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From One of My Family’s Favorite Restaurants Here in Newport

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By Rido @ Shutterstock.com

Here are the “hard facts” about the devastation that is about to unfold on small restaurants in shutdown states. This, from one of my family’s favorite restaurants (TSK) here in Newport, is the unvarnished truth. Forcing businesses to work at minimum capacity is going to kill them off in a bloody wave of bankruptcy.

Rhode Island Governor Gina Raimondo has tried to sugarcoat the reality facing businesses by saying in a recent press conference that by summer 2021, things would be getting back to normal.

Here’s what’s really facing the restaurant industry, without Raimondo’s sugar coating:

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We will only be doing takeout now on Friday and Saturday nights.

Here are the hard facts as to why.

  • It’s slow. It is incredibly difficult for a restaurant to sustain itself on takeout only. It’s hard to predict how to staff and how much product to bring in. That leads to overstaffing and food waste.
  • The ever-evolving covid crisis and constant change of restrictions, has us spinning.
  • The headspace that goes into getting creative every day to drum up business, is taxing.
  • This pause will be devastating to many small business owners.
  • Big business will continue to thrive. Heads way above water, the sheer size of their establishments will be one reason they do so.
  • The little guys like us, who between parenting, payroll, and dishes, will get stuck navigating the confusing language of available grants and loans.

Sales are down significantly this week, not only here, but also @missionnpt @winnerwinnernpt and @nomiparknpt . Not looking for any sympathy here, just speaking my mind and keep it real because it’s all we can do right now.

Gina mentioned summer 2021 and how amazing it will be, even mentioning that life may get back to “normal” a bit. I respect and appreciate the positivity there, we all need a little of that. But the stark reality is, Summer 2021 will be filled with tourists dodging For Sale & Lease signs unless some serious help comes this winter.

I know I speak for a lot of you right now just like @chompri did yesterday. So let’s not sugar coat this anymore … share your woes. Those that can come up for air every few minutes for the next three months, we will be doing the same right alongside you.

Action Line: If you’re going to start your own business soon, take a long look at the loyalty of your elected officials to the small businesses in the state. Can you trust them, or will your industry be the first thrown overboard when the going gets rough?

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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