Hope you are doing well. Though it is difficult to answer this question in current times.
Current Times like these often test your business acumen.
When customer sentiments are low. You are having a tough time managing your staff.
When there are several restrictions imposed by authorities. You have no idea whether you can do only take-away or delivery or can have dine-in as well. Dine-in is also a complicated question because nobody explained what is 30% capacity or 50% capacity. What does 50% capacity mean? If you have 8 tables of 4 each, are you supposed to fill only 4 table or you can go ahead with all of 8 tables with two customers each. More confusion means more palm greasing, as always 🙂
When Economy as such is struggling. Of course people have lost jobs, they are trapped in loans, all sectors is in down-trend.
When you have no idea about the next pandemic wave that is about to hit you?
When nothing is sure or predictable?
That’s the test of patience.
And Your Business acumen.
On How to generate sales?
So that it covers the fixed costs of business.
So that it generates a little profit.
So that you can earn a decent life along with your family members.
More than that, I will not even talk right now.
This is a period to ensure survival. And that has to be the first priority.
Not now.
I am sure you have a fair idea about your “Cost of Opening Shutter”. I discuss this concept during our Bootcamp Program (Details here). This is total fixed operating cost for your business calculated on per day basis. Your first target is to generate sales which is a little above that “Cost of Opening Shutter”. So that you generate enough profit which earns you a decent life.
How challenging that can be? Not much, if you start thinking in simple terms. One step at a time. By keeping that outcome parameter fixed and changing all other variables (Menu, Sales channel, staff, premises, Pricing all are variables which can be changed).
Agree with me. All the variables which are written above, can be changed. Even your premises. Did you think in this direction? Or you were busy thinking about just a little marketing push here and there and voila! It’s done!!
It doesn’t work that way.
Especially in difficult times.
I will tell you one workable way, which you can try.
In the next blog. Till then, you think of all available options with you. Think of your best available alternative. Let’s see if it matches with my suggestion.
See you in some time,
Randheer