Page 30 - GS210801

Education
They planned for potential fires,
floods and other such disasters that
could be addressed with insurance
options and other protections.
These were finite, sudden and
short lived in nature, and business
owners could predictably recover
and move forward afterward.
To accomplish this, they needed two key components:
an online presence and a way to reach their customers.
Those I spoke with had a sense of urgency. The day after
the lockdown they were already making plans to address
these two options. Most already took phone orders and
had at least a rudimentary presence online with a menu
and contact information. The most important step for their
survival was letting their customers know they were still
taking orders and able to serve them, often in new ways.
2021
STILL
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Those with loyalty programs reached out to customers
within days. Most of those interactions were brief but did
let customers know they were still very much in business
and taking orders. Depending on what items had the
shortest shelf life, merchants may have included offers
for specific family-sized meals. Some also offered "cook it
yourself meals" with recipes, requisite ingredients for full
courses, and tips to prevent spoilage.
Many merchants also upgraded their online presence.
They revised menus to eliminate items that had a short
shelf-life unless they were in high demand. They also
checked their prices to insure there were no loss leaders
and determine whether there was room to raise a few
prices.
At the beginning, merchants relied on phone orders, but
as the lockdown continued, they realized the need to add
an online ordering system. When they were able to reopen
with restrictions, numerous restaurants dispensed with
printed menus (for sanitary reasons) and started using
QR codes instead. They put QR codes on signage directing
people to their online menus and email headers.
With all these efforts, most found they were able to reach
only 60 percent of their previous average volumes.
Specialty restaurants whose menus changed daily or
weekly, or who provided a unique dining experience, faced
distinct challenges. Others had no way to contact their
consumers. And many restaurants that were struggling
before the lockdown chose to close entirely. In these cases,
even a PPP loan did not help. The majority didn’t survive.
Retail merchants faced different, and ultimately more
serious issues, than restaurateurs. Unlike larger merchants,
small retailers likely did not have a customer database.
They may have had an online presence, but it likely didn’t
include their inventory or provide shoppers a way to buy
from them.
When they closed and locked their doors in March 2020,
these business owners had no idea what was coming next.
They hoped the lockdown would be short. For several (like
my friend who owned a kickboxing gym) the lockdown
provided an opportunity to review their personal exit
strategy. As a result, they chose to close now rather than
wait it out or rely on the support they were offered.
Others, with the help of PPP loans and an eviction
moratorium, held out hope. Some had a basic web page
and spent time updating their web presence. And they
sought new ways to reach out to customers.
A time of resurgence
Many retailers saw an increase in business during the
lockdown. People stuck at home decided to spend time on
improving their homes. For example, the nursery industry
saw increased demand for their products. I know of several