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Tanvir Bhangoo is the Managing Director of TBX Digital, and the VP of Technology at Freshii, a health and wellness brand with over 450 stores across 16 countries.
He also serves as a member of the Forbes Technology Council, and is a former director at Restaurant Brands International.
With all his experience, we were excited to have him on this edition of Give An Ovation to talk what strategies restaurateurs should be taking right now. Here’s a quick summary of what he said:
1. Become A Digital-First Brand
For a long time restaurants would get 80-90% of their sales on premise, and be content to have the small remainder come from digital channels.
In today’s climate, however, 10-20% won’t work. It’s critical to get online operations up and running! Tanvir suggests maximizing all channels, including first and third party.
2. Start With The End In Mind
“The mistake a lot of brands make is, they don’t have the end in mind.”
When it comes to strategy, Tanvir discourages just doing what successful brands are doing. Instead he recommends keeping your end goal in mind, and then evaluating whether certain tactics like third party will help you achieve that.
3. Get Scrappy
You’ve got to think beyond your core product. What else can you leverage your current equipment and real estate for? Many restaurants are creating ghost kitchens – an entire brand separate from their primary one that is only online.
A trick to help you evaluate is imagining yourself as an unbiased consultant analyzing your business. There may be something obvious that you’ve been missing if you’ve been too tunnel visioned.
4. Have A Weekly Self Review
One of the principles that has brought Tanvir success is taking at least 30 minutes each week to stop, analyze the past week, and set goals for the upcoming week. He sets goals in three areas: work, personal, and other. He also looks for any tasks that he’s found himself doing that aren’t actually adding value to his life or moving him towards his goals.
You don’t have to do it exactly like Tanvir, but taking some time for self reflection works wonders.
5. Block Out The Noise
“The last thing you want to do is get distracted”, said Tanvir. As you implement COVID survival strategies, put on your metaphorical headphones and ignore all the noise. Get started. You can do it!
Thanks for reading! Make sure to check out the whole podcast, as well as other interviews with restaurant/business gurus by checking out “Give an Ovation” on YouTube, podcast.ovationup.com, or your favorite place to listen to podcasts.