Right now, you need to get ready for some big growth opportunities.
- Identify what business sectors will expand and decline.
- Manufacturing will grow because of pent up demand. Restaurant / Hospitality will decline. Many restaurants will not survive the pandemic. They will need to come up with money for all new inventory, and their patrons will demand more room between tables of strangers. This means their density will drop nearly 40% and so will their profits. If they were hanging on before they will not make it now.
- Who did you lose business to over the last 5 years and why?
- If it was overseas, there will be a big push to buy America. Go after that business again, as buying decisions may have changed.
- How will you go after all this new business?
- Your website will need to talk about how you are doing business as much as what you do, and offer. Show your cleanliness efforts, you attention to your people and their protection.
- Your supply chains will need to be looked at to assure you have all the materials and services you need to more business.
- Where do you get the people? Consider hiring displaced Food Service / Hospitality workers. Your prime hiring guidelines as always need to be will they show up and work hard. People with this background may be a good fit. Working on a line in a restaurant and dealing with point of service computers should be a good fit. You can train the rest.
- How will your expenses change?
- Unemployment insurance will undoubtedly go up. Plan on it.
- You will need to put money into your website to not only to attract new customers but also to attract a different worker. Show your cleanliness and quality work environment.
- Adjust work hours to not only keep more space between your workers but to accommodate people trying to take care of their families. The right hours are a big reason Food Services / Hospitality workers do what they do.
These are exciting times… You have come a long way, staying in business and taking care of your people… Check out my video on this…
Get ready for some growth… If you are ready to go after it.