Covid-19 blindsided us all and hit like a ton of bricks.
Maybe your business was strong and things were good last February. Now a few months later, no-one knows when the roller coaster ride will end. Many of us have re-opened with limited service and restrictions. Just when we were starting to get back on our feet, the rules change and maybe you’re now being forced to close again as Covid is resurging in many states.
There’s a big lesson here.
When business is good, it’s human nature that we take things for granted and ride the wave instead of planning ahead, systemizing our business, making it stronger and what I call “Bulletproof”. In this episode of the Restaurant RockStars Podcast, I’m speaking with my good friend and fellow industry Pro, Jaime Oikle of RunningRestaurants.com. Jaime had this idea to talk about what we can do now to not only survive, but put our business in the best position to really come out of this crisis and succeed big, so stay tuned.
The book “Who Moved My Cheese” by Spencer Johnson is a powerful analogy to this episode.
It’s all about complacency when we’re sitting on a mountain of cheese (customers, business, profits, etc.). But when the cheese runs out and just a few crumbs are left; do we take action and boldly go find more cheese (the Pivot) to create a whole new approach to our business or do we accept defeat and walk away? Do we change our mindset for the future once we find new cheese?
Now’s the time to continue taking action. Now’s the time to strategize, plan, execute! Its all about the following simple systems to control your business and your future:
- You’re Daily Break-Even so you know what days to open and what days you should close
- Menu Engineering: Have you streamlined your menu to sell only what’s efficient and Most Profitable?
- Are you taking regular Inventory and not to just to place your orders?
- Do you know your true “Prime Costs”?
- Are you using technology to lower labor cost and improve the customer experience?
Finally, here are two tips that can really move the needle for your business:
- If you haven’t already done so, contact your insurance agent to report Loss of Sales and Lower Payroll. You’ll get a rebate on your premiums in advance of audit time.
- As of late June, there are still PPP and EIDL funds available if you didn’t get in the first rounds of funding, so talk to your lender today.
I wish you the best of luck as you navigate this challenging time. Go out there and ROCK your Restaurant!
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