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Impact of COVID-19 on the Profitability of Restaurants

By:

Sajun Shrestha

Satchit Rajbanshi

Siddharth Phuyal

Nikhil Shrestha

Joshua Vikram Pradhan

Date: 15th June, 2021

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Introduction

The hospitality sector is globally known as one of the most crucial sectors in the tourism

industry. Along with the potential and impact the hospitality industry can have on the

economy, it also has attached with it a high vulnerability to various issues that arise from the

external environment, such as natural disasters, economic recessions, and disease outbreaks

which can lead to the industry bearing losses (Kim et. al, 2020). With the rise of COVID-19

cases, the restaurant industry was one of the highly affected industries which had already

reported difficulties in paying the bills as the liquidity problem in restaurants was reported at

72% (Gossling et. al, 2020).

According to Poudel (2018), hotels and restaurants cover more than 50% of the hospitality

business in Nepal. This means that hotels and restaurants play a vital role in providing

employment for thousands of people and contribute highly to the national economy. With the

prevailing COVID-19 situation and its subsequent impact on Nepal, it has become crucial to

study the impact COVID-19 has had on the hospitality sector. Although other research has

been carried out to study the impact COVID-19 has had on the whole hospitality industry,

little focus has been provided on studying its impact on the restaurant business specifically.

Hence, in this study, the focus will be given to the impact that COVID-19 has on the

restaurants of Kathmandu.

Research Problem

With the increasing cases of COVID-19 infected people, the impact has clearly been seen in

the employees’ behaviour to work, businesses view on employees, and their services.

According to Upadhyaya (2020), more than 300,000 workers in the hospitality industry of

Nepal lost their jobs and more than 30% of the workers had to return to their home.

Furthermore, 80% of those leaving the Kathmandu valley were women (Upadhyaya, 2020).
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As the severity of COVID-19 has not been able to be reduced, there is doubt if such workers

will return to their work after the lockdown is ended or when the situation gets back to

normal. This results in the dire need of understanding how this would impact the business and

its profitability once their management decides to resume their operations. To add on the

sustainability of profitability in the business, the majority of the employers have discussed

reducing the number of employees, such as Yeti Airlines reducing almost 50% of their

employees (Upadhyaya, 2020). Hence, it has become crucial to understand the perspective of

the management in terms of retention, onboarding and offboarding of employees.

Research Gap

Previous studies have been conducted by different researchers on the related topics such as

Gossling et. al (2020) on assessment of COVID-19 on tourism, Dube et. al (2020) on impact

of COVID-19 on global restaurant and hospitality industry, and Lama (2020) on the

existential crisis of restaurants business due to COVID-19. However, these studies have

focused on the issue on a broader scale and hence, the focus was not given to the restaurant

industry in particular. Likewise, such research has taken different locations into consideration

and hence, such findings might not be held relevant for Nepalese restaurant economy.

Furthermore, lack of research done on the Nepalese restaurant industry has led the concerned

authority to depend on the secondary data based on the research done in different locations,

thus impacting the level of relevancy and appropriateness based on the available data.

Research Aim

The aim of this research is to assess the impact COVID-19 has had on the profitability of the

restaurant industry in Kathmandu.

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Research Objectives

Given the significant impact COVID-19 has had on the hospitality industry as a whole,

businesses everywhere are facing challenges and existential crises. Ojha (2020) mentioned

that many restaurant businesses are trying to sell their businesses in order to pay their rents

and debts, while others are willing to sell their businesses because they can not sustain the

business any longer. Furthermore, Ojha (2020) writes that many businesses had to be

permanently closed in Thamel, which is considered to be Kathmandu’s tourist hub.

The objective of this research is to assess more about the restaurant business that are still

under operation within Kathmandu city. This research seeks to find how the restaurant

business has been able to manage its profitability by managing four key aspects of business,

i.e., inventory management, staff management, workplace ethics and sanitization, and

pandemic survival strategies. The scope includes how the restaurant business handles (i)

inventory, such as managing food stock, maintaining healthy relationships with the suppliers,

etc., (ii) staff, such as handling employees’ salaries, retention and turnover intentions, etc.,

(iii) safety measures, such as measures taken to prevent the transmission of COVID-19 on the

premises and among the employees, and (iv) strategies to adapt to the ongoing crisis, such as

social media marketing, delivery services, collaboration with various agencies, etc.

Research objectives are nothing but aim broken into different specific statement. What are the

specific things or phenomenon of your concern to analyse impact of covid on profitability of

restaurant. Use action verbs such as:

To analsye..

To study..

To find out
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To investigate…

And so on.

Besides the objectives, the introduction is well written. However, most of the cited works are

not in reference section: this might cause the issue of plagiarism to rise.

Marks: 60 percent.

Literature review

As the conceptual framework (fig. 1) of the research suggested, the dependent variable of this

research will be about how the profitability of the restaurants will get affected by the COVID

pandemic. The supportive independent variables will be inventory management, workplace

ethics and sanitization, staff management, and pandemic survival strategies. This research

will mainly focus on these four factors and how they directly or indirectly affect the revenue

of restaurants.

It is better to discuss, in brief, some theories or academic model to account the profitability of

the restaurant and justify your themes. Here, you have no justification for themes discussed

below. Why only these factors, why not others? To answer this, you need academic models or

the literature to justify the variables.

Inventory Management

The main objective of inventory management is linked with overstocking or understocking

(Sitienei and Memba, 2016). In every firm, inventory management is critical. Any inefficient

inventory management system will result in delivery delays, customer loss, and sales and
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production chaos. Inventory management approaches, according to Wanke (2000), are a

function of product, operational, and demand-related variables such as delivery time,

obsolescence, sales coefficient of variation, and inventory turnover.

Inventory management is dependent on the relationship with suppliers. For smooth operation

of the restaurant business, it is very essential to have a warm and cordial relationship with the

suppliers. Both the restaurant owners and suppliers benefit from this relationship (Wallin et

al., 2006). At times of COVID-19, the hotel industry, tourism sector, restaurant business and

food service business have experienced the hardest hit. The sales have substantially declined

due to travel restrictions. There are three thousand registered restaurants in Nepal employing

more than 60,000 people (Lama, 2020). A majority of them have been rendered jobless by the

pandemic. According to Lama (2020), doing 50 percent sales of pre-COVID-19 levels is

satisfactory in a situation like this. Among many things, the restaurants need to think about

inventory management. They should not order excess inventory to prevent wastage.

According to Lazar (2020), the food and beverage industry has to face excess inventory

problems during COVID-19 to the extent never seen before. COVID-19 challenged the

dynamics of the supply chain. The equilibrium that existed before COVID-19 has been

severely disturbed.

For proper inventory management, the restaurants can remove some of the items from their

menu and focus on delivering the most sought-after and popular food items in order to

increase efficiency and thereby generate stable revenue (Ma et al.,2021). Instead of throwing

away, the perishable food items can be donated to the local food bank (Hudak et al.,2020).

Many workers, laborers, and other people who have been jobless by the pandemic may be in

dire need of food. The food can be donated to such people which helps to promote social

status and recognition of the restaurant (Goddard, 2020). Many employees are losing their
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livelihood. So, the excess and unsold inventory can be donated to such employees. Next, the

restaurant can join hands with social organizations to distribute food in the community to

hungry people (Martino et al., 2021). After the lockdown period is over, the restaurants can

be opened and inventory can be ordered pertaining to the number of orders online and offline.

Still, it will take time to achieve sales of pre-covid levels. Keeping this in mind, the purchase

of inventory should be assessed more to get a clear understanding of how the restaurants

manage their stock.

This section is more focused on what is inventory and how to manage this. But, remember

you are writing review section. Of course, initially you will try to explain what this is all

about but always. The focus should be on accounting research findings about how inventory

affects the profitability specially during pandemic.

The nature is descriptive, I can’t see your opinion about the papers you are reviewing here.

Similar about comparing the earlier findings.

Staff management

According to Hall (2010) and Kim et al. (2020), the hospitality and tourism sector is highly

vulnerable to crises which often lead to huge financial losses and one of the worst affected

industries is the restaurant business (Gossling et al., 2020). To minimize the losses faced by

the restaurant, staff management can be considered as an important agenda. Many of the

restaurants were on the brink of shutdown while other restaurants opted to lay off the

employees to deal with the losses which occurred in the pandemic (Caroll, 2020; Dube et al.,

2020) as the flow of revenue was barely sufficient for the restaurant to function properly.
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According to the findings of Insync (2012), Laying off the employees can have a negative

impact on the profitability. If an employee needs to be replaced, the new employee may

demand a higher salary. Once a new employee joins the team, it will take some time for the

employee to adjust to the new working environment. The impact of this change on

profitability will be reflected in sales as it can take a huge amount of time for the new

employee to generate the same revenue as an old employee would have (Insync, 2012). The

restaurant also reduced the pay of the employees to ensure the smooth functioning of the

restaurant.

Due to the reduced paycheck, many employees felt a need to change their profession as they

were not able to sustain themselves with the reduced paycheck. Reisel et al. (2010) state that

job security is considered to be the most stressful moment in the career of an employee.

When job insecurity increased, it encouraged the development of turnover intentions as

employees considered it to be one of the most effective methods to deal with the pressure

caused by the uncertainty of job retention (Artz et al., 2014). According to the research

conducted by Taleo (2009), when the employees are fully engaged in their tasks,

organizations earn 26% higher revenue and 13% return were given to the shareholders. Harter

et al. (2002) mentioned that the top businesses for employee engagement produced 4% value

in profitability. The research which was conducted by Perrin (2003) mentioned that the high

engagement of an employee is directly proportional to the revenue growth of a company.

Herscovitch and Meyer (2002) conveyed their idea that the changes in the organization might

instill fear among the employees as the employees are not certain about how the changes are

going to affect them. The organizational changes reduced the degree of job satisfaction and

job motivation of the employees at work if the employee perceived the changes as unfair

(Schouteten et al., 2013). The working methods need to be changed completely keeping the

safety measurements in mind, the employees have to be flexible in order to cope with the
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ongoing changes. During a crisis, the communication pattern should be changed in order for

the restaurant to have higher transparency and pinpoint employee messaging.

The most important role is to maintain relations with the employees as they are the backbone

of the business (Frenkel et al., 2015). According to Nonaka and Takeuchi (2017), the

organizations are mainly focusing on management of the staff. Employee awareness can be

considered as a precious entity to achieve an advantage in the competitive market (Grant,

2015). Every employee has specific duties which together comprise the objective of running

the restaurant business and contribute to the revenue growth of the restaurant as a whole.

According to Meso and Smith (2012) ,the employees should be aware about the new safety

policies, procedures, culture and structure to be followed during the crisis in order for the

restaurant to function smoothly. These changes will boost the morale of the workers and will

help the restaurant to generate more revenue as the employees will become more focused and

dedicated to the goal of the restaurant, which is to satisfy the customers.

This section is good. However, again, it is all but critical. Descriptive reflection of earlier

studies is not a good way to write the review. Try to incorporate areas of agreements,

disagreements amongst researchers and compare their findings with your own view about

their paper.
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Fig. 1: Conceptual framework

Workplace ethics and sanitization

The novel Coronavirus is transmitted from person to person (WHO, 2018). The SARS-Cov-2

virus spreads from an infected person’s mouth or nose to liquid, particularly when they

cough, sneeze, speak or breath. Current evidence has shown that the virus spreads mainly

between people who are in close contact. For the safety of the employees, they need to check

the temperature upon arrival at the workplace, and maintain social distance of at least 6 feet

apart. Physical barriers such as glass or plastic windows should be used while dealing with

each other, using PPE in the workplace (CDC, 2020). Central disease control and prevention

recommendations outline key steps that employees and workers can take to help prevent and
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reduce the spread of COVID-19 and support continuity of essential operations if workers are

diagnosed with or exposed to COVID-19 (Center for Food Safety and Applied Nutrition,

2020). They should minimize the number of staff at the workplace and replace face-to-face

with online meetings (Moscrop, 2020), so in the restaurant business, the service can be

replaced with online food service and online food delivery. Customers must also take

precautions to avoid being infected by the virus.Until vaccinated, it is better not to do any

activities that relate to public gathering and public contact. The best way to protect yourself

from the COVID-19 virus is to get a COVID-19 vaccine fully (Mayo Clinic, 2021).

Traveling can increase the spread of COVID-19 and put you in danger of getting the disease.

So, visiting cafés may be unsafe in current circumstances, yet after inoculation, it tends to be

standardized (Fishman, 2020). Kivi and Shogren (2010) found that food safety ambiguity

could impact consumer purchasing decisions. Food safety trust has also been linked to where

food is prepared. So restaurants have to take precautions as approximately 48 million people

get sick from food borne diseases (CDC, 2018). Because of travel and food safety, sales and

the profit of the restaurant are hampered. The virus has the ability to land on a variety of

surfaces (CDC, 2020).Cleaning and disinfecting surfaces reduces the risk of infection.

Displaying alcohol-based hand rub and tissues will also aid in reducing COVID-19

contamination (WHO, 2020).If there is space, arrange seats so that people are at least 1 meter

apart. As the customer sees the effort by the restaurant to build food safety and hygiene,

business will gain the customers' trust, so people will be encouraged to visit restaurants and

dine out in restaurants. Because of the current situation, businesses need to come up with new

business strategies for their survival.

Similar comments as inventory management.

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Survival Strategies

Gopinath (2020) states that the COVID-19 pandemic has brought a global economic and

financial crisis that outranks the great economic depression of the United States of 2008-

2010. By this, we can say that the pandemic has brought with it a dire situation in which the

hospitality sector, as well as all other sectors, will face a great financial crisis. Seeing this, the

industry must come up with strategies to survive, reduce the fear created by this pandemic,

minimize the damage done and look for ways to improve their financial conditions. These

losses can affect business both in the short term and the long term. Companies will need to

come up with new strategies to cover up the losses that they have to bear. Kizildag (2015)

suggests that previous records should be reviewed for operating performance, earnings,

liquidity and strategies during this time of low demand. Restaurants must also consider

sanitary, health, and safety issues, as these will have a significant impact on both employees

and customers. This will help workers and customers to feel safer and more confident.

Strategies such as operation stabilization, financial re-emergence, revenue generation, coping

mechanisms for employment structure for the affected labor force and market or rebranding

policies should be considered at this moment (Mair et. al., 2016; Campiranon and Scott,

2014).

During this crisis, the reduction of costs in any area should be taken into consideration.

According to Madanoglu et al. (2019), the goal is to reduce the cost of food and beverages.

Cost reduction strategies in which restaurants can review their menus and the cost of food

items, their food suppliers and their vendors are another area where they can look into cutting

costs. A more effective storage solution will be needed and an effective employee training

program will be needed as this will result in a more effective workforce with fewer mistakes

and a higher quality of service. Some other ways to reduce costs could be to reduce their
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investment in promotion campaigns and advertisements (Value Today, 2020). Controlling

operational costs rather than cutting is another method that can be used as food and beverage

costs could get more expensive in the hands of a careless person. The proper management of

these items and proportion control should be looked into.

Besides all the cost control, the budget itself also needs to be controlled by the top tier of

management. The necessary expenses must be paid beforehand so as to not drag out the

expenses and lose the vendors or any other business connections. Another could be to look

out for potential costs that might arise throughout the year (Israeli, 2007).

Similar to cost control, revenue management or enhancement strategies need to be

implemented as well (Yost et al. 2021). They further state that this is the time for restaurants

to improve their quality of service and food should focus more on sanitization. A method of

sales where they can give out discounted prices or promo codes for online delivery. Other

additional strategies, like family packs or even buy one, get one free promotion methods, can

be used for revenue generation. Food that boosts immunity can be added to the menu, and the

delivery system should be adjusted to accommodate the time frame so that people get their

food on time.

This will also affect workers. Their motivation and health will be at risk as they will risk their

health because of their working hours. A boost in morale will be needed as a form of

monetary or any other means. Because the labor force is a top priority in the service sector,

the well-being of businesses will result in the success of businesses.These are some of the

restaurant industry's pandemic survival strategies.

Descriptive account of review.

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Overall comments:

The introduction is written in good way: well-presented research background, problem,

motivation, and gap.

The research aim is food but objectives. Objectives are to be written in points not paragraph:

4 to 5 objectives to fulfill your aim.

The review section is mostly descriptive. Make it more critical in nature. Don’t spare a

paragraph for a study. The major objective of review is to provide your view regarding earlier

studies and their findings than simply reproducing their findings.

Organization of the paper is good.

Referencing is the issue; you have a lot of cited works but references. Every cited paper has

to be referenced properly and vice versa.

Marks:

Introduction:

60 percent

Review: 65 percent

Referencing: 50 percent

Overall: 62 percent.
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