The profitability in the food and beverage sectors is plummeting down, especially since strict lockdowns are still in place to curb the virus’s spread. With no hungry customers willing to dine in your restaurant, then your primary revenue stream is at stake.
That’s why businesses strive to develop solutions that can keep the lights on – from take-out trends, delivery services, and even the rise of cloud kitchens. If you’re looking for ways to ease the blow on your revenue, then the guide below should point you to cost-saving ideas that can help carry your business through these confusing times.
Tip #1: Study the POS Data pf Your Restaurant to Look for Food Cost-Saving Opportunities
If you notice your restaurant seeing a significant drop in orders for specific food items in your menu, it can serve as an opportunity to cut back your inventory expenses.
Study your POS system and find areas that you can temporarily take out of the picture, sticking to food and beverage items that loyal guests often order instead.
Tip #2: Establish a Partnership with Another Restaurant
Competition is a normal part of running a business, but amidst the chaos of this pandemic, it’s better to set aside differences and find opportunities to work together. Some ways to establish a collaborative relationship with competitors is to find shared kitchen spaces to ease overhead costs or exchange resources, staff, supplies, and other materials that can help the community.
Tip #3: Keep Track of Government Funding Options
The government understands that businesses are struggling to survive the coronavirus’s abruptness, which is why various authoritative figures from different nations release emergency fiscal solutions to ensure the economy survives.
Some of these government-supported opportunities can range from grants, business rates relief, loans, and other measures that provide financial assistance. With the right determination and chance, the food and beverage industry can flourish.
The Bottom Line: Exploring Cost-Saving Opportunities that can Boost Your Restaurant’s Revenue Amidst the Economic Downturn
Bracing through the sudden economic disruption from the COVID-19 outbreak can make or break companies today. Businesses working with food and beverages took one of the biggest hits, falling behind the tourism and hospitality industry regarding its loss in revenue.
While restaurants, cafes, bars, and more struggle to serve customers, there are rising opportunities and money-saving tips that can help businesses to whip up a successful survival story in a post-pandemic world.
How Can We Help Bridge the Gap For Your Business?
Moving forward from the pandemic’s impact means working together as a community, which is why the City of Charlotte has committed to providing opportunities for local businesses to keep the lights on while weathering this year’s storm.
This gave birth to Open For Business, a platform that aids the recovery of businesses like restaurants, bars, cafes, and other establishments affected in the City of Charlotte. Browse our directory today and find city-sponsored access capital opportunities, business tips, and webinars to help you come out of these confusing times stronger than ever.