The hospitality industry is suffering and will continue to do so until this all blows over. We are already seeing the strain in terms of revenue. When you have high overheads, even one slow week has a huge impact.
But, it is going to happen. You have to accept this. The way you react can be 1 of 2 ways.
1. Close up shop and take some well earned rest, we all know entrepreneurial life means you cant switch off. Spend some time with your family and get some r&r.
2. Accept business is slow and embrace it. How? -Use it as an opportunity to get in some training for staff, great for morale & development!
-Let your customers know what measures you are taking in terms of health and safety. Reduce your covers so people feel further apart from each other (this means you look fuller than you are!)
-Offer gift vouchers where possible. Not a replacement for business, I know, but this is a simple way to encourage a small cash flow revenue while things go back to normal. You can add a 1 year to 18 month expiry date to put people at ease.
- Think about offering “Restaurant experiences” where the Chef and 1 or 2 service staff visit people at home to give them a private dining experience. You can charge a premium for this, and customers will feel a lot more comfortable in the safety of their own homes. Obviously show them you are serious about infection, change your clothes on entry, and wash and sanitise everything!
-Revisit your business model, can you improve your website/social media presence? Is it time to rebrand? Is your story clear to your customers? Can you do more in terms of sustainability?
- Look at your cash flow in detail. If you do need to close, what does this actually mean. It will of course eat into your reserves, but looking at figures in black and white will give you a more conidered understanding of your financial position and it may not be as bad as you thought!
- Think about redesigning. Has the restaurant been needing a facelift but you have been far too busy to close and redesign? Now may be the time!
I hope this gives you something to think about. Just remember, sales are never guaranteed, think about this as a sales slump. This too shall pass!!