Goliath president and FCSI Associate Jay Bandy and his team have produced the guidance to help restaurant operators with moving forward in this new business environment. “We’ve seen what works and we want to share that knowledge,” he says. “Seeing a path forward out of this will give some operators hope that they can get to the other side of the pandemic.”
Naturally, in a country as large as the US, there are widely varying levels of recovery from the pandemic and no two states are at exactly the same point in the process. “The business environment across the US depends on state and local restrictions on dine-in and other regulations,” explains Bandy.
“Here in Atlanta, we’re seeing many people in the QSR and fast casual space are doing well, casual dining/table service is mixed while concepts catering to Millennials are seeing more success than those concepts with older populations.”
Plan and budget for a new reality
As for clients bouncing back from this period of challenge, he says that a focus on takeout and delivery is important as is a new business plan and budget to fit the new reality to help with adjusting to lower sales, a reduced menu and fewer staff. “Our clients with the opportunity to grow are looking at transitioning new locations to busy retail areas within or adjacent to concentrations of residential populations and office as a secondary driver,” he says.
Even with the help offered by consultancy firms, such as Goliath, foodservice businesses will struggle. Bandy predicts a major reset for the industry. “Independent restaurants are going to close into the first quarter of 2021 at a significant rate, especially casual and fine dining. Chains are not immune with those companies that are highly leveraged continuing to go into bankruptcy well into 2021,” he says.
“There will be restaurant companies grabbing market share and new leaders will emerge that are well-positioned going into this pandemic.”
Bandy believes that it will be 2022 before we see the full impact of the shake-up of the industry due to the business effects of Covid-19. “And then there’s a recession predicted in 2022-2023? This decade will be unlike any other that many of us have seen in our lifetimes,” he concludes.
Further details:
To obtain a copy of the guides on business planning and menu writing, please contact: getresults@goliathconsulting.com
To watch the videos, visit:
Restaurant Menu Development: https://youtu.be/AdRAlTvtQ2Y
Marketing and Communications: https://youtu.be/xS6Rism0xJE
Steps to Building a Restaurant Business Plan: https://youtu.be/niZRMR6E6mg
