"I do not want to incite panic and hysteria, but I think for restaurants and the service industry, there is going to be a morbidly high business death rate”
- Chef David Chang (3.27.2020 | New York Times)
As Covid-19s economic impact has plowed through most industries across the world, the Hospitality and Food & Beverage industry has been impacted more than most. Developers, Business Owners, Entrepreneurs, Restaurateurs, Hoteliers, and Private Equity firms are attempting to navigate through these uncharted territories in efforts to make sound decisions during unprecedented circumstances.
The stories we are hearing daily are heart wrenching; our fellow hospitality operators are contemplating permanently closing their businesses because they have little knowledge or confidence on how to reopen. We are all trying to do a part to help others and RK Hospitality is now pivoting from its core model to bring value to others. RK is offering advisory, consulting and management services for hospitality-related businesses that have been impacted by Covid-19, at friendly rates to make this affordable for all.
Many common themes are surfacing, of which RK is well-versed on and is offering strategies and solutions to implement. Additionally, as all businesses and needs are different, RK is also creating custom-tailored approaches and long-term strategies, for those that would like ongoing support. The road back will not be easy, however, with careful and thoughtful planning, our hospitality businesses can survive and then thrive again when people feel safe.
How to best utilize the PPP funds without clarity on when your business can reopen and/or what the reopening guidelines will look like?
How do you encourage past employees to stop taking unemployment when there's so much
uncertainty around the business and economy?
How do you intelligently reopen with capacity restrictions and seating limitations?
How do you provide hospitality if you can't properly engage with your guests?
What will the hospitality landscape be like prior to a vaccine?
If you have an upbeat restaurant that thrives off being busy and creating a “vibe”, how do you
evolve until this will be permissible again?
If the bar section is a large revenue stream of yours, how do you survive without this revenue that generally carries a higher profit margin?
How do you reopen with little or no working capital? Especially in light of the fact that it will
likely take a few years to get back to normal revenue levels.
How do you streamline and optimize your menus/offering/services to remove waste,
enhance cross utilization of products, and enhance profit margins?
If you're a “sharing-style’ restaurant, how should you pivot since sharing will be discouraged?
How do you provide more value to your guests, while you're already operating on extremely tight
How do you leverage technology to save operational dollars and make the experience touch less?
How to effectively launch contactless delivery and uphold your brand standards when that's not
your core model or expertise?
How to properly disinfect your store before reopening and what daily/hourly measures are
taken to ensure safety and cleanliness are being upheld?