How to Maintain Your Food Business’s Cash Flow Amid COVID-19
As many Australian business owners contend with the new challenges of COVID-19, the food industry, in particular, is badly hit due to many establishments remaining closed. The Australian government is continuing to find ways to help them out, and restaurant owners are also looking for creative solutions to keep the cash flow going. Luckily, there are legitimate ways to do so.
This guide is here to help you, as a restaurant owner or a small business engaged in food, make sure that you are keeping yourself and your staff financially stable. The goal is for you to make steady revenue and profit until it’s clear to safely reopen your doors. Consider these opportunities to sustain your business:
Consider a fully takeout-friendly menu and service
The new normal for most food businesses nowadays is offering online or telephone ordering and having delivery services bring food to customers’ homes. Some have even resorted to selling ready-to-cook meal options for their customers. These are the trends that are defining the new kind of restaurant menu. The key is to give the customers the convenience to enjoy your food and to streamline your business so that it can safely open its doors to your staff. Remember to take a moment to brainstorm and integrate the local government’s health protocols to prevent the spread of the virus.
Offer no-contact delivery
The perfect partner for a takeout-friendly menu is offering safe, contactless food delivery. This allows you to protect both your customers and your staff. Additionally, it keeps the flow of orders coming, as your regulars continue to ask for the usual and refer it to their neighbours or close family members. This form of delivery will make you a trusted and valued supplier of good food.
Have a food delivery service
Aside from considering your own contactless delivery, you can also partner with other third-party services, like Deliveroo and Menulog, to purchase your food and bring it to your customers. These delivery options help you generate local buzz and cater to customers who are looking for specific food options. For instance, vegans in the neighbourhood may want to check out your food options through Uber Eats. This is a legitimate way to keep your regulars ordering and widen your customer base.
Use gift certificates or merchandise sales
If you have quite the foodie fan base from your dedicated group of customers, you can promote your lines of promotional merchandise, such as metal straws or custom cutlery. If they want to save up for a day when dining out is possible, think about selling gift certificates. Just as your menu is expanding, consider changing up what you offer your customers to keep the flow of money coming.
Look into lowering your prices
If the customers are not opting for your new options, you can cut your prices and look into the possibility of offering discounts. However, you have to be careful with this because you may suffer a loss and have to make some difficult financial decisions later on.
Hire the help of a small business accountant
You can think about looking for other lucrative financial solutions with the help and knowledge of a professional accountant. You can consult with them and come up with plans that are tailored to your food business. Doing so allows you to also see options that you may have never considered. Because they know where the money goes and what you are capable of as a business, accounting services will help make sure you avoid closing your doors for good.
As the COVID-19 changed the way we Australians dine out, stand up to the challenge and rework your business to cater to the new normal of customers everywhere.
Are you in need of small business accounting services in Queensland? We at New Wave Accounting are here to help you grow and scale your business, even amidst the current challenges. Consult with us and keep your business up and running.