Restaurant365 right this moment launched findings from its midyear industry survey. Restaurant leaders representing almost 3,700 QSR, quick informal, informal eating, and nice eating areas shared 2024’s high challenges and alternatives alongside plans for funding in back-of-house know-how, elevated gross sales, and staff coaching, advantages, and assist.
2024 By the Numbers
Individuals reported continued meals and labor value will increase with slight shifts in comparison with the top of 2023. Thus far this yr, 80% mentioned labor prices elevated, with 64% noting it at 1% to five%. These totals are down from the top of 2023 when 89% mentioned labor prices elevated, with 54% reporting 1% to five%. In the meantime, 80% of operators mentioned meals prices are up, with 51% saying 1% to five% and 40% placing the rise at 6% to 14%.
potential high challenges for the remainder of the yr, 38% recognized gross sales as the highest concern, 24% mentioned recruiting and retaining employees, 18% mentioned labor prices, and 16% mentioned meals prices.
Whereas gross sales have been a priority, 49% of restaurant leaders reported elevated gross sales in 2024, and 34% reported a drop.
The Remainder of 2024
With restaurant leaders anticipating challenges, many are adjusting priorities to protect profitability and develop income.
“After greater than a decade of constructing know-how to assist eating places thrive, we have seen many cycles of the trade and understand how resilient restaurant leaders are adjusting to adjustments in market dynamics,” mentioned Restaurant365 CEO and Co-founder Tony Smith. “We’re dedicated to investing in our product to supply the useful instruments they should turn into the worthwhile and profitable restaurant of tomorrow.”
Because the panorama adjustments, 39% of leaders mentioned they’re prioritizing investments in gross sales, advertising and marketing, and associated applied sciences for the remainder of 2024. One other 37% are targeted on employees enhancements, together with extra coaching, recruitment, salaries, and different advantages.
With a heightened deal with staff coaching, operators are additionally trying to revamp how they talent up groups. Greater than 55% of respondents mentioned workers spend one to 2 hours per week coaching. The most important proportion, 40%, depend on shoulder-to-shoulder coaching. Solely 18% of survey respondents mentioned they used any type of digital or cellular coaching.
On the similar time, restaurant leaders proceed to discover methods to generate extra income whereas chopping Prime Price. 37% mentioned they’re increasing catering operations. One other 25% mentioned they have been investing in particular occasions and one-off promotions, and 24% mentioned they have been prioritizing takeout and supply operations.
Lastly, restaurant leaders are doubling down on sustainability as an funding of their enterprise and the longer term. Greater than 68% reported implementing sustainability practices. Greater than 39% mentioned they targeted on meals waste monitoring, 21% are investing in improved forecasting to optimize ordering, and 16% are enhancing coaching to forestall employee-level waste.
