The recent outbreak of COVID-19 has had a major impact on the country’s economy, and while it seems that all businesses have been affected in some capacity, certain industries have felt the pain more than others. One industry that has continued to struggle mightily during this time is the restaurant industry as most locations are no longer able to carry out their primary function—serve customers. While this is a challenging time, there are still ways that restaurants can serve their communities and customers and prepare for the future.
Offer More Carryout
One of the best things that a restaurant owner can do to try and get through these hard times is to offer more carryout or delivery options. In most places, dining rooms in restaurants are completely closed; however, most places are still able to offer carryout and delivery services. Even if this was not a big part of your business plan in the past, incorporating a contactless pickup or delivery process could help you boost sales.
Improve the Interior Space
One of the challenges that comes with owning a restaurant is keeping up with competitors as far as new designs and layouts for the interior of the restaurant. For a lot of owners, it is hard to find time to complete a big project like redesigning a layout as it would mean closing the space down for a period of time. However, during the pandemic when dining rooms are no longer open, businesses have the perfect opportunity to have some work done. Further, many contractors are low on work during this crisis, which means you may be able to get a good deal with tile contractors near you, for example.
The restaurant industry is not alone when it comes to struggling during this economic crisis. So, to entice businesses to stay solvent and keep their staff, the SBA and federal government have a variety of stimulus options to help businesses maintain positive cash flow. In a lot of situations, if you are able to retain your employees and stay open, the money that you receive from the government will be completely forgiven. Don’t be afraid to take assistance if your business needs it.
Another tip to help you manage during this challenging time is to delay your costs as much as possible. A restaurant has a variety of bills and vendors to pay, which can include the landlord, food supplier, and equipment provider. All of these suppliers are aware of the challenges that restaurants are facing, so if you have been a good customer in the past, there is a good chance they will work with you to help you get through this period. There is no doubt that the COVID-19 outbreak has had a major impact on the restaurant industry. Due to this, some owners are considering closing their doors for good; however, it is possible for a restaurant owner to get through this challenging time and emerge stronger than ever. By following these tips, you can improve your financial footing and overall strength as a business.