By David Collins, Contributor

Businesses across the globe face a new challenge with the coronavirus. This pandemic has wreaked devastation across global economies, but it has also presented an opportunity for savvy business owners, like restaurants, to get creative.

Specifically, restaurant owners are being encouraged to use their creativity to innovate new business models that could very-well reshape the future of the industry. While we don’t know when the coronavirus will end, not trying to reform or redesign your business (at least for the short term) is a fatal mistake.

Now’s the time to grasp at whatever opportunities arise. Here are 10 strategies to reduce the negative impact of COVID-19 pandemic on your business, and come out shining.

Reset Your Restaurant’s Business Goals

First, you need to reset business goals now to match the altered business environment. The point of remaining relevant is to flow with the changing times and plan for the acceleration of the future of work. The coronavirus has changed the restaurant landscape, so your goals need to align with these changes if your business is to survive this pandemic.

Think of ways to stay afloat now that are not based on the old business model. Guests can’t come to you, but how can you get to your guests?

Cutbacks are Essential

The sad truth is that cutbacks are needed at this point. If this means the business has to let employees go, then that is what has to happen. The small business owner also has his or her family to support. However, we encourage owners to look for ways of supporting your staff as best you can.

Overheads will already have been reduced due to non-use at this time. It is essential to contact landlords to negotiate a reduced rental for this period to support efforts to reduce non-essential costs. Other overheads such as phone bills may have been decreased, too, following a decrease in consumer demand.

Examine Where Other Cost Reductions Can be Made

Restaurant owners must also analyze existing business assets to determine what can be sold off at the moment. Unfortunately, the market is slow to sell assets right now, but other forward-thinking business owners may see a future use for what you want to sell.

She adds that an in-depth analysis of the business and what it owns will reveal what should be kept for future operations and where scaling back will be beneficial.

Accessing Government Support

The US federal and state governments are offering varying levels of financial support to their citizens and businesses, which has included small business grants, paycheck protection programs, and expanded unemployment benefits.

These are all short-term solutions to help business owners and their employees get through trying times, so you should be looking for additional revenue streams for your business; however, it would be wise to apply for any and all programs you think you can get accepted for.

Look at All Lease Agreements

Look through all lease contracts to see what can be returned that is not in use. Some contracts may have provision for returns of business vehicles in circumstances such as the pandemic.

Even if no such clauses are present, examine the contract to see if any loopholes exist for returning leased vehicles during this shutdown. Alternatively, make inquiries as to what postponements on lease payments can be made for vehicles and other leased equipment.

Look at Creating Partnerships

What partnerships and mergers can take place to help multiple businesses survive? The hospitality industry consists of hotels, recreation destinations, restaurants and more, for example. Are restaurants and boutique hotels in a position to discuss future partnerships to stay afloat? Can restaurants make deals today with health providers or private people to provide subsidized meals moving into the future?

The opportunities are available to survive and thrive after this pandemic, business owners just need to look at their personal circumstances and adapt these to changing trends.

Repurpose Existing Resources, Products & Services

Find a way to repurpose current resources, products, or services that are not useful. This includes employees. Where these elements are not serving their usual purpose, find a way for them to remain productive and serviceable. For example, turn your front-of-house staff into delivery drivers. This will keep them employed and it gives you a driving team instead of relying on costly third-party delivery apps.

If this is not possible, halt product or service lines that are costing you money when you don’t need it. Employees can then be used to promote current useful commodities in a way that is beneficial.

Harness Altered Trends for Growth

Examine the way that you look at the business environment, and then do the same with other business owners sitting in isolation. Pick up the phone and have discussions around what changes can be made to adapt to a new trend of living, buying, and consuming.

This is truly a time where the saying “adapt or die” is appropriate. Those who read the trends and brainstorm and devise plans to address new trends, will be the ones to thrive. Will you be a first mover ,or will you be left behind?

Leverage Business Opportunities in the Market

Cooperation instead of competition may be more beneficial to business growth. Look at what other changes are occurring in your local market as well as nationally, and find a way to exploit these to your advantage.

Home industries are making masks as one example of a new opportunity. What strengths can your restaurant exploit right now to add value to an existing customer base or create a new one for the future?

Bartering & Exchanges

Farmers may have surplus food to sell at this time. They can barter with locals for other services in exchange for their produce. Local restaurants or families may be in a position to pickle and preserve foods in other ways right now to prevent waste and to save food for later usage.

Content writers may assist small businesses to remain visible by providing SEO articles in exchange for bylines that will benefit them in the future. Other online businesses can deliver exchanges such as content for web development expertise. There are many ways to survive this crisis if you’re prepared to apply your creative thinking. What services does your restaurant need now and what do you have to offer (food, most likely) that would be of use to others?

Conclusion

It is vital for restaurants owners to align themselves with the changes caused by the coronavirus. Learning from this experience will strengthen them for future emergency situations. They can do this by developing policies now to prepare for and adapt to a range of potential crisis scenarios. Reflection, feedback, and improvements in how companies react now are needed on an ongoing basis to make changes to conduct business in this new world.

About the Author

David is one of the professional writer and a blogger from Virginia. He has started his career nine years ago. Ever since, he has worked for several companies that provide dissertation service. David has been part of the assignment writers UK team for some of the most prestigious writing services, top-rated among students.

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