Restaurant Business Model Changes
In a post COVID-19 world. We know that business-as-usual will be anything but as the industry begins its recovery from COVID-19 and begins its re-negotiation of expectations with the restaurant customer. They will be a much more wary and demanding customer, not necessarily as it relates to the price or selection, but in regard to their perception of safety, cleanliness, and overall quality. Whereas some will come back as loyal customers and a show of support and loyalty, it is expected that a greater number will not, at least initially. Table service restaurants need to look at ways to manage the objections that will likely be raised by customers and do their best to address them immediately.
In a post COVID-19 world. As the industry and the world suffers through the first month of a systemic business and economic shutdown, it paints a harsh reality of not only what impact a pandemic can cause on our national and world economy, but also a glimpse of what the world is going to look like when we emerge from this. Those who believe that business will resume under the same rules and rituals from before COVID-19 are not reading the social and emotional cues that have taken place over the last few weeks. It will be the operator that recognizes that we are emerging into a different operational and technology landscape that will stand the greatest opportunity to rebound and daresay thrive in the new world of personal safety and social behavior.
Did You Know?
Exclusive interview with banker, Andrew Glatz. Bielat Santore & Company’s “Thursday Restaurant Rap” continues today with Senior Managing Director and Head of SBA Lending at Peapack-Gladstone Bank, Andrew Glatz. This series appears each Thursday within the company’s Restaurant Industry Alert daily bulletins. It presents recorded virtual video interviews with local restauranteurs and other industry professionals, many of who are the firm’s clients, customers and associates.
Your 2020 Stimulus Check: How Much? When? Uncle Sam is going to be sending you a check soon (some people have already received an electronic payment). To counter the coronavirus-induced economic meltdown, the Trump administration and Congressional leaders worked out a massive economic stimulus plan that will flood the U.S. economy with cash and provide relief for Americans who are taking a financial hit. Part of the plan is to send almost everyone direct payments from the government’s coffers. But there are a lot of unanswered questions about these payments. At the top of the list: How much will we all get? And when will we get it?
Will you get a coronavirus relief payment if you owe money to the IRS? A little extra cash could be just what you need to pay off some debt. But in these tough times, you might find that your aid check could be better spent on necessities, like groceries or rent. If you’re in debt to a federal agency, like the Internal Revenue Service, rest assured that you’ll still receive your check in its full amount. The government won’t use this opportunity to recoup the money you owe, per language in the CARES Act (see: “(d) EXCEPTION FROM REDUCTION OR OFFSET”).
Restaurant Industry Daily Alerts
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Thank you and remember all of the “Restaurant Industry Alerts” and “Thursday Restaurant Rap” interviews can be found at www.123bsc.com/news/. We intend to continue to keep you informed as we all look for an end to this crisis.