The pandemic has been hard on most businesses, but industries like tourism, hospitality, and dining have been one of the worst-hit. A lot of restaurants and hotels have had to look for external funds to keep their doors open. Thankfully, affordable business loan interest rates have helped many of these chains cover their losses, pay employee salaries, and cover marketing and advertising during the pandemic. But with no surety on when things will return back to normal, it is a tough road ahead for several establishments.
Along with the devastation and disruption, the pandemic also brought with it some newer methods of running a business. Digitalization became the new normal for small and big businesses alike, and customers of all income and age backgrounds learned to use it effectively.
Digitalization can continue to benefit customers in the post-pandemic world. Here’s how.
Digital payments provide a host of advantages in a pandemic. They minimize contact and the spread of the virus. They also reduce time spent in a closed space/ shop looking for exact change. However, the benefits of digital payments are not limited to this and should be continued post the pandemic too. Digital payments can offer a lot more security to restaurant businesses. They reduce human errors in handling money. They also ensure there is no fraud or theft. Moreover, they are quick and hassle-free. The money is generally deposited into the bank account from the payment portal by the end of the same day. It is also inexpensive as there are no transaction charges for using a Unified Payments Interface (UPI). There can be some initial costs of purchasing a contactless card machine and employee training, but these expenses can be covered with a business loan.
With most states putting curfews during the evenings, a lot of restaurants have lost a part of their clientele. There have also been other restrictions on restaurants, and most are only allowed home deliveries and take-aways. Signing up with online delivery portals can help restaurants reach a wider group of customers. While larger restaurants have already hopped on to the bandwagon, smaller eateries can also follow in their footsteps. Creating a user-friendly website or signing up with an established delivery partner can help restaurants increase their sales both during and after the pandemic. Restaurants can also hire their own delivery executives.
A loan can help restaurants cover these costs. The business loan eligibility is quite relaxed, and restaurants can get a loan without collateral. Moreover, with long tenures, paying back the business loan EMI is very convenient.
Restaurants can also start using AI and IoT to collect data, manage inventory, and track food items and ingredients. This can help reduce wastage and plan well for the future.
To sum it up
Small businesses can use a business loan to advance their operations and be ready to serve a digitally savvy customer base post the pandemic. The transition to the digital realm can seem challenging at first, but it can offer several advantages to both restaurants and customers in the long run. A business loan can ease this challenge by offering the required funds. So, go ahead and use a business loan EMI calculator to determine your needs and apply for a business loan.