How to continue generating revenue in times of the Coronavirus
Actionable ways to survive COVID-19.
It has been a rough one, and COVID-19 is going to stay at the top of our minds for the foreseeable future. Depending on where you are, your government may have mandated full closures of your business, border closings, and social distancing. The drop in consumer confidence and discretionary spend has followed.
We have compiled a set of suggestions from our team and leading consultants in our community to keep the wheels turning.
How to continue generating revenue
Right now, every sale matters. What can our industry do to continue generating revenue, even if it means a departure from normal business operations?
1. Sell gift vouchers
A simple and effective way to help cashflow now while ensuring your guests can enjoy the full experience at your restaurant or event in the future.
💰💰Get started with a 3-step setup using RSVP 💰💰
Michelin-starred restaurant Loco, in Lisbon, is selling a voucher with a 15% discount.
2. Offer deliver or pick-up options
It may go against your beliefs, but the offerings need to fit the times. Even if guests are not coming to dine at yours, they still need to eat.
One of the most award-winning fine dining restaurants in the US, Canlis, is transforming into a bagel and burger delivery and drive-thru.
3. Adjust your menu to focus on a la carte
Those dining out very likely will not be looking for a multi-course dining experience. Enable them to continue supporting you with quicker options.
4. Offer discounts
Even if this is something you normally would not do. Either offer them to be redeemed immediately or make a voucher purchase with the discounted redeemable at a future date.
5. Sell your own packaged goods
If you have items that can be sold as finished goods, let your followers know the option and allow them the possibility to pre-purchase on your website.
If you can't go to them, they're coming to you. Kyros & Co. just launched their A Verre range of non-alcoholic beverages & spirits.
Food writer Helen Rosner has compiled a list of restaurants and bars selling merchandise online.
6. Run online workshops and masterclasses
The knowledge you can share does not have to only happen in person. Set up an (or series of) event/s where you sell tickets and run the events via video conferencing tools like Skype or Zoom.
Massimo Bottura has created Kitchen Quarantine, a new IGTV cookalong.
7. Research and apply for relief schemes
Some governments have implemented emergency relief packages for the hospitality industry. Inform yourself and apply for support.
Take advantage of the available resources to prepare for the future
The decrease in guests means you likely have more time and human resources on hand than you have had in recent memory. Those resources may not be completely lost if you place them to good use and address the long list of things you do not normally have time to get done in the business periods.
Here are a few recommendations:
1. Plan for the future
Work on new concepts and recipes, conduct market and competitor research, review your budgets, address administrative bottlenecks, update your website, and look to overall streamlining of your business.
2. Run training refreshers
In the rush of the day-to-day, best practices may unintentionally fall to the wayside. Review processes and tools with your team so they’re ready once business picks up again.
3. Add some shine to your storefront
If you have a physical location, take the opportunity to run a deep cleanse and various maintenance jobs that are overlooked.
4. Shore up your content
Prep the visuals and corresponding messaging that you can file away for the future. Content creation is a time-consuming and often multi-person job that requires photoshoots and periods of calm.
If you would like to have someone to speak to about implementing any of the ideas above, we are offering our time for calls. Reach out to our team at email@example.com, and we will be in touch.
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