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Operating a restaurant has never been easy, but it has become even more challenging in recent years. 2020 was especially difficult for the restaurant industry due to the Covid-19 pandemic. As a result of restrictions imposed to curb the spread of the virus, the once-bustling industry ground to a halt.
In its 2022 State of the Restaurant Industry report, the National Restaurant Association in the US said that the industry would likely never return to its pre-pandemic state.
The pandemic caused a considerable decline in the number of restaurants in the country, with many shutting down permanently due to the economic hardship brought on by the global situation.
A similar study from Technomic, a restaurant research firm, also shows approximately 631,000 restaurants in the United States in 2022, a significant decrease of about 72,000 from the previous year. Those that managed to survive were forced to adapt their business models to meet the new demands of the market. The industry’s ability to bounce back from the crisis depends on how quickly the economy recovers and how well restaurants adapt to the new normal.
Navigating economic uncertainty in the new normal
Fortunately, restaurant owners need not tread the path of economic recovery on their own.
With their proven track record of making a significant difference in restaurants across the United States, The Largo Group has made their mark in revolutionizing financial planning across the industry. In fact, 95% of their clients survived COVID-related shutdowns, and they have helped businesses sustain and succeed in the volatile business sector.
The Largo Group’s accounting approach focuses on providing clients with up-to-date and accurate financial information, allowing them to make informed decisions and adapt their business strategies as needed. Emphasizing providing clients with the tools and information they need to succeed has helped businesses weather the challenges of the pandemic, demonstrating their approach’s effectiveness. As a result, The Largo Group has become a trusted partner for businesses seeking to navigate the uncertainties of the current economic climate.
“At our company, we are passionate about our mission to empower business owners by providing them with the tools and information they need to take control of their finances. Our goal is to help our clients make better daily decisions and build long-term sustainable growth. We strive to be more than just accountants; we aim to be a trusted partner and an extension of our clients’ businesses,” founder Anne Gannon said.
Methodical approach to business success
The company’s name, Largo, which means methodical in musical terms, reflects their approach to providing innovative and rewarding accounting and tax services.
The company’s self-developed accounting model has been instrumental in helping their clients survive the COVID-related shutdowns that have impacted the country. By providing clients with real-time financial information, The Largo Group empowers business owners to finally take control of their finances.
In addition to their accounting and tax services, Largo has developed four key tools specifically designed to help those in the hospitality industry find a more distinct and action-driven path to profit.
The Largo Group’s unwavering commitment to supporting the hospitality industry has driven their business’ success. Drawing on years of experience immersed in the sector, the firm has developed unparalleled expertise and tools to help business owners navigate their unique challenges.
#1 bookkeeping method for business owners
The Largo Group is a highly specialized firm that provides invaluable support and expertise to clients in the hospitality industry. Their team is comprised of experienced accountants and industry experts who collectively possess over 30 years of knowledge and experience in this field. This wealth of knowledge has positioned The Largo Group as a trusted partner for restaurant business owners who seek customized solutions for their specific needs.
The Largo Group’s commitment to providing tailored support and resources has earned them a reputation for excellence in the hospitality industry. They are dedicated to helping their clients achieve sustainable, long-term growth by offering comprehensive services that address their unique challenges and goals. As a result, their weekly accounting model has become the go-to bookkeeping method for business owners in the sector.
By leveraging their deep understanding of the hospitality industry, The Largo Group is able to provide invaluable insights and support to their clients. They understand the intricacies of managing and growing a restaurant business, and their expertise can help clients overcome challenges and capitalize on opportunities. With The Largo Group as their partner, restaurant owners can be confident in their ability to navigate the complexities of the industry and achieve their business goals.
