Technology, quality food and service, and ambience are key for the next generation after Millennials
The next generation of restaurant consumers, who are now in their teens, will demand the non-negotiables of good value, a unique experience and superb food safety, according to an NRA Show panel on Saturday.
“Gen Z will have a huge impact on the global markets and the foodservice industry,” said Abhijeet Jadhav, senior manager of marketing strategy for Georgia-Pacific Professional and moderator of a panel titled “Introducing Generation: The World’s Newest Influential Decision Maker.”
The National Restaurant Association Restaurant, Hotel-Motel Show gets underway on Saturday in Chicago. This year, organizers expect more than 67,000 attendees from more than 100 countries and more than 2,300 exhibitors to participate.
The annual four-day show, which is expected to cover 680,000 square feet at the McCormick Place convention center, will run through Tuesday.
What Are Restaurant Performance Metrics?
Restaurant performance metrics are used to track the success and growth of your restaurant. You want to look at metrics that are easily measurable, directly correlated to performance, and comparable to competitors.
There are a few essential, quantifiable business metrics that every restaurant owner should be paying attention:
Cost per acquisition: The amount of money used to attract a new restaurant guest
Food costs: The total amount you are spending on ingredients and other materials needed for meal prep
Labor costs: The sum of all wages paid to employees, including benefits as well as payroll
Total revenue: The total amount of restaurant sales
Break-even point: The sales amount needed to outweigh your restaurant costs
Profit margin: The total amount you are taking home after hitting your break-even point
Computing these numbers is easy when using business analytics software for your restaurant, but identifying the performance indicators that influence them can be tricky.
Learn how xtraCHEF’s analytics tools can help you identify metrics to grow your business. Reach out for a demo here.
Stop by the Showcase Stage in the heart of Startup Alley to see startups in these fields demo their company’s innovations at 12:00pm each day of the conference.
Does your restaurant have a good restaurant management plan? If you want to know if your restaurant is succeeding, you have to look at your numbers.
If you really want to know what is going on with your key margins profitability and financial condition, you have to look at your numbers. And if you want to be one of those who has been on highly successful operators possess, you need to understand and pay attention to key or critical numbers.
Key or critical numbers gives a sense of how profitable your restaurant is before your accountant will tell you that. This way you are on track, and you can be more proactive when managing your business, and able to identify potential problems on time and solve it.
The restaurant industry is known for passion, inventiveness, hospitality, long hours…and low profit margins. With so many restaurants reluctant to break the bank by spending their limited marketing budgets in the wrong ways, it’s worth taking a closer look at how today’s successful restaurants are budgeting their marketing dollars.
The convenience that technology offers may make us less vigilant about how much we’re buying. Digital ordering also lets companies better track our spending habits, and may lead to increasingly personalized offers that are more likely to catch our attention.
Digital ordering helps you find more of the things you want, but it’s worth understanding the other side of the equation: Sometimes, technology is an opportunity to get you to spend more.
And the methodology is expected to get more sophisticated. Hurst says companies have been collecting massive amounts of data on customer spending habits, and thinks they will find new ways to use that information.
A few words about restaurant technology from our partner Salido and it’s founder Shu Chowdhury.
“If I am going to make a prediction for 2109/2020 I’d really would like to see things move to a more mobile format.”