EVENT RECAP: WHAT THE HELL DO I DO NOW?
No industry was impacted by COVID-19 more than the restaurant and hospitality industry.
Restaurants and bars were forced to close their doors for up to three months. Being left to find innovative ways to stay solvent without a steady stream of in-person customers, restaurant leaders learned a lot and implemented changes that will last for years to come.
On June 17, 2021, Randy Gerber sat down with four leaders of the Columbus, Ohio food and beverage scene to discuss their experiences during this challenging time.
The panel discussion included Stephan Harman – Co-Founder, FUSIAN; James Kosht – CFO, Land-Grant; Mark Stansbury – Co-Owner, Stansbury & Weaver; and Kaz Unalan – Director, Tax & Business Advisory Services GBQ; and was moderated by Randy Gerber of Gerber LLC.
Create additional value through the use of technology.
FUSIAN transitioned from a fast-casual sushi restaurant to a fully integrated grocery delivery service platform, and maximized their purveyors’ surplus of produce and dry goods stock during the restaurant shut down by selling the goods through their app.
At a time when the grocery supply chain was strained, providing this additional value placed FUSIAN above the rest and doubled their app user base.
Expand the experience of your brand to your customer’s everyday lives.
The experience of dine-in has changed for good. However, this doesn’t mean that your brand cannot follow your customers to their home, and allow them to access your products in different ways.
For Land-Grant, this meant providing a delivery service to their biggest fans’ homes for new craft releases and hosting virtual tastings with their brew experts.
Purchase and fund new ventures with grants and permanent capital.
New changes to the tax code and the continued uncertainty of the restaurant and hospitality market may make getting loans more challenging for the foreseeable future.
However, there are many people looking to spend their money ahead of rising personal tax rates, and rates for capital gains. Raising money through crowdfunding, public or private grants, or even non-fungible tokens can help your business start from a steady foundation.
Interested in learning more about what to expect from the restaurant industry? Click here to access the full recording!