Restaurants went from offering dine-in only services to take out and drive through options. Some restaurants also have opted to take precautionary measures such as mandatory mask requirement to give a safe dine-in experience to their customers.īusiness remodeling: The situation has forced a lot of industries to reinvent their business model and adjust to the new normal. To follow the guidelines, the restaurants and hotels have had to reduce the room capacity and remodel dining halls to accommodate social distancing. Policy changes: Since most of the states rolled out stricter guidelines, restaurant owners have had to consider several policy changes at the operational level. However, some businesses that have taken a philanthropic approach and have taken care of their employees by keeping them on the payroll, even at the cost of the business’s bottom line.
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Even with the remaining staff, owners have been left with no choice but to either reduce wages or offer fewer hours to work.
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The American Hotel and Lodging Association states that most of the restaurants and hotels had to make difficult decisions to lay off or furlough 70 percent of their employees. Human toll: Layoffs and furloughs have been a challenging outcome of the global pandemic in every industry. Other studies suggest that eight out of 10 hotel rooms are empty and projects 2020 to be the worst year for hotel occupancy. The National Restaurant Association reported more than $120 billion of lost revenue in the restaurant industry during the first three months of COVID-19. Lost revenue: State and federal imposed dining and travel restrictions, along with stay at home orders resulting in the temporary and partial closure of businesses, drove a steep decline in sales for most of the restaurants and hotels. It has been devastating to hear about the challenges some of our clients are facing: Other tax professions may not feel like I do. Yet, I’m confident that I can bring valuable solutions to my clients, so niching is the most viable business model for me and my firm. After all, state-level lockdowns as well as restricted leisure and business travel have directly or indirectly affected our clients – and the customers they serve. However, the way COVID-19 has affected the restaurant and hospitality industry did make me question the niche practice approach. The change could have been challenging, but the need for focusing on specific industries helped make the transition easier. The first few opportunities I was offered to work on were restaurant and sporting clients.
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My transition from being a public accountant in the oil and gas industry, to a management accountant in an outsourced accounting service, did not change my belief. I have always been a firm believer in the benefits of specializations and specific skill sets.