How the restaurant industry can begin planning for the future
In March, social distancing due to the COVID-19 pandemic came into effect and restaurants collectively were forced to close in order to stop the spread of the virus. Lacking cash reserves and the resources to access money (traditional bank loans), most restaurants were forced to lay off their employees. Professionals advised restaurant owners not to seek traditional bank loans to cover wages and to save their money instead for the reopening of their businesses. What resources are available to restaurants now? How will restaurants reopen and what will it look like when they do?
This involves the knowledge of modern management. Modern management is an art about the integration of people and resources, as an article published on the journal of Modern Management Forum proposed. Modern Management Forum is a social science journal that serves as the source material on business management and related theory. It aims to provide a high-profile forum that communicates employer and employee, and benefits both by applying the knowledge to real-world situation, connect concepts, and experience management principles in a tactile and engaging way.
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