Didn't go to business school? We've got you covered.

On today's show, we chat with Elizabeth Tilton, founder of Oyster Sunday, a hospitality services company making waves by supplying us with tools we need to reopen, at no cost

As a child, I dreamed of being an astronaut. Elizabeth Tilton dreamed of being a doctor. But somehow, some way the hospitality industry sucked us in. The love of serving others is overwhelming and fires us off in different directions. I became a restaurateur. Elizabeth has dedicated her life to helping restaurateurs succeed.

Today we run through the plans and tools Oyster Sunday has created to make sure we don't just survive, we actually thrive.

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Want to streamline your front-of-house operations and increase sales? Head over to http://restaurants.yelp.com/fullcomppodcast to claim your free page and learn more about these powerful tools for your business.

SHOW NOTES

What does Oyster Sunday do?
Corporate office for independent restaurants
Creating infrastructure of operating systems for restaurants
Reopening resources
Offers free consultations for operators
Created the reopening critical path
How to treat your team
How to stop hemorrhaging money
PPL, national and localized financial stability
Step by step guide to reopening
Managing your team
Not disqualifying team members for unemployment
Restructuring business operations
How do we find alternative revenue streams?
Going back to cash in hand
What is the break-even point at our lowest moments?
How can we reorganize P&L?
Data-driven decision making
Focus on core competency
What dishes or services make us who we are as a restaurant?
Opportunity to reflect and rebuild
Pivoting to a product industry over a service industry
Covid 19 exposed issues, not create them
Brick & mortar
In-person model only
Slim margins
High labor costs
High food costs
Margins
Industry average is 6% profit margin
Preux & Proper 10%
High margin businesses have high volume
Restaurant businesses must work a lot for small profits
With 15-20% profit, we can make broader decisions for our businesses
Team salaries
Communicating with consumers
Consumers will dictate what they need
Sharing the operations side with customers
Telling them delivery commissions are high
Telling them the complications of tipping
This is a time of innovation in the industry
Minimal innovation has happened in 50 years
OpenTable for reservations
Cloud-based computing for payments etc
Cyclical view to restructuring the business model
Recovery from Covid 19 won’t be linear
Restructuring tool on the Oyster Sunday website (linked above)
% delivery
% catering
Other digital revenue streams
Planning for 12weeks
Things change very quickly

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