Businesses across the world have taken an extreme hit due to the Coronavirus, some experiencing a more severe crunch while others still manage to sail slowly.
The fact of the matter is that many governments, economists and business owners are not too sure what the road to recovery would look like, once this storm passes.
The disease that emerged in the city of Wuhan in late December last year has spread around the world in a global pandemic that has affected thousands of people. To contain the spread, local governments have taken strong measures to keep people at home. At this point, we are not looking to debate whether the decision to shut the market down is beneficial or not. Instead, we would like to try and identify a strategy that will help the sector return to its brighter days
To do that, we must consider the numerous factors that will affect this plan.
- Lack of employees- though there will be a significant demand for work once the virus subsides, travel restrictions and mandatory quarantines may make it difficult for people to get back to work. In addition to that, logistics may take some time to get back on track.
- Delay in supplies- Outdoor dining establishments and entertainment outlets were one of the first commercial-victims of the virus. Before the bans, it began with the objection to a large grouping of people and eventually culminated at the shut down of businesses. However, in addition to restaurants shutting down, ingredient manufacturers had to put their business on hold too, and similar factors that affect the restaurant businesses will affect them as well. Expect a delay in your delivery of fruits, vegetables and other staples once markets reopen.
- Local state regulations- at this point, we are not sure what the new rules and regulations will be, once the ban is lifted. At the same time, once businesses reopen, expect your rentals to resume as well. Our recommendation is to reach out to the property owners and other vendors to set the expectations straight.
- Bringing the business back- as anxious as people would be to step outside and resume their routines, we anticipate a cautious period and uncertainty amongst diners. The market will take some time to get back to its feet and so, be sure to plan resources well, create offers that excite patrons and make them feel like you missed them.
Indeed, these are uncertain times that affect us all. It is important to remember that health and safety come first, and things will eventually get back on track.
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