How to adapt and innovate your way to business survival
- June 2, 2020
- Food News
Have you already done a full assessment of your business’s assets? Great! You’re ready to take the next step to business survival during COVID-19 — adapt and innovate.
In this article we’ll share some great ideas on how you can quickly and easily get creative and help your hospitality business survive — and maybe even thrive — during the COVID-19 pandemic.
LOOK AT YOUR REVENUE STREAM
Expanding your revenue streams and diversifying can help you regain lost income. It can also get many staff members back to work.
Takeaway and delivery
If you haven’t already jumped on the takeaway and delivery bandwagon, what are you waiting for? Lots of hospo businesses are already adapting with takeaway and delivery services
Takeaway and delivery services:
- Help to keep the doors open and revenue coming in
- Keep your team employed, with some staff transitioning to delivery drivers
- Are easy to implement, with many food delivery apps already available
Takeaway and delivery services are also a great option for your big ticket, profitable menu items. But you have the option of streamlining your costs further by getting your menu re-costed to make your dishes more profitable.
Food and drink combo deals
Most states are also being flexible with current liquor licences. So if you have a liquor licence you can add beverages to your home delivery and takeaway services. Many venues are offering meal and drink combo deals, which are proving popular with customers. Check your State Government’s website to see where you stand with your liquor licences and what options are available to you.
Grocery and retail items
Another aspect of delivery services that may work for your hospo business is expanding into home delivery of groceries and retail items. You already have access to high quality produce, and it’s easy to add sought-after retail lines to your offerings (can anyone say flour and pasta?). We can even help you source those through FoodieBuy, so you can then on sell these items to your customers. This also applies to exclusive access to fresh produce, which your patrons can’t buy direct. Staff can do the delivery runs themselves to keep them in work.
Frozen and ready-made meals
Have you got lots of freezer space and the kitchen capacity to create bulk dishes? Making frozen or ready-made meals for your customers is another popular way to expand your revenue stream and boost your income.
Depending on your venues’ assets, you can do one, a combination, or all of the above ideas. The more you can do, the more chance you have at regaining as much of your lost revenue as possible.
TAKE ANOTHER LOOK AT YOUR MARKETING PLANS
Even if customers aren’t physically coming into your venue, you can still get creative with your marketing.
Gift cards and vouchers
Gift cards and ‘Pay It Forward’ meals are a great way to get the community to rally behind supporting your local business. It also means they’ll visit once you re-open for dining.
Start thinking about long-lead events
Have you thought about pushing Christmas, New Year’s Eve celebrations, or even 2021 wedding bookings? While we don’t know when the COVID-19 crisis will end, these events are far enough into the future and a great way to keep reservations (and deposits) coming in.
PUSH THE BUTTON ON YOUR RENOVATION PLANS
If you’ve been wanting to renovate your hospo venue now is a great time to do it — if that was already part of your business plan.
Were you planning on renovating your front of house, customer seating areas, or the outside façade? If so, you’d probably have to close anyway. So you may as well use that downtime and get the reno plan off the ground.
If your kitchen doesn’t need any reno work, you can still run takeaway and delivery services while you renovate select areas of your premises. You can even get your staff to help out with the renovations — painting, decorating or any odd jobs — so they can keep working and engaged with your business.
Your renovation might also bring some tax benefits, with the Federal Government’s Instant Asset Write-off Scheme.
WE’RE HERE TO HELP
Our Foodie team are here to serve. Whether that’s sourcing new products, helping to re-cost your recipes to reduce your COGs or planning a whole, profitable condensed menu to reduce food wastage and boost your bottom line. Get in touch