Somerset’s restaurant leadership team put together a bullet point list of helpful suggestions to communicate to your restaurant clients to help them navigate these unchartered waters:
- Check your state and local government for availability of disaster loans
- Sell gift cards at a discount to generate cash
- Consider scaling back the menu to “customer favorites” or creating a menu that allows for easier delivery and take-out
- Consider modifying your service offerings to a grocery or market concept, offer daily food baskets with a variety of high quality food items, offer the option to purchase prepared meals for 2 or 4 people
- Reduce menu prices and/or offer discounts
- Check your State for tax filing relief options – consider filing sales tax return without payment (noting that there is a risk penalties could be assessed if state does not allow deferral)
- Talk to landlords about reducing or eliminating the next 2 months of rent
- Delay paying utility bills
- Check your state to see if they have a liquor return or repurchase program
- Debt covenant requirements – talk to your lenders to obtain an extension on audit or review requirements
- Reach out to your insurance carriers to understand your coverage, discuss the impact of providing your own delivery services, closing restaurants, reductions in premiums and potential refunds due to less staffing, less claims, and less concerns with no dine-in.
- Third-party delivery services – talk to third-party delivery companies about offering “no fee delivery” or reduced fees
- Evaluate your prepaid accounts – are there certain things you can pay for monthly vs. multiple months at a time? Is it possible to get partial refund on some prepaid items and just make payments monthly?
- Franchisees – discuss with your franchisor the delay of payment
