Meet Precision Syrups and founder Tiffany Wood
Precision Syrups was founded by Tiffany and Ben Wood and born out of a shared love for good food and drink. The duo discovered their passion for crafting unique and flavorful syrups during the COVID-19 pandemic, and what began as a hobby, quickly evolved into a thriving venture.
With their dedication to quality and innovation, Tiffany and Ben transformed their homemade syrups into a sought-after product, launching Precision Syrups in 2022. Tiffany spearheads Precision Syrups’ business development, marketing, brand development, sales, and now staff development. Her background in elementary education and sales has equipped her with the skills to navigate the business world successfully.
Today, Precision Syrups stands as a boutique syrup manufacturing company, driven by a mission to foster shared experiences and connections. While the pandemic may have been the impetus for its founding, Tiffany and Ben aspire for Precision Syrups to be a lasting force in bringing people together.
Here, Tiffany shares her experience being involved with the South Haven Regional Business Hub’s Growth Series. Testimonials from the Growth Series underscore the benefits of gaining essential business skills, setting clear objectives, achieving financial clarity, and adopting a forward-thinking approach to business development.
Describe Precision Syrups to our readers:
Precision Syrups produces all-natural rich simple syrups made with premium ingredients. The company aims to encourage shared experiences through its syrups, in-home demonstrations, and recipes. Their products can be used in cocktails, mocktails, desserts, sauces, and marinades. Precision Syrups are handcrafted using fruits, spices, and botanicals.
How did you learn about the South Haven Regional Business Hub:
A mentor recommended engaging with the Hub resources, and Precision Syrups needed assistance with bookkeeping, marketing, production, and streamlining operations.
Describe your main business goals before engaging with the Hub:
Before engaging with the Hub, the small business was primarily focused on the immediate, day-to-day operations of running their business. Their goal in seeking assistance was to transition their focus from these daily tasks and challenges towards envisioning and actively planning for exciting future possibilities and growth. This suggests a desire to move beyond simply maintaining the business and to strategically develop and pursue opportunities for expansion and long-term success.
What were the barriers you faced to achieving these goals:
The barriers preventing the small business from shifting its focus from day-to-day operations to future possibilities included insufficient staffing, with existing personnel also holding outside employment, the absence of a scalable manufacturing location, and the inability to scale up production to meet potential future demand. These limitations likely constrained their capacity for strategic planning and the implementation of growth-oriented initiatives, as resources and bandwidth were primarily consumed by immediate operational needs.
Describe the services you received from the South Haven Regional Business Hub:
- Introduction to and utilization of the Growth Wheel strategic planning tool.
- Personalized one-on-one mentoring and in-person workshops focused on building consistent growth processes.
- Thorough financial review aimed at establishing key financial statements and three-year projections.
- Guidance on marketing tactics to effectively reach target markets.
- Support in developing crucial internal organizational processes.
How did the Small Business Hub help:
The South Haven Regional Business Hub provided assistance with accounting and bookkeeping procedures, marketing and SEO strategies, and facilitated introductions to financial lenders through the PITCH event. Furthermore, the engagement included valuable programming and work with mentors, which likely contributed to the development of these areas and provided guidance for strategic growth.
How has the company’s reach improved/extended (i.e. revenue growth, new market research, additional contracts etc.):
The company’s reach has improved and extended through an increase in contracts with tasting rooms, restaurants, and upscale dining establishments, as well as select retail locations. This growth is attributed to several factors, including participation in tasting events and hosted events, and the establishment of relationships with distributors, distilleries, and wineries. Reach has expanded to include Grand Rapids, Traverse City, Valparaiso, Elkhart, Lansing, Kalamazoo, Paw Paw, South Haven and is working toward contracts with beverage distributors.
What connections/contracts/financing/expansion/job growth were formed, realized:
- Meijer Bridge Street Market Partnership
- Michigan Women Forward Winner
- Michigan 4.0 Grant Awarded
- JP Morgan Chase Bank Introduction
- Kruggel Lawton CPAs
- Grand Rapids Food and Wine Industry Exhibitor
- Increased artisan market appearances in SW Michigan and Northern Indiana.
- Increased retail reach to Lansing, Grand Rapids.
- Making It In Michigan Conference
What were the main achievements from working together:
- Formed a partnership with Meijer’s Bridge Street Market, increasing product accessibility.
- Won the Michigan Women Forward Woman Up and Pitch competition, gaining recognition and potential funding.
- Awarded a Michigan 4.0 Grant, securing financial support for growth.
- Established valuable connections within the financial sector through an introduction to Chase Bank.
- Exhibited at the Grand Rapids Food and Wine Industry Show, gaining exposure to industry professionals.
- Strategically increased presence in local artisan markets across Southwest Michigan and Northern Indiana, fostering direct customer engagement and brand awareness.
Strategic Deployment of Growth Series Funding:
- Elevated online presence through website enhancements.
- Connected social and digital media resources.
- Established email marketing campaigns.
- Implemented Google and Facebook Ads.
- Created a Google Business Profile.
- Improved understanding of the QuickBooks platform and its reports.
- Calculated Cost of Goods Sold (COGS).
- Completed three-year financial projections.
- Utilized the Growth Wheel framework.
- Clearly identified the target audience and value proposition.
- Identified
How success is measured:
- Website Activity: Monitored using Google Analytics to track website visitors and their on-site behavior.
- Paid Advertising ROI & Sales: Measured through Shopify analytics to determine the return on investment of paid advertising in relation to sales.
- Overall Revenue & Profit Margins: Tracked using Shopify analytics.
- Email Marketing Engagement: Gauged by email open rates and click-through rates.
- Direct Customer Feedback: Collected through the website’s contact form and reviews.
- Customer Base Growth: Assessed by tracking email and event sign-ups.
Additional needs because of this recent success:
Building on recent successes, Precision Syrups now requires wider exposure within the industry to connect with potential wholesale buyers and retailers. Establishing strategic partnerships and securing industry collaborations are crucial next steps to facilitate growth and expand market reach. Furthermore, to support the planned launch of a new flavor in Q2 2025 and fuel ongoing expansion, additional funding will be necessary.
Do you plan to continue to work with the Hub in the future?
Yes.
Provide any additional comments highlighting other factors that were a key to Precision Syrups’ success:
Finance was a real eye-opener, highlighting just how different business bookkeeping is from what I was used to with our family’s finances. The Growth Series really pushed us to dig deep into our financials and identify areas for improvement. We even set some ambitious goals that felt like a stretch, but honestly, I was excited to tackle them. The Growth Wheel tool played a big role in helping us lift our heads up from the daily grind and start focusing on the exciting possibilities ahead. Overall, this program gave me a much clearer path forward, opened up new avenues to explore, and even provided opportunities to connect with other business owners in the industry and upscale tasting rooms, which is a key area for our growth.
What makes your story compelling to other business owners:
Precision Syrups’ story is compelling because it began as a pandemic hobby for founders Tiffany and Ben Wood, fueled by their shared passion for quality food and drink, and quickly transformed into a successful business. Their dedication to quality and innovation allowed them to turn homemade syrups into a sought-after product, launching the company in 2022. Beyond just selling syrups, their driving force is to foster shared experiences and connections, aiming to bring people together through flavor.