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151 Is Your Restaurant Prepared for Economic Downturns? Insights and Strategies to Protect Your Business Now
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https://restauranttopia.com/episode-151-is-your-restaurant-prepared-for-economic-downturns-insights-and-strategies-to-protect-your-business-now/
Episode 151 Is Your Restaurant Prepared for Economic Downturns? Insights and Strategies to Protect Your Business Now
- Build a financial buffer: Put money aside to cover unexpected expenses or revenue shortfalls. Aim to have a cash reserve of at least three to six months' worth of expenses.
- Diversify revenue streams: Expand beyond your core business model and explore new ways to generate revenue. For example, consider offering catering services or launching a food truck to reach new customers.
- Establish relationships with multiple banks: To mitigate the risk of disruptions to access to credit and other financial services, establish relationships with multiple banks.
- Stay connected with customers: Maintain a strong online presence and actively engage with customers through social media and other channels.
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