​Build a battle-ready business

Like constant change? Probably not. Even for those who are more comfortable with change, the past year has likely forced too much of it. But what if you could adjust your mindset and your business so that you could better weather, anticipate and (perhaps) even welcome change? A September TD Bank survey of 250 restaurant operators around the U.S. aimed to take the pulse of the industry and find out what strategies have worked for restaurants that have managed to succeed in such a tumultuous year. Three key findings emerged: Off-premise sales are critical and restaurants need to be able to accommodate them (particularly via such consumer conveniences as mobile ordering and delivery). Payment methods including mobile, online and contactless are helping restaurants encourage consumer confidence. Finally, many of the traditional physical characteristics of restaurants are changing to accommodate drive-thrus and pick-up areas, shift to ghost-kitchen formats and decrease overall footprints. So how can this information help restaurants set themselves in a more powerful, less reactionary position for the future? First, scrutinize your off-premise menu and sales to ensure they are practical and profitable. Then adjust. Get comfortable trying new ideas regularly – it will not only help you see what works and what doesn’t, but it will also give you something new to promote to customers. Next, evaluate your payment methods: Do they help you limit face-to-face interactions with customers and also enable you to expedite payment and get a faster, clearer picture of your sales? Finally, take advantage of this time of disruption. Look for new partners and investors, and talk to bankers, landlords and suppliers to identify opportunities to secure more beneficial arrangements.