Living in the Philippines, I am quite sure that businesses are not entirely affected by the US recession. From what I have seen, most homegrown businesses and micro enterprises are more resilient in these situations. It is those huge export-driven businesses that I think have been affected most.
How about us in the restaurant industry? Have we been hit hard or is just another day in another year?
In the cities where I go to, I am glad to note that business is good as ever and for some even getting better. Admittedly, some restaurants feel a little decrease in customer share of clients coming from US companies like pharmaceuticals and agricultural companies. Example is, if before, these medical representatives would dine out like almost everyday. Now, they have reduced that frequency to almost once a week or even less frequent.
Other restaurants feel a decrease in average check. People still dine out but are a little bit thriftier.
Hopefully this is not the case for you. If you experience a decrease in guest check, it is time for another review of your menu. Push your dishes which give you high profit margin. At this point, try to eliminate from your menu those that barely give you any profit.
On the other hand, this may be a good time to use imported goods as the prices might be cheaper or if they are still not cheap, would be the best time to haggle. Businesses abroad need all the business they can get even at a meager profit margin.
Strengthen your menu. Create dishes that are of "value". This means dishes that will look like a lot to customers but will be of very little cost to you and one that you can sell at an inexpensive price.
This recessino is not for a few months but maybe till he 3rd quarter or even the 4th quarter of the year. So make sure that your business is ready for any hard hits.
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