What You Can Do to be Business Savvy Right Now
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One of the smartest things to do right now (and what we see many business owners doing) is to sit down and begin re-evaluating your business. Plain and simple, this is the ideal time to take what you’ve learned and are still learning through this difficult time and begin applying it to both the present and the future.
There are many in the catering industry that are using this time to panic, and rightfully so, considering the wrench that has been thrown in our plans for event season. However, panicking is not going to serve your business well, nor will clients feel comfortable looking to you for guidance.
So, let’s break it down. How can you use this downtime effectively, and what can you do to ensure that you’ll come out stronger on the other side of this?
Planning for the future
This is undoubtedly at the top of everyone’s mind right now. We’ve discussed SBA loans and how beneficial they can be to small businesses during this time of little to no profits, and this is still very much the case for many that are seeking relief. That said, it’s time that we begin to look beyond the scope of COVID-19, as it pertains to getting back on our feet. How are we going to tackle the future of our events, or ensuring that we still have the facilities to keep up with the inevitable demand?
While this may not necessarily be a feasible option at the moment for you, we’ve seen others in the industry go back to the drawing board in terms of getting quotes for updated equipment, researching GPOs to save money on food, and looking to invest in more comprehensive insurance in the event that anything like this happens again. The best thing you can do is to be proactive, whether that’s revisiting contracts, deposit policies, or looking ahead regarding staff planning.
Being transparent
Almost everyone has put out a statement regarding health and safety measures, but it doesn’t have to stop there. Continue the conversation with your partners and your clients, both past and present. We’ve individually reached out to every client after the initial email blast, and the response has been overwhelmingly positive. This has really shown us the loyalty and unification that our community has.
The ones that will need the most support from you are the couples that have had to cancel weddings, or organizations that have lost money from postponing or cancelling major events. Reach out to them, let them know what you’re doing to come back stronger than ever, and open the floor to any questions or feedback they might have concerning their rescheduled event. You’ll put yourself in a position to be at the top of their minds once this clears, and they’ll remember that you did everything within your means to put their minds at ease and be on the same page. Ultimately, we’ve tried to be an information source for everyone.
Financial research
Beyond SBA loans and supplemental income, it’s crucial to do your due diligence and research what will be needed to get your business up and running again, and better yet, what you can do to safeguard yourself.
A client of ours actually found a state-funded program called Shared Work. Essentially, they teach you how to subsidize costs and offset some layoffs that may have resulted. The program will help pay some of the fees that have incurred, so it’s essential that you take the time to apply for things like these that will help you in the long run.
At the end of the day, there’s nothing wrong with being more efficient or running a little leaner. Consider investing in a rainy-day fund, stowing some cash away, or looking into ways where you can cut costs without sacrificing quality. Once business returns, remember how you felt at the roughest patch of this pandemic. Use that as inspiration.
The best thing to do for your business and your clientele is to show them that you’re being responsible, accessible, and savvy during a time when many are being forced to throw in the towel.
