If there’s one thing that we can say about the pandemic, it’s that it’s been expensive. Restaurant owners have encountered an abundance of COVID expenses this year, from cleaning supplies to face masks. What can your business do to save money?
Tips For Offsetting COVID Expenses
The pandemic has caused restaurant owners to encounter more unforeseeable expenses than previously imaginable. From cleaning supplies to face masks to plexiglass shields, these extra costs can add up fast. We’ve collected some quick, simple tips to help you recover some of this spending and help your business thrive!
Business Credit Cards
If you aren’t already using a business credit card, now’s the time to start! Even if you have money readily available in your restaurant’s account for extra costs that arise, a business credit card has hidden benefits. Charging extra costs to the card and then paying it off before interest is incurred is a good idea, as long as you remember to send in your check each month. Business credit cards often offer cash back, or other rewards that can benefit your business in the long run. Just be sure to do your research to find the card that works best for the size of your business and the amount you spend.
Raise Your Prices to Offset COVID Expenses
It’s simple: if your business needs to raise its earnings, charging more for products is one way to do it. You may be reluctant to increase prices when times are tough for your customers, but the bottom line is that even a small increase has the potential to make a big impact over time without being too harmful to guests’ wallets. You’re almost sure to get questions from some outspoken customers about the increase, so make sure that your staff is trained on what to tell them. Most guests won’t have a problem with forking over a bit more money for their delicious food if it means supporting a beloved local business.
Add a COVID-19 Surcharge
We’ve already written a whole post about COVID Surcharges [LINK to post], but the bottom line is that they can be a great way for your restaurant to recover unforeseen costs. A percentage or dollar amount tacked onto customers’ bills is simple and straightforward. Of course, it’s essential to be upfront and transparent with your valued customers. Explaining that the fee goes toward supporting your business and helping to keep your doors open is hard for customers to argue.
All in all, there are an abundance of options available to you as you work through this difficult time for your business! Getting creative and not being afraid to ask for help to keep your company afloat are the things that will make sure you make it to the other side. We hope that these tips were helpful to you! Don’t forget to check out our other blog posts on helping restaurants and bars navigate providing top-tier service during the pandemic. We’re all rooting for you!
