The restaurant industry has been particularly hard hit by the pandemic. What should you do to plan for your business’ future?
Nobody knows how long the pandemic will last or what the fallout will be over the medium and long terms. Faced with ever-changing public health and government restrictions, as well as major changes in consumer habits, restaurant owners have to make tough decisions about the future of their operations. That’s why it makes sense to review your business practices now and create a reopening plan.
Is it time to review your business’ strategic plan?
In times of crisis, it’s common for people to reassess their future on both the personal and professional levels. The pandemic prompted many restaurant owners to adapt to new market trends by offering online ordering and sales, delivery and curbside pick-up. Now that those changes are in place, it’s time to take a step back and re-examine your procedures, work methods and maybe even your core business.
To do so, you’ll need to ask yourself important questions like:
- Is my dining room too big?
- Should I build or expand my outdoor patio?
- Are my menu items aligned with new market trends?
- Should I consider bringing in a new shareholder?
- Can my bank representative help me plan new projects?
- Is my current financial structure need to be optimized?
- Can I change the rates, terms and repayment dates of my existing loans?
What do your partners and employees have to say?
Since your business’ future is at stake, be sure to seek input from your shareholders, banker, accountant and key employees. Based on these conversations, you should be able to come up with a plan to help your restaurant get through this challenging period and adjust to today’s new realities.
The situation is a difficult and delicate one. However, there are options out there—including some highly innovative solutions—that could give your business a brighter future. For instance, an external expert in business consulting could provide you with a fresh perspective on the situation and offer an assessment based on facts and figures.
Should I consider a turnaround plan?
Are you worried about your business’ financial situation? Rest assured that no matter how complicated things are right now, there are solutions that can help you plan for the future with peace of mind. A turnaround plan can provide you with an assessment of your strengths, weaknesses and business opportunities, so that you can make informed decisions on how to improve your prospects. With clear diagnostics and guidance, you’ll have a better idea of where your business stands and which solutions are best for you and your organization.
After a tough year, is hope on the horizon?
If anything, the past year has forced the hospitality industry to think outside the box and prove its ability to respond to consumer demands.
Despite the uncertainty of fast-changing restrictions, it’s clear that many new consumer habits are here to stay. Restaurant owners need to take customer needs into consideration when developing their long-term strategy, while also adjusting their business plan to capitalize on new opportunities.
This article is written by Christine Brosseau. You can watch this video (in French) to learn more about those issues.