What do you do if your restaurant faces sudden industry changes?

I would consider new technology, a better approach to the industry. Would definitely want to hear more opinions from co-workers, and go online for ideas on how to keep it going and what to implement. At the end of the day, for one to stay in business these days, it's a MUST to be in trend with the new tech and the new things that help out the revenue of the business. It's always up to us to try new things as much as we can so the business would ''stay on its feet'' It is difficult but there are plenty of ideas, as reducing some costs adding some features changing the menu a little bit more of marketing etc. which can easy add to the budget.

The good news is whatever happens to you is happening to others. Success leaves clues so create a peer group where you get more insight and opinions and perspectives about what is going on, other peoples approach to solutions, and make your decision from a larger base of knowledge and options. There are usually more than 1 option to any challenge...higher food-related costs could both cause you to raise your prices and engineer the menu around more profitable items. Now you have a larger group of peers, all in the same boat, to bounce these solutions off of.

Consider aligning the compensation of the people doing the work with your goals and dreams. Get wealthy helping people get wealthy or achieve whatever their goals are. A rising tide lifts all boats. If you want to build a company, not a job, you will need other people running things better than you can. Ideally your business should run better without you so find out what your key people are after and help them achieve it by helping you achieve your goals. Your people have to "want" to help you get wealthy...so, what's in it for them?

I have found that a weekly check-in call on MS Team or Zoom is most productive for meetings. Still find the traditional in-person monthly team meeting impactful and necessary because we are in a face to face business; however, we spend 60 hours with these individuals, a voice call helps with life balance IMO. Bi-weekly 1v1s allows for a more direct conversation with individuals especially if driven by your reporting managers.

Consider investing in technology to improve your efficiency and adapt to changes, such as online ordering systems or contactless payment options.

Don't spend $10 to make $1 with your tech strategies. no one wants technology to have technology, they want the results they think they will get from the technology. Search out the people getting the RESULTS you want and find out what technology they are using. No technology works as advertised so dont buy from the brochures...buy after you talk to multiple people getting the results you want from that technology.

Well the biggest industry change was Covid. All of the regulations around mask wearing and sanitisation was like nothing anyone has ever experienced.

Offering promotions or loyalty programs can incentivize repeat business and show appreciation for their ongoing support. Recognizing and rewarding loyal customers strengthens the bond between your restaurant and its patrons, fostering loyalty.

Don't confuse efforts and results. Measure your results. Create a current personal/family balance sheet and your "dream" balance sheet and measure your results so you know whether you are closing the gap.

Whenever faced with any sort of industry shake up, there are always 2 options. Push. or Pivot. Pushing forwards without any major changes to the company makes the assumption that brute force will be enough to ride out the storm/changes. However, when this isn't the right fit, a pivot might be the better option. Adjusting strategy, positioning or direction in the search for new opportunity. Embracing technology and being quick to adapt are 2 crucial skills when pivoting.