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When COVID-19 reached the U.S. and government restrictions set in -- closing indoor dining in much of the country -- millions of restaurant workers found themselves without jobs. One of the first considerations in managing cash through this crisis is to assess existing business interruption coverage. Using ingredients in multiple recipes, for example, can allow you to reduce the number of items in inventory and focus on rotating through ingredients faster. Delivery, takeout, and curbside channels require a focused inventory strategy to keep food costs streamlined. 3 of the Biggest Issues Facing Restaurant and Hospitality Sectors industries Services people events insights about us careers Contact Us RFP Subscribe Client Portals industries services people events insights about us careers industries Aerospace & Defense Agribusiness Apparel Automotive & Dealer Services Communications & Media Construction Building flexibility into your restaurant operations, like reevaluating your labor or keeping an especially streamlined inventory, is essential to meeting this growing challenge. COGS opportunities will exist to the extent that suppliers and distributors are able to work with customers. Get the latest on what's happening across the industry and at Restaurant365. Like many industries, COVID 19 greatly affected the restaurant industry. Restaurants facing down changing seasons and running out of cash - CNBC This includes lining up people, supply chains, and especially cash or working capital needs. However, as we look to 2021, some restrictions on businesses, especially restaurants and bars, are likely to continue in some form. Delivery is a major stressor for many chains, even as it drives sales. In December 2020, 26.29% of readers said investments in touchless technologies and sanitation theater elements would drive operator investment in 2021. If your supplier costs fluctuated during 2020, you will want to continue keeping an eye on food costs in 2021. Things began to look up in December 2020, as the federal government gave authorization to the first two COVID-19 vaccines. Restaurant365 Adds R365 Intelligence to Product Suite, Restaurant Menu Pricing Strategy: A Guide to Maximizing Profits, Join us in Austin for our first ever Restaurant Transformation Tour Festival July 30-Aug 1. COVID-19, the rise of social distancing, and masking left some people anxiously adjusting everything in their lives. Drive-thrus and walk-up windows totaled 11.82% of operator investments. Restaurant365 seamlessly connects with leading vendor, technology, channel, and service partners to put your business in one place, one click away.