Authored by David Foster, Foster and Associates Restaurant and Hospitality Consultants
The restaurant industry has seen a dramatic shift in consumer demand since the onset of COVID-19. As cities and states navigate the continue restrictions on businesses, many still require the closure of all restaurants and bars until further notice, while others require partial shutdowns or reduced capacity. These restrictions are having a devastating impact on sales volumes and profitability. For restaurants, sales volumes are their lifelines; interconnected to things such as how much produce to buy in a week, how many staff they will need for that week, and whether to lease or explore debt payments plans.
If a restaurant is in a situation where their ability to meet fixed costs was contingent upon maintaining past sales volumes – their business is in trouble. While every restaurant will continue to face different challenges amidst the pandemic, evaluating the ways to incorporate technology in this no-touch restaurant environment could prove to be your success to not only surviving, but also thriving within this new business landscape.
Read more for insights on today’s restaurant environment and items you should consider when incorporating technology into your business.