The restaurant industry took a big hit during the pandemic, with most businesses seeing a drop in revenue and profit. Last year alone, the food service industry lost around 2.5 million jobs and saw sales plunge by approximately $240 billion. The Restaurant Revitalization Fund (RRF) sought to give relief to restaurant business owners, and it did inject $130 billion into the industry. For the businesses that did receive RRF dollars, the biggest thing it granted to owners was time.
In their article for QSR Magazine, Edward Webb and Brett Hazlett explain that while capital can have a powerful impact in terms of keeping a business afloat, it cannot “fix a business model showing signs of wear or create operating efficiency out of thin air.” The authors urge restaurant owners to look at three specific areas of their business – cash flow, profitability and business model – to reassess their strategy and analyze whether they can be successful in a changed market.
Read the full story on QSR Magazine.
About Edward Webb
Edward has over 35 years of experience in consulting and financial management, including specific experience in business restructuring and leadership advisory services. He currently leads the Corporate Finance Consulting group at BPM and sits on the firm's Board of Directors and Management Committee.
About Brett Hazlett
Brett has more than 20 years of progressive experience in the consumer, manufacturing, retail, nonprofit and pharmaceutical sectors. He is a highly accomplished, results-driven senior accounting and finance executive. He helps lead BPM’s Economic Recovery & Emergence Task Force, where he helps clients navigate the COVID-19 pandemic and the Paycheck Protection Program.
BPM for Corporate Finance Consulting
BPM has been assisting companies for over 30 years by drawing on the strength of a full suite of professional and industry expertise. Our team of professionals comes from a variety of backgrounds with just one goal: to restore and enhance the value of our clients’ businesses in every situation. Remember, change can happen fast. If BPM is engaged early in the process, our clients have the highest likelihood of success and of achieving peace of mind. Visit https://www.bpmcpa.com/Services/Corporate-Finance-Consulting/Business-Ownership-Transition to learn more.