Like you, we've been looking for info and answers -- we talk about some of the things we've seen...
We ended up covering a lot in today's call. Please listen in if you didn't get a chance to join us live.
Note: Obviously this was recorded at a moment in time and the situation will continue to change. Stay tuned to us at RunningRestaurants.com for future updates and please do feel free to email me with what we can provide to be the most helpful.
Thank you, - Jaime
P.S. Big thanks to Roger Beaudoin from Restaurant Rockstars for joining me today for the call! You can check out Roger's resources for restaurant operators at this link...
Quick Takeaways...
Unprecedented situation with no road map to work from
It will be an "hour by hour management challenge"
Gov't mandated restaurant closures expanding - total or takeout/delivery only
CDC health and cleaning guidelines paramount for restaurants
Increase your cleaning routines and intensity
Restaurant have & will see dramatic decreases in foot traffic
Self quarantining and social distancing will continue
Revenue Options in short term
Delivery & Takeout become key
Limit menu items to most profitable
Limit menu to those that travel well
Develop new menu items & options that are good for takeout/delivery
Consider joining delivery portals for additional exposure
Consider getting your own takeout software set up for additional control
Promote gift card sales to your current customers as a way to generate cash flow
Consider offering discounts on gift cards or take out orders
Communicate to current customer base via email and social to inform them of your status / offers
Cost Management
Work through existing inventory
Explore opportunity to return unopened boxes/packages of goods to purveyors
Negotiate / talk with lenders / landlord / business partners about flexible payment options -- don't ask, don't get
Staffing issues will be raised -- who and when to cut hours will be tough
Consider temporarily closing if staying open will cost more than closing down
Lessons for Future
Have a diversified revenue mix - i.e. dine-in, takeout, delivery, catering, special events, etc. to protect against disruption
Have menu cost understanding so maximizing profits always
Have crisis plans in place
Maximize good times to get through tough times
Other Opportunities / Options
Support the community when possible - i.e. feed first responders and kids in need
Opportunity to strategize about the future and build a stronger more resilient business
Filing for unemployment may be best option for some
Federal disaster relief options may develop - keep tuned in and ready to act
Thank your staff as much as possible -- encourage customer tipping for takeout/delivery to support wages
Keep apprised of your local rules & regs as situations will change
Remember...
"This too will pass..."
There will be pent up demand on the other side of this