Question

The topic for the paper I need assistance on is the long term effects of the coronavirus on business and society.

A large number of businesses have closed, unemployment claims have risen to an all-time high, the US stock markets have tumbled in a manner not seen since the great depression, and all this is happening just a few months after we saw the economy achieve a series of all-time low unemployment records for different groups along with all-time high stock market averages.

With all these things in mind, my assignment is to select an industry that is of interest to you and then write a short essay on the changes that you believe will take place in that industry, its firms, the operating procedures of firms and possibly also in available jobs and job requirements. I was thinking small restaurant business industry,

I need assistance with this 500-word essay. Thank you!

Answer 1

Small restaurant business industry

A small restaurant need to operate with a very high proportion of fixed operating expenses such as rent of the space, salary to fixed labor, delivery agents which makes our business very high-risk even in case of moderate revenue fluctuations. One such fluctuation is corona virus due to which the industry is hit very bad due to tough competition from the franchisee model it is very tough to make a new place in a market with a fixed set of rules in preparation of food and delivery to a proper person at correct time.

Restaurants have a cultural imprint on what it means to be alive. Restaurants are this place of connection and community and excitement and decadence that is very powerful. That was most pronounced in the last decade. To have them shuttered now and then shackled when they come out of it, I think it will be very difficult to bring that back. People would go on to celebrate promotion, and other small functions in a digital way as the number of gathering would reduce it would reduce the business this would lead to loss of potential customers.

Few restaurants goes into relationships with some farmers where they sort of building the business with them, through Closures of social gathering would cause a ripple effect among related industries such as food production, liquor, wine, and beer production, food and beverage shipping, fishing, and farming.

There would be an increase in the market of ready to good food which also poses a challenge to this industry.As people are preferring to Cook at Home: Every disaster carries with it the seeds of opportunity. There may be renewed interest in slow food, as something to be savoured and created in personalised ways. People are already showing huge interest in sharing recipes, cooking tips and pictures of homecooked meals on social media. This can be harnessed to create businesses.

The notoriously price-sensitive consumers may finally become more mindful of quality ingredients grown in safe and sustainable ways, cooked by well-trained staff and served in hygienic conditions. This means the cost of food in a restaurant may go up, and restaurants may find it harder to compete on price alone. Many restaurants may in fact shut as people tighten their belts, reduce discretionary spend and cut down on the frequency of eating out.

The world, politically and economically, may lean towards more barriers or mutual cooperation The restaurateurs would provide higher quality food cooked in cloud kitchens and delivered to the comfort of homes. This trend is likely to pick up when the novel coronavirus retreats. This entails lower costs and more business per square foot, and chefs and restaurateurs will be looking to capitalise on it. The people would start consuming nutritious food to boot their immune system people would take care of their health and become conscious about their eating habits also the people may reduce the consumption of meat in their regular diet in fear of any other zoonotic disease.