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March 30, 2020

Restaurant Delivery Guide: Everything You Need To Know About Implementing In-House Delivery

For many restaurants, adding the option of online delivery may be something they’ve either been casually considering or maybe just started to implement as an experience. However, with the recent sudden health crisis that COVID-19 has brought, being able to stay open for deliveries has become almost a necessity for many businesses. The good news is, even if you’re starting from scratch, it can be a relatively simple process. However, you want to make sure that you’re still making enough of a profit to stay viable. In this case, you may want to consider going with your own in-house delivery system. And while that may sound daunting, there are plenty of tools available to you that you may not have even known existed. It’s possible to set up delivery in-house in just a few hours in some cases, and it may end up helping to grow your brand and expand your customer base in the process.

Why Should You Keep Delivery In-House?

The most obvious reason to handle your own delivery is quite simply the cost. While third-party apps are inarguably convenient, they drastically eat into your profits. Some studies estimate it can be close to 50% cheaper to run delivery in-house rather than outsourcing that service. With margins that low, sometimes using third-party delivery can be more trouble than it’s worth quite literally. By keeping things in-house, you’re in control. You don’t have to worry about rude or careless drivers who don’t have a vested interest in protecting your brand. And, speaking of branding, you can create your own unique packaging and marketing to expand your visibility further. Also, if you’re lucky enough to be using a point of sale system that integrates with delivery (or offers that option as an add-on), it will integrate with your software seamlessly and require minimal additional training for your employees.

The Alternative: Third-Party Delivery Apps

Restaurant delivery is a competitive business, and while we’ve already briefly discussed that using one of these popular companies will take a big bite out of your profits, it’s still easy to see their appeal. To begin with, they are exceptionally simple to partner with. If you are a busy restaurateur who doesn’t have the time, energy, or know-how to start delivery in-house, you can simply pair with one or multiple services and potentially reach a whole new market. These apps are widely used and can help you reach a broader customer base. They also require very little money upfront if you’re just starting and are low on cash. In short, there’s a reason why these third-party apps are so popular with customers and businesses alike. But while it’s easy to see their appeal, they still might not be the option that ‘s right for you.

Must-Have Tools For Taking Online Orders & Managing Delivery

Point Of Sale App

While you can still technically operate a successful delivery service by simply jotting down orders and hand-delivering them back to your kitchen, a point of sale that comes with or integrates with in-house delivery options can make your life significantly easier. In fact, if you’re just starting out or are currently in business but plan on making delivery a large part of your operation, having a POS with a good delivery integration is almost essential. A quality POS can help you track and manage your orders as they come in, particularly when paired with a Kitchen Display System. This helps give customers accurate delivery times and can help you stay on top of important things, such as your inventory levels.

Online Ordering Tools

If you’ve decided to keep your delivery business in-house, there are some handy options available to you that your POS may already integrate with or that you can easily set up through your website. These companies provide software that is tailor-made for the restaurant industry and can simplify things even more.

GloriaFood:Â GloriaFood provides free software for restaurants, allowing you to take an unlimited number of orders for no fee. You can easily install a simple widget and be up and ready to sell in a single business day. GloriaFood can even help you set up your website to streamline the delivery process and is available on iOS and Android devices.
Menufy:Â This is a similar service to GloriaFood in that it offers free software and can help you create a sleek website for online ordering. The service fee is charged to customers, and the restaurant is only on the hook for the processing fees. There are no contracts, and you can be notified of orders on a wide variety of devices and through many different POS companies.
ChowNow:Â This is another popular online ordering software that can work with your specific brand and logos to create a personalized experience for your customers. ChowNow offers software with zero fees but also has hardware options that you can purchase that can run your delivery orders separate from your in-restaurant orders for added convenience.

There are plenty of other online ordering options available as well, so do a little research to see if one fits best with your specific business.

Courier Tools

Using an in-house system for delivery also gives you control over who is handling and delivering your food and who is the face of your restaurant for customers who are ordering from home. These will be an integral part of your delivery business’s success, and there are plenty of things you’ll need to consider to ensure their success. First, you’ll need to decide if you’ll be using a company car or cars for delivery or if you’ll allow your couriers to use their vehicles. Either way, you’ll need to make sure that you have the proper insurance. And if your drivers are using their vehicles, you’ll need a way for them to track and log their mileage for reimbursement.

Next, there are some things you’ll want to make sure your online ordering system has, whether you’re using an online ordering service or your POS’s features. Certainly, you’ll want a reliable and accurate navigation system. It’s also valuable to have a delivery tracker, so you can tell where your driver is at any given time. The ability to quickly communicate with drivers is essential as well as having a system that allows for text notifications in case of changes or special requests.

Staffing Concerns With Restaurant Delivery

If your fancy new delivery service is a success, you may also start to experience some growing pains. You don’t want to overwhelm your hard-working staff, so you’ll likely need to hire some additional employees. Along with couriers, you’ll need to make sure that your kitchen is staffed well enough to handle the increase in demand, and you may need to carve out a separate space solely for online orders to help eliminate confusion. It may also be beneficial to have an employee whose entire job is to oversee and handle the online ordering process, ensuring that orders are being received correctly and filled and distributed in a timely fashion.

Other Logistical Considerations

We’ve already touched on a handful of things you’ll need to consider for your delivery business, from essential tools to simple conveniences. But here’s a quick recap of things to look for when you’re implementing this feature for your restaurant.

KDS:Â A Kitchen Display System can alleviate numerous headaches in any restaurant, but it’s especially valuable when your restaurant also handles deliveries. A system that receives and organizes orders directly can dramatically cut down on errors and help your kitchen prepare orders in a timely and efficient fashion.
Dedicated Kitchen Space:Â You may be operating with limited space in your kitchen, but if you can swing it, setting aside an area specifically for online orders can alleviate some headaches and make sure that orders aren’t getting confused.
Packaging:Â This is something that might be easy to skimp on; however, the way you package your delivery options can be vitally important. It’s an opportunity for you to brand and market, and it can be easy and inexpensive to order packaging products with your logo. It’s also essential to make sure that you have durable packaging that can withstand a drive and maybe even a way to keep the items hot or cold, depending on the order. You want to make sure your food is presentable and as good as it would be in your restaurant to avoid poor reviews. You’ll also need to think about what to include in delivery orders, such as napkins, utensils, and portable condiments.
Payment Options:Â You’ll definitely want to lock down how people ordering online will pay you and what types of payments you’ll accept. The ability to prepay online will help you track your money and tips easily while equipping your couriers with a card or chip reader provides an added level of convenience. Also, with restrictions from COVID-19, setting up the option to take payments and drop off deliveries without contact with customers could be an important feature that allows you to continue making sales in difficult times.

Add An In-House Delivery Option To Keep Customers Happy & Business Rolling In

While online ordering and delivery options have been rapidly growing in the restaurant industry over the past few years, we are in a time when having that feature may actually be essential for keeping your business afloat. It may seem a bit daunting if you’re just getting started, but remember, you have options. While third-party apps are undoubtedly easy to utilize, you may not end up receiving the type of return that can significantly boost your business. In that case, going with in-house delivery might be the most economical decision. There are plenty of tools at your disposal to help you.

See what your POS system offers for in-house delivery or what companies it integrates with. If you already have an online presence, getting started can be as simple as installing a widget or downloading an app. And many of these products, whether it’s the POS company itself or an online ordering service, can walk you through the setup process as well.

Looking for more resources to help small businesses navigate the coronavirus pandemic? Check out our Coronavirus Survival Guide For Restaurants, or read a variety of other articles on our Coronavirus resource hub.

The post Restaurant Delivery Guide: Everything You Need To Know About Implementing In-House Delivery appeared first on Merchant Maverick.

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March 30, 2020

5 Clever Marketing Tactics For Small Businesses During The Coronavirus Pandemic

The world has turned upside down. (As a Broadway fan, I have the Hamilton version of that line running through my head on repeat these days.) Small businesses all over the nation find themselves in a rapidly changing climate and making decisions based on state requirements needed to combat the spread of the coronavirus. Small businesses in the time of COVID-19 are faced with brutal choices and will need to employ creative solutions as the pandemic changes the landscape of our lives.

If you have a service that meets the needs of your community during the pandemic, getting information out to potential customers is a necessity. People right now want to help small businesses thrive, and they are looking for ways to spend their money conscientiously. What are some ways to navigate the balance of marketing a product during difficult times?

Before we look at marketing, it’s important to look at your business: Right now, more than ever, it’s crucial to understand what is an essential business and what is not. I just watched in real-time the complete viral annihilation of an owner’s decision to keep her consignment mall open because she deemed her store and all the vendors paying rent in her store (and all their employees) as “essential business.” (She, herself, was self-isolating in a different state. And three hours after her initial post, she changed her mind.) People are dying — if anyone susses out that you are here for profit/being greedy/to exploit a tragedy — I guarantee the karma (Facebook’s comment section) is swift.

Merchant Maverick’s COVID-19 hub has many resources to weather the storm, but if in doubt — sit it out.

And if your business has a role here as we move forward, then keep on reading, and we’ll explore the best practices together.

The Best Marketing Channels For Small Businesses

Parts of the nation are on full shelter-in-place orders, and others may soon follow. That means that millions of workers and their children are home, in their family rooms, most definitely on their computers or phones, with near-constant access to the internet. We are lucky to live in a digital world that can adapt to the needs of consumers during this pandemic — and the digital world is where you are going to access your potential customers.

Email Lists

Building a newsletter is an essential part of doing business. Why? Because when you have access to someone’s email, you have direct access to that person. They may not open your newsletter, but when they check their email, they will see your name and your subject hook: It’s the best resource you have. Building a newsletter should be seen as an essential part of doing business.

Social Media

(How can you tell a writer has been a little too self-isolated? I just deleted an attempt to write this section to the tune of Over the Rainbow. I wish I were kidding.) Social media is where you will find your people. Maybe you already have a thriving community on your social media, or perhaps you are building one. Either way, it’s important to think of ways to use various platforms: Instagram, Facebook, YouTube, Twitter, TikTok, Snapchat…maybe in that order, depending on your marketing audience.

Other Options

Direct communication is the best! If you have access to phone numbers, maybe send a quick text update. A skincare business in Portland I have been to once texted to let me know its physical store was closed but is still selling products and gift certificates online. If you have a website, consider blogging about your own experiences. Now is the time, more than ever, to tell your narrative and build a community around your business’s story. Who are you, and how is this pandemic affecting you and yours?

The Ground Rules For Online Marketing

The entire world is really hoping that we can all flatten the curve of this virus and return to normalcy. However, until then, every person and every business needs to make socially responsible choices. That means your business needs to comply with social distancing and follow your governor’s mandates. As with any marketing campaign, be sincere and run your words by many different sets of eyes to ensure your tone is professional and sensitive to the mood of the nation.

If you are asking people to opt-in to your newsletter for freebies/deals, make sure you follow local privacy laws. Also, a good tip is to require only two fields (say: name and email) — any more will cause hesitation, and you might lose the lead.

Build An Email List

One small business owner mentioned that he sent out a newsletter, not to pitch anything, but simply to ask his subscribers how they were doing: How are you? Are you okay? Do you need anything? Small businesses are the bedrock of the community, so first, reach out to your community and see how people are feeling. With self-isolation in full swing across the nation, many people need your words of comfort and offers of help.

You can also use this time to build your list by offering discounts or freebies to people who sign up for your newsletter. (For a gym or yoga studio: If they sign up for your newsletter, maybe they can receive free daily quarantine exercises?)

Create A Social Media Following

There are opportunities to pay for ad campaigns within social media platforms, but it’s important to use your platforms to communicate with your customers and community directly in addition to running ads. People want to help small businesses in their community, but they need to know who is open and how social distancing needs are being met. Use your social media channels to inform and engage.

Keep Your Customers Updated On Changes

I have a local store I love, and I went to all of its social media pages for a COVID-19 update and didn’t find anything. Tell your story and make it easy for people to support you and to know how — put that information far and wide.

If you can still provide curbside or delivery during the pandemic, your business has pivoted and adapted with the changes, or if you are changing your hours or working with a reduced staff, let people know. Use all necessary means to communicate with your customers and encourage people in your community to share your message far and wide.

Use Hashtags & Branding

A hashtag is a way to group your message in with broader messages to attract new followers. As you can imagine, right now, pandemic hashtags are trending along with #stayhome, #stayhomesavelives, and #socialdistancing. Creative hashtags such as #savesmallbusinesses can gain momentum across platforms and will help categorize your information. You can create a hashtag specifically for your business to boost name recognition and your business’s story. Our local used bookstore (and Portland icon), Powell’s, had to shut its doors and lay off the majority of its staff, prompting a #savepowells hashtag to surge and ignite a successful online buying campaign to help keep it afloat.

If you are using your social media consistently to communicate, think about your company’s branding — can someone look at a post and identify your company? What is the overall tone of your company’s message? Keep your social media messages consistent and on-brand. Branding also means you understand your audience and their needs: If you are in a community that is struggling and feeling scared right now, you might want to avoid a tone that feels trite or dismissive of the current news.

5 Marketing Tactics You Can Use To Keep In Touch, Inspire, Motivate & Otherwise Encourage Customers

We are not living in the same world that we were a few months ago. Consumers and attitudes have shifted, thriving businesses have shuttered for the time being, and people have major anxieties. They are scared about the virus, worried about the health of loved ones, scared about their jobs, scared about the overall health of our economy, maybe food insecure or feeling alone, and/or possibly balancing remote work/home school for the first time. Right. So when consumers are dealing with a national emergency, priorities shift. Consider that as you move forward with a marketing campaign.

Marketing is two-fold. Yes, you want to sell the product/service you can offer, but you also want to market your story/your company’s ethos. Here are some marketing tactics that might work well as you look forward.

Promote A Good Cause

Larger corporations have made donations of coffee and sandwiches to health workers, and many smaller businesses are reaching out with offers to donate a percentage of proceeds to nonprofits helping assist communities most impacted by COVID-19. Can you provide free food for kids or the elderly? People want to spend money and know it’s helping small businesses and the people impacted by this emergency: What does your community need, and how can you help?

Run A Contest Or Challenge

Can you drum up some business by offering a contest or challenge to your customers? A game store in Kansas is offering up a $50 gift card to the store to anyone who shows their “19 painted miniatures in 19 days challenge.” A bakery in a suburb of Portland is offering “frost your own cookie kits,” selling them curbside and then highlighting the beautiful cookie art with a hashtag; daily winners via votes get a gift certificate to the store. Take an opportunity to engage your community with an activity or challenge (Bake with Me challenge or Tap with Me challenge; a toy shop near us that sells Legos is running a 30-Day Build-It challenge). All of these things build brand awareness and provide your potential customers with something to engage with.

Use Promo Codes For Online Orders

Are you moving your business online? Or have you already been equipped for online ordering but need to get the word out? Provide a financial incentive to order from you! I ordered some books from a bookstore owner directly over the phone, and she shipped the books free (and they arrived the next day!), and online delivery services are running promotions for free delivery. Entice new customers with a first-time buyer code or offer deep discounts for large orders.

Sponsor A Giveaway

At this point, I’m sure you’ve seen it, too: the toilet paper giveaways. Order a pizza? Get some TP. Drive-thru to our coffee shop? TP while it lasts! If you don’t have 2020’s luxury item on hand to pass out with your product, that’s okay; there are many other things besides toilet paper you can give. This might be an opportunity to team up with a collaborator (another small business in your community) and give away gift certificates to a different business in the neighborhood. If you are a clothing boutique, can you have some fun with quarantine-outfits and sponsor a giveaway of clothes that are perfect to wear at home? This is about what you can offer and how you can help while building your brand and responding to the virus ethically.

Feature Your Customer/Community Stories

This is what speaks straight to my heart: stories. We are all a giant community of humans, and it is local families and local businesses that keep things afloat. Tell your own story but also reach out and see if you can feature other stories, too. Build a community from this isolation, and encourage people to reach out and connect with you and others. Also, feature people who may be asked to work as essential employees — put a name and story to the faces of the people in your business: Let the community know who they are supporting. They are not supporting a business; they are supporting the people behind the business.

The Bottom Line For Online Marketing During A Pandemic

How you face this pandemic can say a lot about your business and your brand. Don’t take the messages you send lightly, and run them through a filter of sensitivity and practicality. But if you have a service you can offer safely to others, yes, communicate that in any way you can to get the word out about how you can help people in your community. Email your list, send a newsletterÂ or a text; be sure to communicate honestly and often, and let people know how they can help you. Have you seen any brilliant or cringe-worthy marketing campaigns related to the pandemic? Share with us in the comments! And stay safe out there.

The post 5 Clever Marketing Tactics For Small Businesses During The Coronavirus Pandemic appeared first on Merchant Maverick.

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March 24, 2020

How To Keep Your Employees On Staff And Busy During The Coronavirus

The COVID-19 pandemic has transformed the world we live in. Businesses are closing their doors, events are being canceled, and consumers and businesses are questioning what the future holds. If you’re a small business owner, you have your own set of fears. The same goes for your employees.

During this time of uncertainty, employees around the world are worried about keeping their jobs and bringing in a steady paycheck. But how do small business owners navigate the challenges of fewer customers, reduced hours, or even mandated closures? Fortunately, there are ways to keep your employees on staff and busy as the world pulls through and recovers from this disaster.

Many employers have kept their businesses operating by allowing employees to work remotely. If you’re new to the remote workplace, we have tips and advice to help you get started.

But not every business is in a position to deploy a remote workplace. If going remote isn’t an option for you, don’t worry — there are lots of great ways that you can keep your employees occupied. Employees can help boost your social media presence, launch a new delivery service, or even test out new and unique ideas you’ve had on your radar. It’s a win-win: you keep your business staffed, and your employees keep their jobs and earn a paycheck to support their households.

Your first instinct may be to cut costs by laying off staff, but this could be a mistake you come to regret in the weeks or months ahead. When restrictions on businesses are lifted and customers begin venturing out again, you don’t want to be stuck without a team of employees ready to get back to business. Before making any rash decisions, keep reading to learn about how you can keep your business staffed and your team productive in the days ahead.

Have Employees Work Remotely

Businesses that are closing their doors and practicing social distancing don’t have to bring operations to a halt. Instead, many businesses — both small and large — are allowing their employees to work remotely. Instead of coming into the office, these employees continue to perform their jobs from their own homes.

Not every business will be able to go remote, but there are a number of industries that can survive — and even thrive — with a remote workforce. This includes writing and editing, graphic design, web development and design, and retail operations.

Effectively switching to a remote workforce can be a challenge, especially when an emergency leaves you little time to prepare. The key to success, though, lies in communication across your organization. This includes clearly assigning tasks, coordinating meetings to best fit the needs of your team, providing support and training as needed, and using tools and resources to your advantage for communication, collaboration, and organizing workflows and projects.

Resources & Tips For Remote Working

Ready to keep your employees productive through remote work? While it may take a little trial and error to get the wheels turning at your organization, here are a few general tips for getting your remote workforce off the ground.

Host Meetings/Presentations Remotely

Take your meetings and presentations from the boardroom to the internet with videoconferencing software. There are a number of paid and free options available that allow you to meet with your colleagues, do remote presentations, and share your screen. Some options to check out include:

Zoom
GoToMeeting
Microsoft Teams
Google Hangouts

During the pandemic, Google and Microsoft have also made their enterprise solutions available to all customers, so this may be something to look at first, particularly if you have a larger workforce. Zoom and other companies are also making their software available with extended free trials and discounts.

Speaking of meetings, be mindful of the changing schedules of your employees when scheduling. While it’s a good idea to stick to your normal schedules, adjusting to remote work, new and different responsibilities, and having children at home during working hours may impact your employees’ schedules. Try to schedule meetings that work for most of your workers, and if there are employees that are unable to attend, choose software that allows you to record audio and video from the meeting that you can later share with your team.

Collaborate With Your Team

Working remotely means no more face-to-face collaborations between cubicles or in the conference room. Fortunately, there are plenty of virtual solutions for the remote workplace. Programs like Dropbox, Google Docs, and Google Drive allow you to securely share files with your employees, and some programs even let you edit and comment on shared documents.

Use Communication Tools

Email is a necessary tool both in and out of the office. While email is a good choice for certain types of communications, it’s not ideal for communicating with your team in real-time. Instead of going back and forth in your inbox, take advantage of communication apps and software like Skype or Slack that allows you to send instant messages to groups and individuals within your organization.

Keep Your Team On Track & On Task

Working from home sounds like a dream to some, but not everyone realizes how difficult it can be to stay on track. Realize that employees need time to acclimate to their new working environment, so make sure to check in often. It’s not always easy to balance working from home from other tasks, so keep your team on track using project management software. There are lots of options out there — Asana, Basecamp, and Redbooth to name a few. With this software, you can collaborate on projects, assign tasks, set deadlines, and ensure your team is productive.

Show Compassion For Your Employees

Remember, transitioning to a remote workplace can be a challenge for anyone, so make sure to keep the lines of communication with your employees open. Be understanding of any mistakes that occur in the beginning as everyone adjusts to their new workplace. Make sure that your employees aren’t working too many hours and burning out. Encourage breaks during the workday — even five-minute stretch breaks. Having happy, healthy employees is one of the biggest factors when it comes to the success of a remote business.

10 Other Tips To Keep Employees On During COVID-19

If working remotely just isn’t in the cards for your business, don’t worry — there are other ways that you can keep your business working during the COVID-19 pandemic, social distancing, and beyond as our world bounces back. If you keep your employees on staff, they can tackle critical tasks that maybe have been overlooked in the past, and they’ll be able to draw a paycheck. Use one (or all!) of these ideas to keep your workers productive in the weeks ahead.

Deep Cleaning

When’s the last time you gave your office, store, restaurant, or other business a good deep cleaning? It’s easy to get caught up in other tasks when things are busy, so there’s no better time than right now to tackle your spring cleaning. Tap your employees to clean under and around furniture and equipment, wipe down baseboards, dust blinds and window treatments, sanitize surfaces, and steam clean rugs and carpets.

Now is also a good time to reevaluate your cleaning and sanitation policies. Make it a habit for your employees to properly clean and sanitize their workspaces on a regular basis. Follow the CDC’s guidelines for sanitizing and disinfecting during the COVID-19 pandemic.

Get Organized

While your team is getting down and dirty by deep cleaning, take it a step further by getting your workspace organized. Task your employees with sorting through file cabinets, rearranging furniture, and purging old or unnecessary items. Don’t forget to shred old documents before throwing them away. Now is also a great time to ensure you’re caught up on your accounting and have gathered your necessary tax documentation.

Create Or Update Important Documentation

Do your company policies and procedures need an update? Maybe you don’t even have these written down and you have to start from scratch. Since your employees understand how your business operates, now is a great time to get their insight to update or create company manuals and documents. This includes:

Onboarding guides & training materials
Operations manual
Branding & style guides
Detailed job descriptions

Use Employees For Delivery Services

Many businesses, like grocery stores, retail shops, and restaurants, are keeping their employees busy and bringing in a steady stream of revenue with delivery services. Some businesses that previously used third-party services like Postmates have brought their delivery services in-house to keep their employees on staff, while others are implementing new delivery services. Licensed employees can use their vehicles (or a company vehicle, if available) to deliver food, drinks, and other supplies to customers that are staying at home.

Have Employees Run Social Media

Use this time to bolster your social media presence. Train your employees to run your company’s social media accounts, including any social media management tools that you currently use, such as Buffer or HootSuite. Your social media accounts can be used to update customers on what you’re doing to combat the spread of COVID-19, updated operating hours, and any changes to your operations (i.e., the addition of delivery service). Social media can also be used to share photos and encouraging messages, and it’s also a great way to stay top-of-mind with your customers when business returns to normal.

Create A Company Website & Blog

Continue to boost your web presence with a new (or updated) website and blog. Employees can help in a number of ways, from writing your web copy to uploading photos to choosing the design for your website. A blog gives you a chance to showcase your expertise, so let your most creative employees show off their knowledge. Your team can even write employee bios to give readers a more personal look into your business.

No design experience? No problem. Creating a website is easier than ever with website builders that do the heavy lifting for you. Check out our Best Website Builders For Small Businesses to find the one that’s right for you.

Train Employees On Email Marketing

Your employees can keep customers up-to-date on important company news through an email marketing campaign. While you should offer training and provide some general guidance on how to launch an email marketing campaign, let your team explore their own ideas when coming up with a marketing plan. What type of content should be in your emails? Here are a few ideas to get your team started:

Local updates on COVID-19
Deals & discounts
Updates on products & services
Changes to your business (i.e., new store hours)

Don’t have email marketing software? We’ve reviewed several good options. If money is an issue, there are free email marketing platforms as well.

Complete Business Courses Or Certifications

Even experts can always learn something new, so why not give your team the opportunity to challenge themselves and boost their knowledge? Online business courses and certifications make it easier than ever to learn a new skill or brush up on a variety of topics. Have your employees choose something that’s relevant to your business and their job. There are many online course options available on topics such as computer sciences, languages, web design, and law.

The best part? Many of these options are available at no cost to you or your employee. While you may have to do a bit of online searching to find the right courses for your team, start with these options:

The Open University: Offers a number of courses across topics including design, engineering, and technology
MOOC.fi: Offers computer science courses from the University of Helsinki
Harvard University: Free online courses from Harvard University (yes, the Harvard University)

Perform Market Research

In addition to bettering themselves through online learning, your employees can also help improve your business by performing market research. Employees can create customer surveys through a website like SurveyMonkey to get important feedback from your customers on what you’re doing right (and, of course, what you can improve). Employees can also conduct research into what your competitors are doing.

Brainstorm & Experiment With New Ideas

Have your employees approached you with ideas that you always push to the back burner? There’s no better time than right now to begin experimenting with these ideas. Host a brainstorming session with your team to come up with ideas for boosting your business. You can explore new products and services, launch a new marketing campaign, or test out other new ideas. Performing market research beforehand (as discussed above) can even help you identify areas where growth and improvement are needed.

Small Businesses Can’t Run Without Employees

Employees are vital to small businesses. While it’s normal to change strategies during the COVID-19 pandemic, think about your business over the long term. Sure, cutting staff now may save you some money, but what happens when it’s back to business as usual? Finding, hiring, and training new employees can be even more of a burden on your business. If you can, instead of laying off your workers, use this time to test out new ideas, provide products and services in new ways, and tackle tasks that have previously fallen by the wayside.

Remember, you aren’t restricted to these ideas, either. Think outside of the box, and encourage your employees to get creative, too. Who knows? You may even find a way to make your business even more successful in the future.

Need additional resources to get through this difficult time? Merchant Maverick has you covered! Check out our COVID-19 hub that offers tips and resources for your business. We’ll help you navigate challenging topics such as getting an SBA disaster loan, adapting to social distancing, or keeping your business running with small business loans. We’ve also launched guides for specific industries, so make sure to take a look at our Coronavirus Survival Guide For Restaurants. What lies ahead for your business may be uncertain, but one thing you can count on is that Merchant Maverick has your back. Good luck and stay safe out there.

The post How To Keep Your Employees On Staff And Busy During The Coronavirus appeared first on Merchant Maverick.

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March 21, 2020

Small Business Loan Resources & Guides For Businesses Affected By The Coronavirus

The global coronavirus pandemic and the resulting loss of consumer demand is placing unprecedented stress on small businesses that have had to either scale back or shut down completely. Other businesses in select industries may be experiencing the opposite: so much demand that they are struggling to meet it under emergency conditions. There’s no way to sugarcoat it: rough times are ahead, but don’t assume that means your business is doomed.

At the time of writing, the federal government is still shaping its response to the unfolding coronavirus pandemic and the accompanying economic fallout, so a lot of questions remain with regard to what kind of relief will eventually be available. In the meantime, there are some resources you can immediately tap that can either directly extend credit to you, or help guide you to it.

4 Small Business Organizations That Can Help You Get A Loan

The Small Business Administration (SBA)

In the best of times, the SBA serves as a loan guarantor, making it easier for small businesses to get approved for high-quality loans originated by other lenders. It will continue to do so during the COVID-19 crisis, but during times of disaster, the SBA offers some additional help.

The most notable program comes in the form of Economic Injury Disaster Loans. Unlike typical SBA loans, these loans are federally issued, offering low-interest cash-infusions to businesses within designated disaster zones. With regard to COVID-19 in particular, this includes states whose governors have requested aid under the Coronavirus Preparedness and Response Supplemental Appropriations Act. At the time of writing this includes:

California
Connecticut
Delaware
Washington, DC
Florida
Georgia
Indiana
Maine
Massachusetts
Montana
Nevada
New Hampshire
New Jersey
New Mexico
North Carolina
Rhode Island
Utah
Washington

Note that even if your state isn’t on that list, certain counties within your state may still be eligible.

Economic Injury Disaster Loans provide up to $2 million in funds to affected businesses and can be used to pay debts, accounts payable, and other bills that can’t be paid due to disaster conditions. The loans carry a 3.75% interest rate for small businesses and a 2.75% interest rate for non-profits.

Community Development Financial Institutions

Many CDFIs, such as credit unions, offer low-interest loans and other types of financial assistance during natural disasters. These programs tend to be dependent on federal funding, so keep an eye on stimulus relief bills being proposed at the federal level. If you aren’t sure what your local ones are, you can download a list of certified CDFIs through the U.S Department of Treasury site.

Once you’ve found your local CDFI(s), check their websites to see what kinds of programs they offer. In addition to the aforementioned loans, many will offer advice and consultation to businesses undergoing disaster conditions.

SCORE

SCORE is the largest network of business advisors in the U.S. During normal times they offer mentoring, webinars, courses on demand, and a library of online resources. The good news is that most of these things can still happen during a quarantine and, with the exception of in-person events, they still are.

While they can’t directly get money into your hands, they can advise you on the best course to get money as quickly as possible. If you’re feeling lost about what to do and you’re stuck at home, SCORE is a great resource you can tap without stepping foot outside. They’re currently producing a lot of coronavirus-related content on their website and updating frequently, so park your browser there for new developments as the crisis unfolds.

Internal Revenue Service

So, okay, you’re probably not going to get a loan from the IRS, but you may have suddenly found yourself with a lot less money to meet your tax obligations. Luckily, it looks like they’ll be cutting you a break:

Following President Donald J. Trumpâs emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.Â The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.Â This guidance does not change the April 15 filing deadline.

I’d recommend checking in with the IRS site’s coronavirus pageÂ from time to time in order to keep up with developments. They also provide links to other resources that may be of use to you.

What To Do If You Need Fast Funding

On the other hand, if you’re a business that is experiencing higher-than-normal demand during the COVID-19 crisis, you may be dealing with a different kind of problem. Perhaps you need to get ahead of your inventory or purchase equipment to deal with the increased stress on your business. In that case, you can probably take a more mundane route to get funding

While there will no doubt be instability in the lending market for the foreseeable future, lenders are often some of the first institutions to receive federal relief in times like these. Appetite for risk will vary by the lender, but some will likely be looking for borrowers who seem like a safe investment. Note, I’d strongly caution businesses that have had to cut back or temporarily shut down operations against seeking high-interest financial products at this time; the expense can easily balloon out of control if you’re not able to keep up with payments. Debt collectors are the last thing you want to add to your plate right now.

If you need a loan quickly, I’d recommend taking a look at our top-ranked small business lenders for 2020. Bear in mind that some may or may not be lending as normal at this time.

A simpler option for short-term financing,Â particularly right now, may be a business credit card. While the interest rates on credit cards can be extremely punishing, if you pay off your balance each month you’re effectively getting a “free” extremely short-term loan. This can be useful for smoothing out your cash flow and making direct purchases. Many also come with lucrative rewards programs that can allow you, if you play your cards right, to actually save money by using a business credit card. Check out our guide to getting a quality business credit card fast for more info. And read about How To Use (& And Avoid Using) Business Credit During The Coronavirus Pandemic.

If you’re falling behind on credit card payments right now due to diminished business from the pandemic, our guide about how you can get help from credit card issuers might be useful.

Learn About Small Business Loans From Our Resources

Finally, we have a lot of content on this site that deals with how to find and apply for loans under various circumstances. Much of it will still be relevant during the COVID-19 crisis (and you can expect us to continue updating and adding to it as circumstances change and various federal relief packages start to come online).

If you’ve never had to apply for a business loan before, we can walk you through the process of where to look and how to apply. Given the volatility of the moment, you probably also want to take stock of whether or not you can afford a small business loan. We can also help you figure out how strong your business loan application is.

And be sure to check back in with us in the following weeks as we try to bring you the best, most current information about how your small business can weather the storm.

Merchant Maverick is currently offering a hub of resources and information for small business owners during the coronavirus pandemic. Learn about taking your business online or accepting payments online going forward, figure out how your restaurant can survive the pandemic, read some tips from our remote team about working from home with kids.

The post Small Business Loan Resources & Guides For Businesses Affected By The Coronavirus appeared first on Merchant Maverick.

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March 20, 2020

Working From Home With Kids? Survive The Quarantine With These Proven Tips From Our Remote Team

First, before we dive into the meat of this article, let’s all take a deep breath.

You’re here because here we are living in this moment — a COVID-19 world. No matter what you think about the virus or the reaction to it, working parents and their school-aged children hunkering down at home together is now the new normal for most families across the nation. Work is instantly remote, schools and businesses are shuttering, and some of our best parent go-to’s for educational outings are not an option, as zoos, museums, and other resources are closed.

We pause to recognize that we have never faced a public health emergency quite like this one before, and we are all going to spend the next few months figuring this out together as we go.

As a remote-worker with Merchant Maverick, a former teacher, and a parent to two school-aged kids, I have experienced the joys and turmoil of trying to balance my work along with having my children home with me. Many of us at this company are parents, and we will tell you this: It’s not easy, but it is doable.

Undoubtedly, even our home has had to pivot from our old routines to address having two remote workers, a third-grader, a fifth-grader, and some animals all home for the unforeseeable future.

Look, this is a list of tips, but it is in no way a list of requirements or shoulds. In a time like this, there are no shoulds (other than the “you should stay home, especially if you are sick”), and there is no shame. This is a global emergency, and if you need permission to just do what it takes to survive, then that’s what you do. More screen time? Probably. Moments of decreased productivity? Absolutely. Permission to laugh when you want to cry? Do it!

Quarantine Survival Tips

Whether you are quarantined, self-isolating, sheltered in place, or simply mandated to work remotely with school closures, we should prepare for long hours at home, together with our isolation pods. (Isolation pods sound cool and fun and futuristic; I think we can get that term moving.) The good news? With most of the nation shutting down, we are truly in this together.

You are not alone. This tragedy has ground the entire world to a halt — everyone and everything — and sometimes when we are going through a trauma, we feel guilty for needing to explain the intensity of our anxiety to other people: You don’t have to do that. This pandemic is life-changing for most people. With that:

Be Kind To Yourself

These next months will challenge us as a country and as a united world. I hope that this doesn’t happen, but some people might not know how to change their tone, and you might still see people pitching Pinterest-worthy home-schooling lessons, unrealistic agendas, and pictures on IG of kids happily playing a board game. If you have the time and resources to provide amazing educational moments for your kids, awesome! If you don’t, reach out, and I guarantee the community is ready with answers, resources, and options. With that said, there is going to be a level of homeschool you can handle, and there is going to be a level of homeschool supplemented with screens and worksheets, and that’s okay.

If you are feeling shame for that, I need you to BrenÃ© Brown that emotion and get rid of it. Here is what she says, “What we don’t need in the midst of struggle is shame for being human.” Bam. All these emotions and all these stages of grief related to the things we’ve lost and will lose will happen for you and all the people in your house, and you are not alone, so there is no shame in retreating and watching a Pixar marathon.

We are stronger and better people when we fight together. And we are all fighting this together.

Be gentle with yourself.

Practice As Many Of The Same Routines As Possible

Look, it’s okay to roll your eyes at this one and say, “Get real.” How many of the same routines can you be expected to do when life itself is not routine anymore? But beyond keeping a schedule, trying to settle into a normal pace for the day will help. Mornings and bedtimes can be places of comfort, and don’t forget to try to maintain hygiene as best you can, too. Also, if possible, it’s important to find ways to do your hobbies at home and recenter on the joys of life outside of the quarantine. It is easy to let depression and trauma send routines into a tailspin — own that and then, when you can, ease into a new normal with things that remind us what we’re all working toward: stopping this virus and resuming our lives again.

Keep The Lines Of Communication Open

This goes for everyone in the home but also to teachers and co-workers and managers and bosses: what is your current work-from-home situation, what are your biggest challenges? Also, do what it takes to keep yourself socializing with the people you love. Use Zoom, Skype, and FaceTime to set up virtual playdates for you and your kids. With my husband and I both working remotely, we are communicating with our company when we can write and when we are teaching our kids, which leads me into…

Create A Schedule

This is crucial and took my night-owl self a long time to learn when I first became a remote worker: If you don’t create a schedule, then all the days meld into blobby endlessness. (When I was quarantined for SARS in 2003, blobby endlessness is just what I felt, and you will feel it, too, and, no, there are no better words to describe it. Once again: blobby endlessness.)

When working from home, and especially when working from home with kids, there needs to be designated time for all things. In school, students are managed by the clock and the chunking of activities throughout the day, but adults also do better when time is measured, weighed, and accounted for. This has to be a schedule that works for everyone in the home and is tailored to meet the needs of kids and adults (for those of you with very little ones, discuss with your partner if it helps to work as a pair or to tag-team). Include time within that schedule to: get some fresh air, move around, quiet time, and free time.

Even if your schedule has a 2 PM slot for just yelling into the void, write it down and get it up for everyone to see. There are a variety of schedules and day planning tools out there on social media, so find or make one that fits with the natural rhythms of your family the best.

Â Ask For Help

Help is out there. Reach out with, “Hey! I need some first-grade math resources!” and see if you can join an online group of other parents to pool your information. Ask your kids for help to manage the house and model what it looks like to work from home. If you are feeling sick, ask for someone to help you buy groceries. People are stuck at home and itching to help in any way possible — you never know where your need might meet someone else’s offering.

You can even leave a comment on this article with a specific need and see if our Merchant Maverick community can help with answers.

Our Remote Team’s Tips

Merchant Maverick employees are fully remote workers, and some have been managing kids and a remote job for quite some time. As parents, we are quick to measure ourselves against others, but we want to tell you don’t do that: Everyone’s circumstances are different. Our first and best tip: Take care of your family’s physical and mental health first.

Rosie Holman, our project manager, says:

I think the biggest challenge, as always, is managing screen time, and I’ll include myself in that because I’ve been obsessively checking the news for weeks. Here’s what’s helping me:

Committing to being on the same schedule as my kids for work and online time and not letting it spill into the random nooks and crannies of our time as it often does under normal circumstances.

Similarly, sticking to a regular schedule of waking up/getting dressed as well as going to bed, so we’re all well-rested and feel like real human people.

Creating a list of chores and self-care habits that must be completed before screen time.

Having lunch together and doing something fun and interactive during the lunch break.

Posting the schedule and tasks in a prominent place. (We have a big whiteboard that works great. My son also likes to check things off once they’re done.)

Holding each other accountable to stick to the schedule. Knowing that I’ve told my kids that I’m planning to do this with them helps me stick to it probably more than it helps them!

Emily Hale, a payments writer, says:

When having an especially hectic moment, remind yourself as much as you need to that ‘This too shall pass.’”

Julie Titterington, our editor-in-chief, says:

Here areÂ a few things we’re doing:

Having them work on workbooks at the same table where we are working on our laptops.

Getting a book on tape and listening to it while we drive around, just to get out.

Family exercise breaks during work with a YouTube yoga video

Jessica Dinsmore, our head of email marketing and customer service, says:

Set realistic expectations for yourself and your kid(s). Everyone is stressed, and you can’t expect them to adapt without protest or emotion, and you can’t expect yourself to homeschool, keep house, and work remotely. Do what you can without compromising mental health and know that it’s enough.

Matthew Sherman, a writer (and full-disclosure, my husband), says:

It’s important to lean heavily on mandatory outside time and to relax the screen time limits.

We’re Here For You

As a company, Merchant Maverick wants every single person who comes to us seeking some balance in this unbalanced time to find help and also to find a community that understands the unique challenges of remote working with children. We have set up a hub for all COVID-19 related business news and updates. In the meantime, feel free to post your own tips or current questions below.

The post Working From Home With Kids? Survive The Quarantine With These Proven Tips From Our Remote Team appeared first on Merchant Maverick.

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March 20, 2020

Social Distancing For Small Business: How You Can Adapt & Survive The Coronavirus

The COVID-19 (or coronavirus) pandemic has changed the world we live in. This global emergency is all that anyone’s talking about, whether you flip on your TV or log onto social media. One thing that has been circulating throughout the news in recent days is the term “social distancing.” For consumers, social distancing may be an inconvenience that ultimately helps slow the spread of the virus. For business owners, on the other hand, social distancing has a much bigger impact. With states putting restrictions in place and the majority of consumers opting to self-isolate, many businesses are shuttering their doors. It may feel like too much for you and other small business owners to handle.

It is a scary time for everyone. And while we don’t know what the future holds, there are a few things you can do starting now so that your business can adapt to and survive the coronavirus. In this post, we’re going to take a look at social distancing. We’ll talk about what it means, how it may affect your business, and how you can adapt and grow closer to your customers during this challenging time.

What Is Social Distancing?

Social distancing is a strategy designed to help slow the spread of the coronavirus. On March 15, the Center for Disease Control (CDC) recommended that events or gatherings of 50 people or more be canceled for the next eight weeks to slow the spread of the virus. If you do go out in public, it’s important to stay at least six feet away from other people, as one of the ways that the virus is spread is through close contact.

It’s also recommended to limit going out in public unless necessary, such as when buying groceries or receiving medical care. Travel bans are being put in place by countries around the world, and unnecessary travel should be canceled or rescheduled.

What Does Social Distancing Mean For Small Businesses?

Many businesses are also taking steps to protect their employees and customers, either by law or simply by choice. In states like Illinois and Ohio, all bars and restaurant dining rooms have been required to close. Other states may follow suit, while some businesses are choosing to close their doors before it’s even required. This includes retail stores, gyms, daycares, movie theaters, hotels, and casinos. Others aren’t completely shutting down but are closing public spaces, such as restaurant dining rooms and hotel conference rooms.

Unfortunately, social distancing means that most small businesses will see a downturn in their business. Reduced operating hours, closures, and fear and uncertainty among the public all equal a reduction in customers. The good news, though, is that there are ways that you can better connect with customers and continue to bring in revenue — strategies that we’ll discuss a little later.

With all that’s going on in the world today, there’s no better time than right now to evaluate your business policies for now and the future. For starters, take a look at your staffing policies. It’s a good time to inform employees that anyone that is sick should stay home to protect themselves and others. Not only does this apply to the coronavirus, but also to other contagious illnesses such as the flu.

Next, reevaluate your cleaning and sanitation policies. It’s likely that you already have some in place, but are you doing enough? In addition to your typical cleaning and disinfecting routine, consider cleaning more frequently. Many businesses are changing their hours so that employees have extra time to clean and sanitize surfaces before opening again the next day. Taking the time to clean and sanitize your business helps protect you, your employees, and your customers from the potential spread of the coronavirus.

Another thing to take a closer look at is your payment policy. Will this remain the same, or will you only accept payment cards? If you’re now taking orders online or by phone, do you have a way to do that securely? If not, it’s time to explore your options to make payments safe and convenient for customers. Learn how to get started by checking out Coronavirus Payments Guide: Everything You Need To Know About Switching To Online & Phone Payments.

No matter what you choose to change within your business, there’s one thing that you must do: keep your customers in the loop. Send out emails, post signage (if your business is still open), or use social media to provide updates, such as new hours, online ordering options, and measures your business is taking to protect customers.

4 Ways You Can Adapt To Social Distancing & Keep Your Business Afloat

The coronavirus has already made its impact on the world, and there’s no predicting what will come next. Instead of sitting around and waiting, it’s time to take initiative and find new ways to serve your customers and keep the money flowing. You may have to get creative, but there are options that can help keep your business operating despite social distancing. And the best news? Many options don’t even require a huge financial investment!

Unsure of the next steps for your business? Consider adopting one (or more!) of these strategies:

Self-ordering kiosks & checkouts
Online ordering & carryout
eCommerce
Selling on social media

Let’s take a deeper dive into each of these strategies to help you determine which is best for your business.

Adding Self-Serve Kiosks & Checkouts

If your business is a retail shop or quick-service restaurant, consider adding self-serve kiosks and checkouts. Implementing this technology into your business allows your customers to scan products they’re buying, place orders from your menu, and even pay for their purchases all through a kiosk or checkout terminal.

How does this benefit your business? There is less interaction with other people, so this strategy can mitigate the spread of the coronavirus. If you’ve reduced your staff due to illness or expenses, self-serve kiosks and checkout terminals help ease the burden that falls on your remaining staff.

However, there are a few potential drawbacks to consider. First, not every business will be able to use this tech in their business. Retail stores and quick-service or fast-food restaurants would benefit the most from the addition of self-serve kiosks and checkouts. And while these conveniences can lighten your load, you’ll also need to remember that your equipment must be cleaned and sanitized thoroughly, and often.

Another drawback is the expense. Installing self-serve kiosks and terminals can get pretty expensive, and businesses that were struggling prior to the epidemic may want to look at more cost-effective options. However, it may be well worth the cost for a number of small businesses. Adding this technology to your business can help you better compete with your competitors — and in some cases, even give you a leg up. More businesses are moving to the latest point-of-sale (POS) systems and terminals, so now could be the time for your business to get set up.

If pricing still has you on the fence, know that there are options. Some POS providers provide financing, allowing you to make affordable payments over time. You can also write your equipment off come tax time.

If the concept of self-serve kiosks and checkouts is foreign to you, learn more about this technology and why it could be right for your business by checking out, A Basic Guide To Self-Service POS Systems.

Adding Online Ordering, Delivery, & Carryout

Many governments around the world are ordering the closure of restaurant dining rooms. Whether a closure is mandated in your area or you simply choose to close the dining room on your own, there are still ways to bring in revenue. Many restaurants are now offering online ordering, delivery, and carryout services.

If this sounds like a lot of work, in many cases, it’s hardly any work at all. In fact, you may already have everything you need to start serving your customers in new ways. Before you get started, determine what strategies will work best for your restaurant. For example, do you have an unused drive-thru window? Do you have servers and bussers that you could keep on staff to deliver orders or box up takeout options?

Now is a good time to get really creative, too. For instance, if you plan to shorten operating hours in the evenings, consider offering “take and bake” meals that customers can heat up at home for a quick and tasty dinner. Or you could take a load off of your fatigued customers by offering curbside pickup — they place an order, park their vehicles, and one of your staff members brings their order right to their car.

How do you get started in offering these new options to customers?Â It may be easier than you think. Here’s how to get started.

How To Accept Call-In Orders

Some customers may not have access to the internet or simply prefer to call in their orders. Call-in orders can be used for delivery, in-store pickup, or curbside carryout. There’s a good chance that your restaurant’s POS system already offers this feature. If you’re unsure of how to do this, contact your POS company to learn if this feature is available.

If your POS system doesn’t have this feature, it’s possible to do this manually. Have someone man the phones, take down orders and relay them to the kitchen, and ring up each customer.

How To Accept Online Orders

During the pandemic, many people will be at home placing restaurant orders online. The easiest way to offer online ordering is by seeing if your POS system integrates with third-party services such as GrubHub, Postmates, or DoorDash. Customers can easily place online orders for pickup or delivery, and you won’t have to add extra staff to handle your deliveries.

If you want to keep your employees busy, consider adding in-house delivery services. While this will require more work on your part, you can utilize current employees to take on this task. The benefits of this option are two-fold: you’re providing a needed service for customers while allowing your employees to continue to work and get a paycheck. Like the other strategies in this post, this is also one that you can maintain after restrictions have been lifted and life begins its return to normalcy.

If you’re in the restaurant industry, this time can be a challenge. Keep serving your customers and bringing in revenues by checking out our Coronavirus Survival Guide For Restaurants.

Expanding To eCommerce

If you are a retailer, you’re in luck. Even if your doors remain closed during the pandemic, you can still provide your products to customers that shop online. If you’re new to eCommerce, making the switch can seem long, difficult, and expensive. But you’d be surprised at how easy this is for may retailers.

This option will be easiest for retailers with limited inventory. If you’re a larger business with a lot of inventory, setting up an online store isn’t impossible but may take extra time and effort.

While you can certainly set your web store online manually, first look into the capabilities of your POS system. Many systems already integrate with popular web store options and even offer automated features like importing inventory.

New to eCommerce? Learn how to get started in just five easy steps.

Selling On Social Media

If you’re unable to easily set up a web store or you have a large online following, you can put social media to work for your business by selling on selling on Facebook or using Instagram Shoppable Posts. The advantages of selling on social media are that it’s quick, easy, and inexpensive. This is a great option for any retailer that doesn’t want to set up a full eCommerce site but still wants to reach customers and bring in revenue.

The Best Ways To Stay Close To Your Customers (While Practicing Social Distancing)

Social distancing may mean that your business sees fewer customers. Even when the pandemic is over, it may take some time for business to return to normal. This doesn’t mean that you have to drop off the radar of your customers. Use these strategies to continue to connect with customers while practicing social distancing.

Use Social Media

Many people are stuck at home right now checking their social media. Why don’t you let your posts be among those that they see? Use your social media pages to keep customers updated on what’s happening with your business. Post updated store hours, closures, and any other changes to your regular operating schedule. You can also use social media to announce new services (such as your new online store or delivery services), post current and upcoming promotions, and keep your customers excited for what you have to offer during and after the pandemic.

Use Email Lists

Not everyone uses social media, so make sure to keep all customers updated that have signed up for your email list. If you don’t already have an email list set up, make sure to add a sign-up option on your website and social media pages. Just as you did on your social media pages, you can update customers on changes within your organization. You can also use your email lists to offer exclusive promos to subscribers.

Offer Gift Cards

Now is a fantastic time to offer gift cards that can be purchased now and used later. This is a great way for customers to plan future purchases or even provide a quick and simple gift for their loved ones. E-gift cards are easily purchased online and sent right to the customer — no plastic cards or in-store pickup required. Many POS systems, payment processors, and online stores integrate with gift cards, so check with your provider to learn more. You can also read our post How To Implement A Gift Card Program For Small Business to learn how to get started.

Promote A Good Cause

While you want to remain top-of-mind for your customers, don’t just think about the hardships of your own business. Instead, spend time encouraging your community to give back in any way possible. Donations to food banks or local organizations and volunteering are just a few options that can bring the community together during these difficult times. You may even consider launching a fundraiser or directing customers to other fundraisers, events, and news in your area.

Stay Positive

It’s a scary time for all of us out here, so try to remain positive and keep your customers in good spirits. There is enough negativity throughout the news and social media that can raise fears and anxiety. Don’t pretend that nothing is happening in the world around us, but instead, put out positive and encouraging messages. There’s no better time than right now to connect with your community and offer your support for your followers and customers.

Adapt Your Business To Social Distancing To Weather The Storm

People are dealing with a lot of fear and uncertainty worldwide, and business owners are no exception. Your health, the health of those around you, and maintaining your livelihood can easily overwhelm you. But just know that there are options available that will help keep your business afloat. While you may have to dedicate your time and may even need to consider a small investment, these efforts can boost sales and help your business come out on the other side. Good luck!

For more resources on surviving the economic impacts of the novel coronavirus, check out our COVID-19 hub for small businesses.

The post Social Distancing For Small Business: How You Can Adapt & Survive The Coronavirus appeared first on Merchant Maverick.

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March 19, 2020

What The Coronavirus Means For eCommerce & What Your Business Can Do About It

Over the past couple of weeks, we’ve witnessed a lot of changes. In an attempt to slow the spread of the novel coronavirus (COVID-19), state governments have taken some dramatic measures, closing schools, banning public gatherings, and temporarily closing the dining areas of bars and restaurants.

During such an uncertain time, many business owners are wondering what impact this virus will have on their businesses. In eCommerce, in particular, there are mixed worries. While some sellers are concerned about selling out of high-demand products, others are worried about supply chain, or that they won’t be able to ship their products to an anxious nation.

In this article, we’ll be explaining a few of the eCommerce trends and concerns related to COVID-19. We’ll also be giving some tips and resources to help you stay profitable and safe during this time.

How Coronavirus Is Affecting The eCommerce Industry

Let’s first take a look at a few of the ways the coronavirus is affecting online sellers.

Increase In Sales

Already, we’ve seen consumer buying habits shift during this crisis. First, hand sanitizer vanished from shelves. Then it was toilet paper. Now, following guidelines to practice social distancing, many people are staying at home. Instead of tackling the crowds at grocery stores, many consumers have taken their shopping online, purchasing household goods like cleaning products, medical supplies, paper products, and shelf-stable foods.

There is some evidence that online sales will increase during this crisis. Sales on grocery delivery services such as Amazon Fresh and Instacart almost quadrupled between March 12th and 14th compared with the same period last year (Rakuten Intelligence). And according to research from Marketing Land, this year online spending is supposed to reach 12% of total retail spending (up from 11.4% in Q4 2019), depending on the virus’s impact on the economy. As more people turn to online shopping, you can expect to see an increase in sales among some industries.

Possible Delivery Changes

With an influx of online orders, it is possible that there will be changes and delays in shipping times. A surge of packages could overwhelm shipping carriers’ abilities. In response, Amazon is currently offering customers the option of choosing No-Rush shipping to allow Amazon to serve customers with the most urgent needs first.

Worries about shipment times are further complicated by Amazon’s recent announcement regarding Fulfillment By Amazon. On March 17th, Amazon announced its plan to serve customers by placing a hold on warehouse deliveries. They are currently only accepting deliveries of household staples, medical supplies, and other high-demand products. This rule will be in place until April 5th at the earliest. This rule could be a major obstacle for some sellers who usually rely on Fulfillment By Amazon. Amazon states that if your inventory runs out in their warehouses, you can continue to sell on their platform, but you must organize delivery of products on your own.

Concerns About Supply Chain

We have already seen the coronavirus disrupt the supply chain. Ever since the virus began to ravage China, it has closed down many manufacturers, leading to significant delays in shipments, even as Chinese factories begin to reopen. Now, concerns are turning to other global factories. According to research by Statista, 44% of the American retailers who participated in one survey expect to face production delays, and 40% expect to have inventory shortages throughout the year.

Changes In Industry Demand

While some industries may see an increase in sales, others, like salons and services, may see a decrease because of social distancing. Below, we’ll mention trends we expect to see among some eCommerce industries:

Fashion: Fashion purchases related to travel (i.e. swimsuits and luggage) will likely decline.
Health & Wellness: Spending on health and wellness products have already increased, especially on products directly related to reducing the spread of the virus (face masks) or handling its symptoms (cough medications).
Household Goods: Online purchases of household supplies such as detergents, foodstuffs, paper products, and cleaning supplies are expected to increase as consumers limit their time spent in public.
Books & Movies: Purchases on books and movies, especially on digital streaming, are expected to increase.

8 Tips For eCommerce Business During COVID-19

Despite all of the difficulties that the coronavirus has brought, merchants are still pressing on. Here are a few of the strategies that other merchants are using right now to deal with the uncertainty of the current times.

Take A Deep Breath & Create A Plan

I encourage you to take a minute to step away from the constant stream of media. Go on a walk, and take a few deep breaths. Good decisions are not made in the fog of panic. Make sure you have steadied yourself and eased away some of the anxiety before you start making big decisions for your business.

Now that you’ve had a minute to refocus, it’s time to create a game plan. Take a serious look at your business and identify areas of strength, areas of risk, and areas of need. Do you need to limit purchases or reduce advertising in order to keep up with an increase in sales? Or, do you need to find another sales niche in order to target a new market? Are there any risks or needs in your supply chain?

Once you’ve identified these three areas in your business, you can start formulating plans to address them.

Find Your Sales Niche

Do your best to find a new sales niche within the changing landscape. As schools close and parents begin working from home, customers are looking for ways to meet their new needs. Consider what your customers’ needs might be and work to develop a solution for them. For example, if you sell art supplies, you might create an art kit for parents to buy from their children who are suddenly stuck at home. Or, if you sell personal care items, try creating an at-home spa kit for people who looking for comfort in a stressful time.

You might even try reaching out to your customers via email or social media to find out what they need. Then, work to develop a marketable solution for that new need.

Adjust Your Marketing

You’ll likely need to change your marketing strategy in order to better fit with the changing economic environment. Americans will be spending an increasing amount of time at home. Consider investing in marketing that you can direct to consumers in their homes. Now might be a good time to invest in video advertising that can be broadcast on local TV or even featured in some YouTube videos. Continue investing in advertising on social media and search engines. People are looking to the internet for both news of the current crisis as well as diversion and distractions, so investment in online advertising has the opportunity to reach many eyes.

You should also carefully consider the content of your marketing. For example, as more people stay home and cancel trips, you should rethink any of the travel-based summer marketing you may have had planned. Focus instead on summer marketing that prioritizes living locally.

You should also come up with a few marketing themes that are line with new policies surrounding social distancing. As big brands like KFC and Hershey’s pull ads that feature actors licking food from their fingers and hugging, you should also consider the way your advertisements will be received in a health-conscious culture. Keep in mind that some actions featured in your former advertising could be considered inconsiderate in the current crisis. Consider featuring families at home or people engaging in solo outdoor activities. Do your best to stay relatable in changing the cultural norms.

Maintain Good Relationships With Customers

One thing that hasn’t changed in the past few weeks is your relationship with your customers. Keep this relationship strong by communicating frequently with the people you serve. Let them know about any measures you have taken to ensure their safety and to prevent the spread of the virus. Be honest and upfront with any potential delays in shipments and production. Customers want to be able to anticipate the arrival date of their products, and advising them of any delays beforehand can help customers shift their expectations early on.

If your supply chain has been significantly affected by the coronavirus, you might also consider putting a note about your inventory issues on relevant product pages. Mark products that are out of stock, and enable pre-ordering for those products if you’d like. Letting your customers know about potential fulfillment delays before they place an order will go a long way in keeping customers happy.

Analyze Your Cash Flow & Expenses

If you haven’t already, take a serious look at your cash flow. Are you able to make payroll for the foreseeable month? Will you be able to purchase inventory?

If things are tight, you may be able to get a working capital loan. A loan will give you the flexibility to make the moves you need to make, even while revenue is low. The US Small Business Administration announced on March 12th that they will be providing disaster assistance loans for small businesses impacted by the novel coronavirus. For more information, check out the SBA announcement and our article: What SBA Disaster Relief Loans Are & How To Qualify For One.

Work On Other Productive Tasks

If your orders have slowed, and you find that you have a lot of time on your hands, now might be a good opportunity to turn your attention to a project you’ve been putting off. If you have the resources and abilities, try giving your website a new look. Easy-to-use website builders like Squarespace, Shopify, Wix, and Weebly, make this a task that you can do on your own. Or, perhaps now is a good time to create an emergency plan for what you’ll do if the current condition stretches out beyond a couple of months. Alternatively, you could spend available downtime strengthening your marketing campaigns. Hopefully, that will help you to get the orders coming in soon!

Take Care Of Yourself & Your Employees

Your businesses can’t operate without people, and your people need to stay safe right now. If it’s possible, organize a way for your team to work from home. Here at Merchant Maverick, we’ve been a remote team for years. We use communication tools (like Slack and GSuite), as well as project management software, to plan, organize, and execute our projects.

If working remotely isn’t an option, make sure you follow government guidelines about social distancing and that you provide sick time for anyone who may need it. Let’s take care of each other in this stressful time.

Give Back To Your Customers & Community

Giving back is one of the best ways to feel better during a stressful time. Look for opportunities to support at-risk groups in your community. We’ve been particularly inspired by this list from Forbes of 50 ways larger companies are helping their communities.

At Merchant Maverick, we are giving back by working to supply business owners with the tools they need to overcome this crisis. We hope the resources in this article have been helpful to you, and we hope you are able to find help elsewhere on the site as well.

Getting Your eCommerce Business Through Tough Times

There’s no doubt that things are hard right now. But keep hope in knowing that your business has overcome hard times before. The businesses we’ve come to know here at Merchant Maverick are innovative, resilient, and resourceful. We can get through this together.

Take a look below for a list of resources that can help you find solutions to the current crisis:

Merchant Maverick Resources

Our Hub for Coronavirus (COVID-19) Guides & Resources
Small Business Outbreak & Pandemic Guide: Coronavirus Edition
What SBA Disaster Relief Loans Are & How To Qualify For One
Coronavirus Survival Guide For Restaurants
How To Use (& Avoid Using) Business Credit During The Coronavirus Pandemic

External Resources

Facebook’s Business Resource Hub
CNBC Article: Treasury and IRS to delay tax payment deadline by 90 days
US Small Business Administration (SBA) Webpage: SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

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March 19, 2020

How To Calculate Food Cost For Your Restaurant

It’s no secret that owning and operating a restaurant can be one of the riskier small business ventures you can undertake. Trendy “It” spots in seemingly ideal locations open and shutter rapidly, and even a seemingly successful establishment with a consistent customer base can find itself struggling to stay above water. It goes without saying that operating with peak efficiency is of the utmost importance. According to a 2019 survey by point of sale company Toast, 52% of restaurant professionals cited operating and food costs as their No. 1 challenges. This shouldn’t come as much of a surprise; the costs of ingredients can be volatile, and if not properly tracked and monitored, may literally be the difference between success and failure.

Many restaurants operate with margins as low as 2-3%, meaning that if any area of your business is leaking cash, it could drop you into the red. And food costs are often a likely culprit. There are a number of reasons why you may be spending too much on ingredients while not getting back an appropriate return. You may be offering the wrong sized portions, certain menu items may be priced wrong, or you may be buying too much of an ingredient and letting a percentage of it go to waste. This is why it’s vitally important to be able to accurately calculate your food costs.

In this article, we’ll let you know what percentage of food cost you should be targeting and how to make sure you’re hitting that goal.

What’s Included In The Food Cost Formula?

Now let’s get to the good stuff. How exactly do we calculate food costs? It’s actually a fairly simple equation — with a catch. The first thing you’ll want to do is figure out your actual food cost.

Actual Food Cost Formula

Actual Food Cost = (Starting Inventory + Purchases – Ending Inventory) / Sales

Easy enough right? So, as an example, let’s say that you value your inventory at the beginning of the week at $10,000 (because we love the Base 10 system). You then make $3,000 in purchases. At the end of the week, your inventory is valued at $12,000. Using the calculation, we see that the first number would be $1,000. If you also had $3,000 in food sales, then you would divide $1,000 by $3,000 for an actual food cost of 33.3%. Make sense so far?

$10,000 (starting inventory) + $3000 (purchases) – $12,000 (ending inventory) / $3,000 (sales) = 0.333 (an actual food cost of 33.3%)

Industry standards vary slightly, but generally, an actual food cost percentage of roughly 30% should be your target. If you’re coming within a couple of percentage points on either side, you’re probably doing something right. Now, if you’re math-averse, unfortunately, that’s not the only calculation you should be making. There’s also the ideal food cost.Â In a perfect world, this percentage would match up directly with your actual food cost total, but nothing is ever that simple. The difference between these numbers is what helps you detect where you may be losing profits, either through waste or potential theft.

Ideal Food Cost Formula

Ideal Food Cost = Cost per menu item / Sales per menu item

To go off of the above example, if your total inventory cost each week for the ingredients in a dish is $900 and your sales on that menu item add up to $3000, you are left with an ideal food cost of 30%.

$900 (cost per menu item) / $3,000 (sales per menu item) = 0.30 (an ideal food cost of 30%)

Exactly where you want to be, right? However, let’s look back at the actual food cost we calculated earlier. There’s a 3.3% discrepancy in your actual and ideal numbers. Now you can start trying to figure out the reason behind that gap. Keep in mind that, although the goal is for those numbers to be as close as possible, you’re likely never going to cut down on waste entirely.

Download Our Food Cost Calculator For Restaurants

Restaurant owners (and managers) are busy people! We know. Sometimes you just want a tool that will do the work for you, with minimal time or effort required. I mean, honestly! Who wants to spend hours totaling up inventory purchase orders just to see how much you’ve spent?

(Spoiler alert, if you’re doing this manually it’s time to invest in a better system.)

To that end, we’ve put together a handy food cost calculator for you. This downloadable file will help you calculate both your ideal and actual food costs and highlight the difference between the two.

Get Our Food Cost Calculator Google Sheet

Or Download The Excel File

Strategies To Manage Your Food Costs & Increase Your Profit Margins

In the above scenario, a difference of 3.3% between ideal food costs and actual food costs probably isn’t going to make or break you. However, if you find the gap to be higher than that, you should probably try to lock down the culprit as quickly as possible. Left unchecked, a food cost discrepancy could bleed tens of thousands of dollars from your bottom line over the course of a year.

Here are a few reasons why you may not be getting an optimal return on your food costs.

Menu Items Mispriced: Menu pricing can be tricky, and restaurant owners often make choices based on gut instincts. But even micro-adjustments, particularly to popular items, could make a significant difference in bettering your food cost percentage. You can also try to redesign your menu to increase profitable items’ visibility. Keep your customers in mind and stay on top of current food trends; if you have seasonal items on your menu, make pricing adjustments accordingly.
Overspending On Ingredients: It’s important to shop around to make sure that you’re getting the best value for the items you include in your dishes. Buying in bulk can be a cost-saver, but you can offset those savings if you’re purchasing too much and letting ingredients go to waste. Carb-heavy items like breads and pastas are usually cheaper, so implementing more of those menu options could increase your profits. If your ideal and actual percentages are off by a large margin, you may want to hold back on giving away items at tables (like bread or chips).
Dishes Portioned Incorrectly:Â One easy thing to check that may end up making a big difference is simply whether the dishes you’re serving are too large. If you see the same dish coming back half-eaten again and again, that may be a sign that you need to adjust your recipe. Make sure that all of your cooks are on the same page. Even one lone cook with a penchant for adding more sauce or dishing up a larger portion can affect the bottom line.
Not Utilizing Your POS:Â If you’re running a full-service restaurant, chance are good you have a strong point of sale system. If any of the above measures seem too daunting, a strong inventory management and reporting system can do the bulk of the heavy lifting. A POS with strong inventory can help you keep precise counts of ingredients and can tell you what items sell best and if there are things like seasonal trends that you can utilize to your advantage.

Find A POS System That Helps You Control Your Food Costs

That last bullet-point above is of particular interest to us because helping you find the perfect POS system for your business is kind of what we do. Most POS systems will have some form of inventory management, but they are not all created equal. If inventory management is going to be crucial for your restaurant, there are some areas where you’ll want to make sure your system excels.

First, if you have a large number of SKUs, having a system that can import and edit items in bulk is going to virtually be a necessity. Most good systems, but not all, will allow you to import via a CSV file and some will even let you import existing barcodes. Features like this in the back end that cut down on how much you’ll need to input manually will save you countless hours. Along those same lines, having a system that allows you to create and print your own purchase orders is a huge benefit. While this is a common feature, it can occasionally be a time-consuming process depending on the POS, so be sure to utilize a free trial or demo when you’re shopping around.

Raw ingredient tracking could be the feature in inventory management that will help you cut down on food costs the most. And again, while most restaurant POS systems worth their salt will have this feature, some are more robust than others. Make sure your system provides real-time alerts to let you know if stock is running low. You can also usually set levels to automatically place a new purchase order when an ingredient is nearly out. Other systems automatically track waste, which can save you time when trying to calculate your ideal food cost. It’s also nice if your inventory syncs with your reporting, giving you detailed numbers on how much of a certain ingredient is selling and how much profit individual dishes are turning. In short, your POS can (and should) do a lot of the heavy lifting for you when it comes to calculating your inventory to make sure you’re running at peak efficiency.

The Bottom Line: Managing Food Costs Is Key To Improving Your Profit Margins

If you’re running a restaurant, you’re already aware of how volatile the industry can be. When you’re working with narrow margins, you need to find ways to cut costs anywhere you can. And while food costs are one of a restaurant’s biggest expenses, the good news is that it’s possible to shave down those costs if you’re vigilant. Calculating your actual food cost and your ideal food cost may seem like a tedious and perhaps arduous process. However, a POS system with a robust and easy to use inventory management system can make things much easier. In the process you might find some key areas of waste or some simple fixes that could save you thousands of dollars in the long run.

Get Our Food Cost Calculator Google Sheet

Or Download The Excel File

The post How To Calculate Food Cost For Your Restaurant appeared first on Merchant Maverick.

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March 17, 2020

Coronavirus Survival Guide For Restaurants

The novel coronavirus global pandemic is quickly reshaping American life as we know it. As a small business owner, you’re no doubt concerned about how COVID-19 will affect your livelihood. Restaurant owners especially face challenges due to restrictions on gatherings of people, local quarantines and curfews, and just the general fearful atmosphere that has your most loyal patrons now fearful to leave their homes.

Nevertheless, people still have to eat.

While it’s hard to predict the future as things are changing so rapidly, it seems likely that many restaurants will remain open throughout this pandemic, if only in a limited capacity—i.e., for delivery and takeout. We’re here to help you weather out this storm so you can stay open, or at least stay in business, even if you must close your restaurant temporarily because of COVID-19.

Keep reading to learn how your restaurant business can adapt to new business conditions in the age of coronavirus, including resources on how you can save your business from closing and even continue serving customers during this crisis.

Whatâs Going To Happen To Restaurants As Coronavirus Spreads?

As more and more cities are affected and local governments declare emergencies, all businesses should be prepared for a downturn. This downturn will almost certainly be temporary, and it will be worse in certain regions than in others, as outbreaks are occurring in different regions at different times. However, it’s becoming pretty clear that no customer-facing business—retail, restaurant, health and beauty, service etc.—will be unaffected.

As a result of the worrying spread of COVID-19, many restaurants are temporarily shutting their doors, reducing their seating capacity, or restricting business to only take-out and delivery.

Will the government mandate a shutdown of all restaurants? Well, some state and city governments have already done this as of the time of writing this article, and more will likely follow suit. However, delivery and take-out are not included in those closure orders thus far, and some governors and mayors are only ordering restaurants to operate at half-capacity. Of course, it’s very possible that measures may become stricter in the coming days and weeks.

White House guidelines issued March 16 recommend against gatherings of only 10 or more people over the following 15 days, and that all restaurants close (dine-in service) in states with evidence of community transmission; however, at the time of writing, those announcements were just guidelines and not mandated orders.

Is Your Business Prepared For A Pandemic?

So, is your restaurant business ready to deal with the coronavirus pandemic? Have you actually ever thought about what to do if thereâs ever a large-scale crisis? It might seem like it’s too late, but you can still prepare for what changes might be ahead, including even future pandemics or national emergencies. While everyone’s hunkering down, the internet makes it possible to communicate with employees and customers, and even apply for and access emergency funds during this time of crisis.

5 Essential Things You Can Do To Prepare For A Community Health Crisis Or Other Disaster

As a restaurant owner, there are some basic things you can and should be doing from a business management/community health perspective. These actions apply not just to the current health crisis, but also to protecting your business from future crises.

Revisit Health & Safety Policies

This may seem kind of basic, but it’s nonetheless important. We’re talking handwashing techniques, proper sanitation, and when people should stay home from work. You can help protect your business, employees, and patrons by implementing some stricter health and safety policies, today.

To inform such policies, be sure to consult the official CDC guidelines for businesses regarding COVID-19 and all local ordinances and guidelines. You can also find some helpful information about maintaining worker health in the U.S. Chamber of Commerce Toolkit for Coronavirus.

Revisit Employee Attendance Policies

Do you have an overly strict attendance policy? You’ll probably need to relax this policy — at least for the time being — so that people donât feel tempted to go into work when sick. Make it easy for your employees to make the right choice.

Again, be sure to consult all local laws and ordinances. For example, the city of San Diego has ordered that the city’s businesses can no longer require a doctor’s note when an employee is sick, as they don’t want doctors to be burdened by paperwork instead of helping sick patients.

Analyze Your Cash Flow

Cash flow is super important, now more than ever. Take a look at where things are right now and what you anticipate your cash flow will be over the next few months—including worst-case scenarios. How much do you have on hand? How much do you need to keep the lights on? When are your next bills due? Are you eligible for a cash-flow loan if you need one? Check your POS reports for changes. Your revenue may be down, but by how much? Donât just rely on âimpressionsâ or visual scans.

Here’s a good resource you can use right now to analyze your business’s cashflow: How To Calculate & Analyze Business Cash Flow

Check Your Business Insurance Policy

Familiarize yourself with your business insurance policy. What does it cover? How much does it cover? Here are some resources we have on business insurance:

Business Insurance For Florida Small Businesses
Business Insurance For Startups: How Much It Costs And Why You Need It
How To Get Business Insurance In 4 Easy Steps
Do I Need Business Insurance?
Own A Business? Here Are 7 Types Of Business Insurance You May Need

Monitor News & Policy Changes

While it’s not necessarily helpful to obsessively check the news all day for developments (though it can be hard not to right now), it’s important as a business owner to stay on top of all local, state, and national health policy changes that could affect your business. Find a reliable source of news for health updates specific to your city, and make sure your device is set up to receive alerts so you get all the relevant updates.

Of course, you’ll need to make sure you’re adhering to all current policies so that you don’t get shut down. For example, you’ll need to adhere to social distancing policies from the CDC which recommend that customers be seated at least 6 feet apartÂ and that dine-in seating is reduced to 50 or less. Depending on your state or city, there may be additional guidelines you must follow.

5 Strategies To Keep Business Going In A Tough Time

Okay, so weâve covered basic emergency preparedness. Now, what can you do to keep your restaurant going during a time of crisis? Here are some ways restaurants can cut costs and/or keep money flowing in.

Implement Takeout & Delivery

Offering takeout and delivery is important when people do not want to dine-in or you’re unable to offer dine-in service due to the current emergency policy in your area. As mentioned, some governments are mandating that restaurant dining rooms close or operate at half-capacity. You can offer a takeout and delivery option via an online restaurant ordering system that works with your restaurant’s website, or you can offer delivery via a third-party delivery service.

While third-party delivery services typically take a big cut of the sale—as much as 30 percent—during the crisis, food delivery services like Uber Eats, GrubHub, and Seamless are currently suspending their commission fees to independent restaurants. These services are also instituting “no contact” food delivery policies in adherence with social distancing recommendations.

Sell Gift Cards

People in our communities cherish their local businesses and want to help them out. After all, you want the businesses you love to frequent to still be around after the current crisis ends. If your restaurant offers gift cards, people can buy a gift card now (providing the money you so desperately need at the moment) and redeem it later once your regular operations resume.

Here’s an excellent resource that can help you set up gift cards for your small business if you haven’t already: How To Implement A Gift Card Program For Small Business: What You Need To Know & How To Get Started

Adjust Your Menu & Hours

This is a time to trim the fat and focus on just the essentials. This is the time to update your menu and drop high-cost/low-profit items, and slow-moving items. Focus on what’s cheap, popular, and in-season. Further reading:Â 14 Ways To Create, Implement, & Maintain A Great Restaurant Menu

Many restaurants are adjusting their hours to save money and also to minimize risk. You might consider temporarily closing during your least-busy days or hours to save costs, or getting nixing your happy hour when people would be less likely to practice social distancing.

Communicate With Customers

Most businesses have an email list and/or a social media presence. Even if you’re not sure if you do, check your point of sale. POS systems like Square automatically collect customers’ email addresses and other contact info so you can reach out to them. Whether you are closing or staying open, be sure to contact your customers to let them know what precautions you are taking against coronavirus and any adjustments your business has made to your hours, sanitization policies, or anything else.

If your restaurant is closing temporarily, you may just want to reassure customers that you will reopen when it’s safe and perhaps encourage them to purchase a gift card in the meantime.

Advertise & Promote

If you’re still open, you need to let customers know, and entice them to buy food from you. For example, you can use social media, text marketing, and email to offer some specials for takeout. You may even want to use online advertising in the form of pay-per-click ads and (paid) social media ads on Facebook and Instagram. As far as what foods to offer for your promotions, you will especially want to focus on selling meals that are super cheap to make with high profit margins.

What To Do When A Temporary Slow-Down Becomes The Worst-Case Scenario

What are your options when things start going from âwe need to tighten our beltsâ to âhow long can we keep the lights on?”—or worse, when government orders force closure?

What measures are being taken now to help small businesses after the COVID-19 outbreak? Here are some steps governments are taking to help businesses affected by COVID-19:

The SBA has announced it will provide disaster relief loans up to $2 million for small businesses affected by COVID-19. Here is SBA’s news article about coronavirus SBA loans and its guidelines for businesses re: COVID-19.
The Fed has cut interest rates to zero to help businesses and consumers during coronavirus—This means your business could qualify for a very low-interest loan.
State and city governments have announced various measures to help small businesses during the crisis; for example, the city of San Jose, California voted to adopt a temporary 30-month moratorium on evictions for small businesses and residents of the city, which has been hard-hit by the virus.
The U.S. Chamber of Commerce is lobbying to cancel payroll taxes for April and May (this has not been made into law yet).

Some more things you can do:

Check Your Local Chamber Of Commerce to find out about coronavirus disaster relief programs for small businesses in your state and city, such as eviction moratoriums, payroll and sales tax relief programs, low-interest loans, etc.
Communicate With Your Creditors and also with your vendors, your landlord, etc. Everyone is hurting right now and they will likely be willing to work with you, especially if you can negotiate arrangements for when things pick up. Some credit card issuers are even offering special relief programs. It’s better to be proactive than to get behind and then ask for help.
Check Your Business Interruption Insurance PolicyÂ if you have one. Your policy must include communicable disease coverage for it to cover coronavirus-related losses.

Here is more coronavirus-related information and resources for restaurants compiled by the National Restaurant Association: Coronavirus Information & Resources.

Being Proactive Is The Best Way To Protect Your Business (& Your Customers)

Why is it so important for businesses to get ahead instead of just waiting this crisis out? Well, even if you have to close or drastically reduce your operations, you still have the ability to take actions that can lessen the impact of coronavirus on your restaurant. You can:

Promote your takeout and delivery services
Communicate with your customers
Sell gift cards
Apply for disaster-relief financing
Negotiate with your creditors

At the end of the day, we’re all in this together. Also, state and local governments are very motivated to reduce the impact of this crisis and small businesses, which are the backbone of the American economy. Seek out the resources for small business help because they do exist.

Read our Small Business Outbreak & Pandemic Guide: Coronavirus Edition for more actionable information for small businesses during the COVID-19 pandemic.

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March 16, 2020

The Fed Has Cut Interest Rates To A 12-Year Low: Hereâs What It Could Mean For Your Business

COVID-19, a novel coronavirus, has spread throughout the world, creating a pandemic while also spreading fear and uncertainty. Small business owners are particularly feeling the pain, as many not only have to worry about the health and safety of their loved ones but also about how to keep their businesses afloat. Some states, including Ohio and Illinois, have already shut down bars and dine-in services at restaurants through the end of March. Stores are shortening their hours, laying off workers, and taking other steps to prevent the spread of this virus.

Unfortunately, even a two-week closure could be enough to cripple some small businesses. Shuttered businesses aren’t bringing in revenue, but they still have bills to pay. In China, where the novel coronavirus originated, it is being reported that the economy has taken a serious hit since the first cases were diagnosed in January. This troubling news leads us to wonder where our own economy will stand when this virus is eradicated. Fortunately, the Federal Reserve is offering some relief.

Federal Reserve Cuts Interest Rates To 0%

In a move not seen since the financial crisis of 2008, on March 15th, 2020, the Federal Reserve cut interest rates a full percentage point to 0%. Benchmark interest rates ranging from 1% to 1.25% have been slashed to 0% to 0.25%. This interest rate reduction is a proactive move to help stabilize markets and keep borrowing costs low for consumers and businesses. For small business owners, being able to receive low-cost funding could be the difference between recovery and bankruptcy.

Lowered interest rates will remain in place indefinitely. According to the Federal Reserve, this safeguard will continue until it is “confident that the economy has weathered recent events.” Even when the threat of the virus disappears, there will still be economic challenges, but this measure and other actions taken by the Fed will hopefully ease the financial impact that we face in the months ahead.

Other Moves Made By The Fed

In addition to slashing interest rates, the Federal Reserve is making additional moves to counter the negative economic effects of the coronavirus. This includes bond purchases — or “quantitative easing” — that will help keep borrowing rates low for consumers and small businesses. The Fed announced plans to purchase at least $700 billion in mortgage-backed securities and Treasury bonds to further stabilize loans.

The Federal Reserve has also reached an agreement with five other central banks to lower rates on currency swaps and to help financial markets through these difficult times.

To allow banks to continue lending, the Federal Reserve has also dropped a requirement for these institutions to hold cash that’s equal to 10% of customer deposits. Instead, these funds can now be used to continue to issue loans. Financial institutions also are allowed to use cash buffers put in place following the recession of 2008.

What Does This Mean For Small Business Owners?

As a small business owner, you may be wondering what this means for you. These changes were put in place to help alleviate the pandemic’s impact on the economy and small businesses just like yours. Lowered interest rates, additional funds to be used for lending, and other measures taken by the Fed mean that you still have access to affordable loans to keep your business operating.

While uncertainty lies in the months ahead, it’s important for small business owners to take advantage of funding opportunities to keep their doors open. Whether you need a loan now to meet payroll or you need one in the near future as the economy recovers, know that there are options. For starters, take a look at Small Business Administration (SBA) loans, which have always been known for their low rates and favorable terms. In addition to its traditional lending products like the 7(a) loan, the SBA has also announced that it will be offering disaster relief loans to businesses affected by the coronavirus. Qualifying businesses may receive up to $2 million in working capital to replace lost funds as a result of the worldwide pandemic.

It’s easy to let anxiety take over with so much uncertainty ahead, but know that there are options available for your small business. During this time, it’s important to explore your funding options so that you can keep yourself and your employees safe while doing what’s best for your business.

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