While the lockdown changed the way so many of us go about our everyday, for hospitality businesses like Barak Peled’s Morso in London, the fast-pace of the change also meant changing the products the restaurant offers, communicating more frequently with staff, customers and supporters and leveraging partnerships as a way to build and sustain business throughout the crisis. We invited him to share his expert insights with hundreds of UK hospitality businesses in a recent webinar.

Here’s what Barak says businesses like yours should focus on right now.

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His business had three immediate action points:

  • Preserve cash

Getting in touch with every supplier — and knowing how many suppliers your business engages — can give you a better picture of the costs you can negotiate with and those you can’t avoid when preserving cash is your main goal. Barak’s restaurant also switched to cash on delivery to avoid using extra lines of credit or kicking costs into another cycle.

  • Protect staff

Your staff are your business’ greatest asset and staying in touch with them, sharing insights on your performance and the track to recovery is a vital part of keeping them engaged, protecting their jobs and making sure you have the resources you need to re-open safe and strong

  • Communicate with your community and stakeholders

The growth in support from local communities for local hospitality businesses has shown that by adapting to the new way of working, you can continue to sell product and keep your staff on for a long period of time. Barak says regular contact with your community and stakeholders is important to keep them up to date with your plans.

What they did

Keep busy, help those on the frontline and pay it forward

A critical part of Barak’s strategy for dealing with the changes from COVID-19 was helping look after his community by feeding local frontline workers. By initially offering his meals to a local healthcare charity Barak then secured a contract to supply the meals for a longer period of time at a discounted price to the customer. 

Partnered with offering gift vouchers with value for money for when the restaurant re-opens, Barak’s strategy kept his team together, kept his community informed and kept his restaurant in business. He and his team are now in a stronger position to open with confidence when restrictions allow.

Want to hear what the experts say businesses like yours should do now?

Watch the full webinar.

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