Goldcrest Bakery is a regional food and beverage company operating 60 retail bakery locations across the northeastern US, selling fresh breads, pastries, and packaged goods. The business has been profitable for most of its 20-year history, but operating margins have dropped from 18% four years ago to 11% today while revenue has remained largely flat. The CEO has brought in EY to identify what is driving the decline and recommend the clearest path to recovery.

Before looking at any data, how would you structure the problem of diagnosing Goldcrest's margin decline?