This is about profitability so we should look at the market, revenues, costs, and customer/channel.
Market – Are we a major player? What is our market share? Who are the major players and what is their market share? Is it a growing market? Are there many buyers/suppliers? Is it generally profitable?
Revenues – Are they priced right? Inelastic side of the demand curve? Are they selling the right product mix? Do they need to try to reach new markets to increase quantity sold?
Costs – Are fixed costs too high? What about variable costs?
Customer/Channel – Are they targeting the right customer segments? Are suppliers gaining more power or do they need to start offering through different channels?

Since they want to increase profits by a factor of 3, we will need sales, cost, and especially profitability figures. Increasing profits sloely from decreased costs is not the most sustainable strategy, so I would theorize that they need to increase sales, maybe along with slightly decreased costs. Do we have the company’s financials?
If all costs are variable then we need to increase sales to $57MM, if they are all fib vxed, we simply need to increase sales to $25MM. Since this is a food manufacturer, I would say costs are very highly variable, meaning sales need to skyrocket. I would be interested to know what geographic areas the company is targeting, and consider expanding to surrounding areas. I would also like to know what effort the company has made in marketing. Massive sales increase may require an aggressive and costly marketing campaign.
Look into outsourcing. Can we decrease labor costs?Are we spending too much on input costs for food for the market we are targeting (i.e. are we providing higher quality than our customers want)? Could we partner with another company for cheaper delivery? Is our core competency purchasing, manufacturing, or delivery? Can we