While the full impact of the novel coronavirus (COVID-19) pandemic is still to be determined, the closure of physical stores and drop in consumer spending make significant losses inevitable for the retail and food service sectors.
Many business owners have pivoted to new service models or products to maintain a positive cash flow, such as online ordering and food delivery. Some retailers are even using their production facilities to produce much-needed medical gear.
For those that have been able to shift, it’s important to have ongoing dialogue with customers, suppliers, and other stakeholders for a better transition to recovery. For retailers and restaurant owners who don’t have the means or opportunity to offer new products or services, it’s even more critical to establish an external communication plan to engage with customers.
These tips can help retailers and restaurant owners communicate effectively.
How BDO can help
Our team understands the challenges that retailers and restaurant owners are facing during the COVID-19 crisis. We can offer guidance to help you navigate this uncertain time, and help you develop strategies to adapt for the future.
To learn more, contact:
Eric Matusiak, Partner, National Retail Leader
Jayson Rainone, Vice President, People Advisory - GTA