Never Again: An Entrepreneurs Guide to Creating a Resilient Business during the COVID-19 Pandemic Recovery

By Anne Gannon

This book was written in response to the tremendous challenges faced by the hospitality industry during the COVID-19 pandemic. "Never Again" is a must-read book for all the restaurant owners and brewers who stood together to come back from the unthinkable. It's your fight that inspires other entrepreneurs and shows us that it's possible to overcome any setback. This unforgettable book shares the lessons learned through the COVID-19 pandemic that will help make your business more resilient. As a CPA who specializes in restaurants, the author had a unique vantage point to what was really happening during those turbulent months, and what it took to survive.

The lessons in this book will help business owners build a toolkit so they are prepared and ready for any challenge moving forward. Regardless of your business size, the key is to have a comprehensive toolkit so that you, the owner, have everything you need to know about your business. The pandemic has exposed the importance of preparation and adaptability, and this guide provides the necessary information to help you and your business overcome any challenge in the future.

• Language: English
• Publisher: BookBaby
• Release date: Jul 2, 2021
• ISBN: 9781098383497

Book preview

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Copyright © 2021 Anne Gannon

All rights reserved

ISBN: 978-1-09838-348-0

eBook ISBN: 978-1-09838-349-7

No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems, without permission in writing from the author. The only exception is by a reviewer, who may quote short excerpts in a published review.

The information presented herein represents the views of the author as of the date of publication. This book is presented for informational purposes only. Due to the rate at which conditions change, the author reserves the right to alter and update his opinions at any time. While every attempt has been made to verify the information in this book, the author does not assume any responsibility for errors, inaccuracies, or omissions.

Contents

Introduction

Cash Is King

The Recovery Toolkit

1. Forecast

How to Start

2. Accountability

Setting Up Your Scorecard

Setting a Time to Review

3. Improvement Plan

Fixed vs. Variable

Fixed Costs

Focus on the Bottom Line

4. Cash Flow Plan

Check Your Bank Balance!

How to Set a Cash Flow Target

Building a Plan Forward

Introduction

T

his book was born out

of the tremendous challenges faced by the hospitality industry during the Covid-19 pandemic. It’s for all of the restaurant owners and brewers who stood together to come back from the unthinkable. It’s your fight that inspires all of us entrepreneurs, and shows us that bouncing back from any setback is possible.

This is the story of your journey during the COVID-19 pandemic. Looking back now, it is hard to believe, but in the span of seven days in March, the country’s hospitality industry shut down. Completely. As a CPA who specializes in restaurants, I had a unique vantage point to what was really happening. On March 8, I was scheduled to speak at the annual International Restaurant Show in New York City. On March 13, I had an in-person visit with a client located two hours east of Seattle. And by the early morning hours of March 14, as I boarded my red-eye from the Seattle airport, I watched as the international terminal was closed. The airport became vacant. The other passengers and I were fully aware that when we landed on March 14 on the East Coast, shutdown orders were going into effect. City after city announced stay at home orders. Roads were deserted. Families locked themselves inside their houses. And overnight, the nation’s largest employer, the hospitality industry, was on life support.

Not all Americans were personally impacted by the early days of COVID-19 and the related shutdowns. While these governmental actions, necessary to control the spread of the disease, were particularly devastating to business owners, the hospitality industry was front and center. While other businesses could operate remotely, there was no remote option for a bartender who relied on tips, or a business owner who on the best