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1 min read. September 27, 2021 – by Lauren Coppolone
For the past year, restaurant owners have been looking forward to the day when states would lift occupancy restrictions, and they could operate at full capacity. But even with many of these restrictions gone, restaurants and hospitality owners feel the strain of COVID-19 more than ever.
Supply chain problems, labor shortages, and rising costs have hit the restaurant industry hard. And increasing cases of the delta variant have many people concerned that normalcy is nowhere in sight.
Goldman Sachs recently published data from its 10,000 Small Business Voices initiative. This program is designed to help small business owners advocate for policy changes to help their businesses and communities.
According to Goldman Sachs, most small business owners continue to struggle with the ongoing effects of the pandemic. And their optimism about the economy is dwindling.
Only 38% of respondents feel the country is headed in the right direction, a 29% decrease since June. 74% of small business owners are worried about how rising COVID infection rates will affect their business.
Most restaurant owners continue to deal with supply chain problems, issues with hiring, and rising costs. 93% have dealt with high costs due to inflationary pressure, causing a negative impact on cash flow.
For instance, the costs of certain types of produce and meats have skyrocketed over the past month. Whereas other products are difficult to find altogether. So restaurants are put in the position of either losing money or raising their prices and risking losing their customers.
In addition, restaurants continue to deal with workforce challenges. And 79% of business owners say these problems have worsened as a result of the pandemic.
There is no easy solution to the problems the restaurant and hospitality industries are facing. But one of the best things small business owners can do is focus on maintaining their cash flow.
Maintaining your cash flow will ensure that you have the money on hand to maintain operations and deal with financial problems as they arise. Here are a few ways to do this:
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Lauren is the Marketing Manager at Nationalbusinesscapital.com. She has 7 years of professional experience with a focus on small business marketing and finance. She previously worked as a senior business analyst for B2B SaaS, Sky IT Group. She has covered topics including, business financing, startups, retail, taxes & regulations, etc. Her work has been featured by USA Today, Google & Yahoo News. Lauren holds a B.A. from the Fashion Institute of Technology’s (FIT) School of Business.