This year has been nothing if not uncertain, and as we near the end of 2020, there are many things still up in the air. While we can’t know anything for sure, it is important to turn to the predictions of experts, such as Vijay Vaitheeswaran of The Economist. Nation’s Restaurant News® shared an in-depth article sharing Vaitheeswaran’s views on where the economy is going and how it will affect the restaurant industry.
The entire article is worth reading, and our restaurant consultants took particular interest in the action items. What can restaurants do? Vaitheeswaran says, innovate. He also outlined five pillars of what he calls bottom-up innovation: proximity, frugality, agility, connectivity, vitality.
Proximity: Be sure to look locally. Shop for local products, turn your attention to local trends. The answers are closest to home.
Frugality: Restaurants must get creative to offer high-quality appeal without high-quality prices.
Agility: Creativity goes hand-in-hand with quick, on-your-feet thinking. The uncertainty of the times requires a flexible approach to an environment constantly in flux.
Connectivity: More than ever, we need each other. We rely on our guests, staff, and partners to create a great experience.
Vitality: It can be easy to get fatigued right now but relying on these other pillars can be a great source of energy. Positive energy is infectious!
“Mr. Vaitheeswaran clearly has the prerequisite creditability,” noted Richard Weil, CEO of National Restaurant Consultants. Weil further reports, “The survival of restaurant operators will continue to be tested as the winter months unfold, particularly for the northern states. The out of the box thinking and primarily the noted ‘bottom-up innovation’ and thinking will prove to be, in many cases, the difference for operators to see success into 2021 and beyond. The need to engage your entire team and even to some extent your customer’s voice and thoughts will add great value in your critical thinking process”.
National Restaurant Consultants team of professionals can provide you with many great out of the box ideas, contact us or any of our consultants for more information.
