Episode 068 | Overcoming Challenges and Embracing Opportunity for the Retail & Consumer Industry

The past few years have not been easy for the retail and consumer industry with pandemic shortages and restrictions, rising inflation and a changing workforce. However, the landscape is actually starting to look up again, with profit margins creeping back to pre-pandemic levels and opportunities in technology, hiring and business strategies on the horizon. 

 In this episode of The Wrap, our hosts are joined by Warren Averett’s Retail & Consumer Industry Group leader Branden Crosby, CPA, CGMA, and Charles Bailey, CPA, to discuss the current state of the industry and what business leaders can do to plan for future success. 

In this episode, you’ll hear:

• Specifics about how inflation is directly affecting prices 
• About the changing retail workforce and why it’s getting older
• How technology such as AI can help restaurant owners monitor the flow of customers and make their business models more efficient
• Information about beneficial ownership reporting and how it will affect most business beginning January 1, 2024
• The definition of a beneficial owner

Resources for additional information:

• Blog: What Is Beneficial Ownership Reporting? (And Other FAQs About Compliance)
• Blog: 10 Restaurant Metrics to Monitor for Financial Success
• Blog: 4 Things To Do Before You Set Long-Term Business Goals
• Blog: 7 Restaurant Finance Best Practices for Increasing Cash Flow
• Podcast: Making the Most of Your Staffing and Recruiting Efforts
• Podcast: Employee Retention and Recruiting in Today’s Competitive Environment
• Blog: How To Interpret a Restaurant Chart of Accounts for Valuable Insights
• Blog: Restaurant Industry Trends for 2023 (And How To Respond to Them)