Why You Should Plan Your Re-Opening
Considerations for revenue streams, inventory, marketing, and moreMaggie Borden
April 28, 2020
ICYMI, this spring we're hosting daily webinars as part of our Industry Support learning series. Over the past three weeks we've touched on motivation in times of crisis, getting the most out of small business loans, the state of food journalism, and more. Below, Elizabeth Tilton, founder and CEO of hospitality services group Oyster Sunday shares advice for building a thorough plan for reopening, from operations to marketing and beyond.
1. The landscape of hospitality has changed. Today, we know that:
- Lockdowns will be relaxed but not fully lifted, and that transition will occur on a state-by-state basis.
- Things won’t go back to normal.
- The supply chain has been disrupted.
- Standard operation procedures (SOPs) and personal protective equipment (PPE) will be mandated for daily operations.
- Capacity will be reduced.
- There will be more movement toward a product industry.
2. Oyster Sunday has developed a critical path toolkit with information on how to navigate the new normal.
3. When you re-open:
- Model out a 12-week budget, with a best- and worst-case scenario.
- If you received rent relief or abatement, PPP or other loans, make sure it is documented and included into any relevant contracts.
- Consider additional revenue streams: take out, delivery, meal kits.
- Tighten up your COGs (costs of goods sold). For example, what ingredients can you reuse? Can you reevaluate what can be bought in bulk?
- Create a marketing plan to share your health and safety precautions with your customers.
- Think about benefits you can offer to get your employees to return to work, and start thinking about retention.
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Photo: Suwaree Tangbovornpichet/iStock/Getty Images Plus/Getty Images