardised working procedures (SOPs) to facilitate their enlargement.
This strategy revolves round three key pillars: individuals, course of, and know-how.
“Firstly, we prioritised hiring people who not solely possessed the fitting abilities for his or her roles but in addition shared our imaginative and prescient and had been dedicated to attaining it alongside us,” he mentioned.
To draw the fitting expertise, Aizuddin mentioned they be sure that to speak the corporate’s imaginative and prescient and tradition clearly in the course of the hiring course of. Different methods embody tapping into private {and professional} networks for high quality referrals.
Promising room for progress can be vital. “We positioned our firm as a spot the place workers couldn’t solely use their abilities but in addition be taught and advance inside the firm,” he mentioned.
Fostering this progress, the corporate gives many upskilling and coaching alternatives.
Given the help that Kay’s gives to its workers, isn’t there a priority that they would depart for greener pastures, or to start out their very own ventures?
“We imagine in supporting our workers’ profession aspirations,” Aizuddin mentioned to that. “If a chef decides to pursue entrepreneurship, we encourage and facilitate their journey.”
He added, “Ought to they select to start out their very own enterprise, offered it aligns with our values and laws, we might even take into account investing of their enterprise to help their progress and success.”
Other than expertise attraction and retention, the workforce additionally constantly re-evaluates their processes, figuring out areas for enhancement and streamlining.
To help this, the workforce has established 4 useful departments essential for enterprise success—HR, Finance, Operations, and Advertising. Every are led by succesful people with clear targets that align with the corporate’s overarching imaginative and prescient, Aizuddin mentioned.
The co-founder has additionally made important investments in digital options and instruments. This contains digitising HR capabilities, implementing a reservation and loyalty system, and integrating high-tech kitchen gear to reinforce product supply pace and consistency.
Providing halal assurance
Along with high quality elements, Aizuddin believes Kay’s stands out due to its prioritisation of the halal certification.
“Central to our mission is our aspiration to turn into the foremost halal tremendous informal eating institution in each area the place we function,” he mentioned. “To grasp this purpose, we launched into the journey of acquiring halal certification from JAKIM.”
In September 2023, the corporate achieved the milestone of receiving halal certification for all its retailers.
However past simply catering to the wants of Muslim customers, which is almost all of their buyer base, the halal certification course of and its rigorous protocols additionally guarantee meals security and ingredient traceability. This all in all ensures the restaurant upholds strict requirements.
Rising an empire
Aizuddin shared that he had launched Kay’s with a modest capital of lower than RM200,000 again in 2014. The bulk was allotted for organising the preliminary model of Kay’s, masking every part from gear to preliminary stock. The remaining funds had been designated for working capital to maintain day-to-day operations.
“This preliminary capital infusion was primarily self-funded, drawn from my private financial savings and contributions from my spouse,” he revealed. He added that his spouse, who’s now the Director of Advertising and Operations at Kay’s, additionally performs a giant half in protecting day-to-day operations operating easily.
Assist additionally got here from his dad and mom and siblings, who grew to become shareholders within the firm.
Because the enterprise grew, it relied closely on bootstrapping. Earnings had been constantly reinvested to gasoline progress and enlargement.
Within the newest audited monetary statements from 2022, the enterprise was raking in eight-figure income, and wholesome seven-figure earnings.
This may go in direction of propelling Kay’s progress, beginning with strategic enlargement inside the Klang Valley in addition to venturing into new territories. Particularly, the workforce goals to open two new retailers within the Klang Valley, with one already beneath development in Elmina and one other deliberate for the KLGCC space in 2025.
As for markets outdoors the Klang Valley, they have already got deliberate retailers in Johor Bahru and Penang.
“To help the expansion of those retailers, we’re investing within the institution of a central kitchen,” Aizuddin added. A central kitchen will guarantee constant high quality throughout all areas as they scale.
Moreover, the co-founder can be exploring alternatives to diversify the corporate’s market presence. This might contain coming into new market segments via acquisitions and even creating new manufacturers.
“Wanting in direction of the long run, our imaginative and prescient for Kay’s is to turn into a number one halal multi-brand F&B firm with a robust presence each domestically and internationally,” he shared his ambitions.
This gained’t be simple, and the co-founder recognises that. It’ll take sustained progress, continued innovation, and strategic enlargement into new markets, all whereas upholding the model’s core values.
Nevertheless, Aizuddin is assured and decided. “By diligent execution of our plans and a deal with delivering distinctive experiences, we goal to place Kay’s as a distinguished participant within the F&B trade.”
- Be taught extra about Kay’s Steak & Lobster right here.
- Learn different articles we’ve written about F&B companies right here.
Featured Picture Credit score: Kay’s Steak & Lobster
[ad_2]
Source link
