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Here is my advice. Stretch out your runway by cutting down your burn-rate. If you have people on as full-time employees renegotiate with them so you pay them pe

Here is my advice. Stretch out your runway by cutting down your burn-rate. If you have people on as full-time employees renegotiate with them so you pay them per catering contract. You want your burn-rate to go down to as close to zero as possible. When your burn-rate is zero you can keep running on empty for as long as you want and never go out of business. Your business name and goodwill will always be there. With the burn-rate under control you can gradually and organically grow your business. The worst thing to do is to fly into a panic and rush into all these lead generation techniques. People can sense your fear and panic in your food. Think of your business as a dish. Let it simmer slowly and let the flavors gradually express themselves. Also don't increase your burn-rate by giving deep discounts in a desperate bid for customers. Keep your prices reasonable. The profit-margin is the oxygen for your business to stay alive.

Sataysfied 14y ago
Thanks for the advice. This was definitely in my mind, in order to continue the business as long as I can, I have to reduce the burn rate as efficiently as possible. I have talked to my crew about the matter and they are disappointed but understand the magnitude of the situation. I already apologized to them that their hours are more likely to be cut due to the lack of business. I am blessed to have people be understanding and are making the sacrifice in order to keep this business afloat. However, this can only last so long and I still need to hustle. Burn rate is high due to a commercial kitchen that I am on a lease in. At the moment I have renewed a Craigslist ad of renting the kitchen space out, for extra income. Could use to push that a little more. I do agree that going to meetups and connecting with people using these leads generation tactics with a sense of fear and panic will not be good for anyone. As a dire situation this might be, staying calm in the storm is going to be a key to my success. The analogy of the dish being simmered slowly is spot on. Initially though of simmering of any dish requires hot fire to get it going and going out there talking to people is that fire, but my business name with goodwill will make it come together. Deep discounts wasn't what I was going to rely on for bidding customers. I plan to give discounts reasonably so that they have a chance to taste what we have to offer and that I have decent amount of profit margin to make it work. I do appreciate the great advice and everything you mentioned is definitely something to think about.

Sataysfied 14y ago

Thanks for the advice. This was definitely in my mind, in order to continue the business as long as I can, I have to reduce the burn rate as efficiently as possible. I have talked to my crew about the matter and they are disappointed but understand the magnitude of the situation. I already apologized to them that their hours are more likely to be cut due to the lack of business. I am blessed to have people be understanding and are making the sacrifice in order to keep this business afloat. However, this can only last so long and I still need to hustle. Burn rate is high due to a commercial kitchen that I am on a lease in. At the moment I have renewed a Craigslist ad of renting the kitchen space out, for extra income. Could use to push that a little more. I do agree that going to meetups and connecting with people using these leads generation tactics with a sense of fear and panic will not be good for anyone. As a dire situation this might be, staying calm in the storm is going to be a key to my success. The analogy of the dish being simmered slowly is spot on. Initially though of simmering of any dish requires hot fire to get it going and going out there talking to people is that fire, but my business name with goodwill will make it come together. Deep discounts wasn't what I was going to rely on for bidding customers. I plan to give discounts reasonably so that they have a chance to taste what we have to offer and that I have decent amount of profit margin to make it work. I do appreciate the great advice and everything you mentioned is definitely something to think about.