Are You Asking the Right Questions?
Business owners around the world are working to alter their business models and re-launch in this new Covid-19 economy. In Canada we are fortunate to have a strong support network of government, industry, and local resources. While it’s not perfect and there’s no easy fix, there are funding options, advisory groups, re-opening checklists, webinars, and a variety of other tools at our disposal.
But what many business owners are missing, is the opportunity for strategic thinking and some basic planning—going back to their original “Why?”.
Yes, you need to make ends meet and want your business to survive. But at what cost?
- Does the product and service you provide still meet the needs of today’s customers?
- Does the business model still meet YOUR needs?
- Does it make sense to open at half capacity, or to continue offering take-out and delivery service? Can you afford to have your staff managing delivery orders and dine-in customers at the same time? Can you afford not to?
- Do you have a good understanding of your costs, labour percentages and bottom line ROI?
- What other options might you have?
- What is the bottom line profitability look like for each option?
- How many days of the week should you open?
- What is the impact on your staff?
- Is your business chef-owned or do you rely on an executive chef, and what is the impact thereof?
- What business model is right for YOUR customers?
- Has your customer demographic changed? Have their needs and wants changed?
- How will changes to consumer behaviors and decision making impact your bottom line?
- Which options will make you the most money?
- Which ones provide the highest level of customer satisfaction?
- Which ones will allow your business to thrive?
Sometimes a conversation and a little outside perspective can help.
The team at Edible Vancouver Island has a backround in business analysis, restaurant ownership, marketing and consulting. We have created templates and tools to help our clients with strategic planning — to compare options, look at priorites and plan for success. Nothing too complicated, just a way to provide some clarity.
Learn more about our team at ediblevancouverisland.com/about and contact dawn@ediblevancouverisland.com for more information.
