Anthony and Sherri Processing the Process Videocast 8

​September 30, 2021

​Restaurant Revitalization Fund -- great idea to address lost earnings of restaurant owners -- but can't be too reliant on political initiatives -- have to be prepared for multiple outcomes...especially important to maintain high quality product and keep customers happy -- so stay true to core business values...greater impact of mistakes during difficult times -- triggered Anthony's earlier experiences with complacency/lack of attention to detail with former partners -- which resulted in loss of customers; despite some degree of let-down, team laid groundwork during pandemic that will pay dividends as economy rebounds...Anthony rejected fundraising -- didn't want to convey any sense of weakness or look to others to help with his problems...family funded Trattoria 632 business to maintain financial stability, enabling restaurant to preserve hallmarks of business and seamlessly transition to more normal times...ripple benefits of retaining core team: customers concerned about welfare of employees/pleased to learn that team was well taken care of/employees were still there...gradual shift from fear that business is in jeopardy to cautious optimism: increasing # of customers and deliveries each week, May 2021 off by small margin from May 2019 -- incredible, given that colleges and corporations were still remote and no one celebrating milestone events...the lifting of restrictions, increase in vaccinations, beginning of summer, and release of pent-up demand -- coupled with big takeout/delivery business and new back patio -- resulted in big revenue boost...restauranteurs opening new restaurants due to big rent reductions -- Anthony skeptical: how create business plan and assess occupancy costs/projected income during covid? Divide between people fearful of contracting covid in indoor spaces and those with greater comfort level with restaurant risks; Anthony feels restaurants unfairly labeled as covid incubators...anemic response to job openings in hospitality industry -- unexpected labor shortage -- related to government unemployment benefits and desire to find more favorable working conditions, a healthier family life, shorter hours, and new opportunities; can't pass along increased labor costs to customers...most restauranteurs preoccupied with return to fiscal normalcy -- but thinking about new business models such as pop-up/seasonal restaurants.