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How Much Does Your Juice Cost?

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August 27, 2018 0 comments

How Much Does Your Juice Cost?

The average bottle of cold-pressed juice will run you between $8.50 – $10.

This daily must-have–which at most takes 5 minutes to consume–costs more than a person earning the Florida minimum wage makes in an hour at $8.25 before taxes.

While it’s the bottom line that grabs our attention, rarely does the focus shift to the unit economics of what lies between the lines of our P&L.

Can you explain the incremental relationship between your revenue and the cost of production, new hires, or each customer acquisition strategy? If so, you’re ahead of the game.

But, what about the unit economics of our communities?  The optimal ratio between the benefit derived from civic progress and the marginal costs of investing in the people and solutions shaping  the future of our cities is a tough calculation to make. After all, why not invest equally where we work, live, and play?

Yet, communities like Miami, where economic and educational disparities place us far from the goal of shared prosperity, are comprised of the very same consumers who increasingly attune their spending towards companies that do well by doing good.

So this week we’re exploring a few did-you-know ? metrics to keep top of mind when designing a community investment strategy for yourself, or your organization.

Crack the Code.  At a whopping 360,000 students, Miami ranks 9th for college enrollment (MUFI). However, from third grade reading scores to high school cohort graduation rates, Florida Chamber of Commerce President, Mark Wilson, emphasizes that zip code level data matters. We thinks so, too. Particularly when Miami is currently home to five of the top 10 Florida zip codes with the most households in poverty.

Crush the Competition.  All competitions start with a benchmark (MUFI), this means knowing how we  measure up against similarly situated metropolitan clusters in terms of needs and opportunities.  Miami’s business growth ranks 8th in the U.S., yet the region must add 1.7 million net new jobs by 2030 to stay in the game. Much like the projected $10 MN investment necessary to implement comprehensive programs to help close Miami’s prosperity gap (FIU), moving the needle requires significant investments of time, talent, treasure, and effective partnerships.

Economic Inclusion. Though Miami’s GDP gains outpace the national average, 58% of households in Miami-Dade struggling to make ends meet according to the 2017 ALICE Report (Asset Limited, Income Constrained, Employed) (United Way). This includes people who work, earn more than the Federal Poverty Level, but can barely cover the basics of housing, child care, food, health care and transportation

The above sources make clear that community imperatives are business imperatives.  Because when armed with a factual picture of the status quo, the cost of doing nothing becomes a no-brainer.  A easy first step, don’t forget to vote tomorrow (the New Tropic Voter Guide and Engage Miami’s Voter Hub are great resources), then dive deeper into the data.

Cheers,

Venture Cafe Miami

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