What’s Your Fortune?
Norman Wong, President “ITAC’s work with Wonton has been instrumental in helping us increase our sales and overall profitability.”
Wonton Food, Inc. is a large Chinese-American manufacturer of noodles, wrappers, and fortune cookies. Wonton Headquarters are in Brooklyn, NY but the company has additional manufacturing plants in Long Island City, Long Island, Nashville, TN and Houston, TX. Wonton Food, Inc. employs over 400 people.
Wonton ownership had the foresight to realize that in order to grow, their company would need to develop a strategic plan and then follow that plan. Wonton came to ITAC initially for help eliminating waste. This project was so successful that the company approached ITAC to help with the development of a strategic plan.
ITAC delivered a series of training workshops (in English and Chinese) for senior and middle management. ITAC brought in a marketing consultant who identified opportunities in the American food market and recommended that Wonton penetrate this market with existing products. As part of the marketing plan, ITAC also helped Wonton gain visibility in this new market.
As ITAC continued to advise Wonton, additional initiatives were implemented:
Wonton worked with ITAC and a partner to identify, design, and launch a course of action to address supply chain issues, to bring costs and strategy in line with budgeting and projected business growth and profitability.
Wonton worked with ITAC and a partner to lead a cost accounting team, comprised of Wonton Food employees, to strengthen cost accounting systems. Work continues to establish high levels of accuracy in manufacturing cost accounting and identify manufacturing cost savings opportunities. With improvements in the accuracy of the cost accounting data, Wonton has a better understanding of the profitability of each item in its product line, which will in turn support improved pricing and sales strategy decisions.
ITAC continues to work with Wonton to identify and implement initiatives to drive the company’s growth. Initiatives include: recruitment; assistance with their awarded NYS Consolidated Funding Application to fund training and strategic plan initiatives; and current day to day problems and decisions. This transformational work has allowed Wonton to expand their markets to increase their sales. Over the past ten years Wonton’s sales and profitability have gone up dramatically thanks to ITAC’s work with them.
Wonton Food has undertaken a number of initiatives that have supported its growth. They laid the infrastructure for growth, acquired new facilities, developed and implemented a new positioning strategy and marketing plan, and increased their profits. In 2014, Wonton reported a total economic impact of $15MM, 15 new jobs and 22 retained jobs as a result of their work with ITAC.