![[Takeaways] Lessons from the Pros Roundtable: How to overcome tough times in the industry](https://cdn.prod.website-files.com/640a2dd38b26e6890f8956a0/66c8b80b7aa9606af7f516ea_Screen%252520Shot%2525202020-03-19%252520at%2525202.15.40%252520PM.webp)
Since the first case of Coronavirus was confirmed in the US last month, caterers around the country have been affected in countless ways. This morning, we sat down with three industry veterans who have been through similar challenges before.
They shared their experience running a catering business during 9/11 and the market crash of 2008, and offered some great advice for getting through the COVID-19 pandemic. A lot of information was covered, so feel free to watch the full recording. Our key takeaways are shared below.
In circumstances like these, making decisions about the future of your business is tough. However, being able to react quickly can make all the difference. For Greg, it took 5 years to fully recover his business after 9/11. In 2008, he was able to take his previous learnings, react sooner, and recover his business in half the time.
So how do you assess your business? Lisa’s advice is to take a critical look at your operations and understand where your breaking point is. If you have the ability to take out loans or make cuts, do it, but she recommends not mortgaging your home or putting yourself in dire straits as a business owner.
Although making the decision whether or not (and when) to lay off your staff is incredibly difficult, it can be key to succeeding in the long run. In 2008, Lisa held onto her staff for almost a year, but then suddenly had to make cuts deep and wide for her business to remain afloat. While it may hurt now, making cuts where you need to can help ensure that your team has a job to return to when this is all over.
All panelists offered practical advice on how to update your business plan.
Have additional ideas or resources? Share in the comment box below so others can benefit from it. Thank you!
Whether you decided to close business for the next few weeks or bring in revenue, here’s what some are doing to make the most of the situation.
Whatever you choose to sell during this time, make sure that your customers know about it. Joseph recommends posting regularly on social media and asking them to spread the word. And your website shouldn’t be promoting events -- it should be promoting what you’re selling now. Here’s a resource with free marketing templates.
Donate meals to relief organizations and start a fund to support it: You have skills and resources that are needed elsewhere.
All of our speakers agreed that once you’ve worked out your plan, it’s time to improve your business. Taking the time to streamline your processes will make you more efficient when things start to pick back up.
This includes:
Lisa shared she had a brainstorm session with her sales team on how this will impact the business and they left the meeting feeling jazzed about the new opportunities.
Given how much and how quickly things have changed, it’s hard to predict what will happen. But our speakers are optimistic caterers will pull through -- it's human nature to connect. Here are some of their predictions on how the industry will change:
What’s clear is that now is the time to collaborate with your competitors vs. stand alone and that’s where your local associations can help.
Here are their resources and others
And lastly, here’s how you can get in contact with the speakers.
Have additional ideas or resources? Share in the comment box below so others can benefit from it. Thank you!
