In 2020, a restaurant and bar in the USA, was on the verge of closing permanently due to the negative effects of the coronavirus pandemic. As Mazars already had a strong working relationship with the family that owns the restaurant, our team suggested they might benefit from our reshape crisis recovery program.
Like many businesses, this restaurant struggled when the pandemic took hold. Having been forced to close its doors because of lockdown measures, revenue dried up overnight and the business’s future was under severe threat.
Mazars deployed its reshape crisis recovery program, which combines the longer-term goals of the business with financial planning and specific crisis management objectives, to develop a survival plan during the COVID-19 pandemic. Our team looked at the company’s current cost structure, decided which immediate actions needed to be taken, and determined how the business can effectively plan to sustain the crisis.
The outcome was that Mazars showed enabled the client to make sound business decisions and showed how different business strategies can affect its balance sheet and cash flow. With a structure and plan in place to guide them, the restaurant’s owners are now confident the business will withstand the impact of the COVID-19 crisis and emerge from it in a strong position.
Alisha Jernack, senior manager & project lead at Mazars, said:
“Crisis brings opportunity and change. Opportunities that existed before present more of a need today in the current pandemic. Don’t be afraid to seek out these opportunities and execute on new service offerings to compete in a disrupted market”
For more information regarding business cases, contact us and a member of the Mazars team will be in touch to discuss further.