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Running a restaurant is the holy grail for anyone with an entrepreneurial dream. It’s just a performance! The restaurant industry brings together creativity, talent, attention to detail and a passion for food and people in the most exciting way.
Behind the scenes, however, was a different story. Restaurateurs know exactly how complex and complex every aspect of running a restaurant business can be. From permits to locations, budgets, staffing, inventory, menu planning, marketing and billing, invoicing, invoicing, not to mention paper cutting. Then, of course, there is the “secret sauce” that needs to be tweaked to keep attracting people so that the business remains profitable in the long run.
In 2020, the pandemic has created problems for restaurants. While thousands of businesses across the country were forced to close, those that survived were under enormous financial pressure and had to find new ways to survive. Two years later, the situation is still difficult. In addition to the residual effects of COVID-19, restaurateurs are facing inflation, supply chain crises, food and labor shortages.
As costs rise across the board, including wages, restaurants have also been forced to raise prices, which could eventually lead to them putting themselves out of business. There is a new sense of hope in this industry. The current crisis creates opportunities for us to reinvent and transform. New trends, new ideas and revolutionary ways of doing business and attracting customers will help restaurants stay profitable and stay afloat. In fact, I have my own predictions for what 2023 could bring to the restaurant industry.
Technology is enabling restaurateurs to do what they do best, which is people-centric. According to a recent report cited by the Food Institute, 75% of restaurant operators are likely to adopt new technology next year, and this number will rise to 85% among fine dining restaurants. There will also be a more comprehensive approach in the future.
The tech stack includes everything from POS to digital kitchen boards, inventory and pricing management to third party ordering, which really allows the different parts to interact with each other and integrate seamlessly. Technology also allows restaurants to adapt to new trends and differentiate themselves. It will be at the forefront of how restaurants will reimagine themselves in the future.
There are already restaurants using artificial intelligence and robotics in key areas of the kitchen. Believe it or not, one of my own restaurants uses sushi robots to automate various parts of the kitchen process. We are likely to see more automation in all aspects of restaurant operation. Waiter robots? We doubt it. Contrary to popular belief, robot waiters will not save anyone time or money.
After the pandemic, restaurateurs face the question: what do customers really want? Is it delivery? Is it a dinner experience? Or is it something completely different that doesn’t even exist? How can restaurants remain profitable while meeting customer demand?
The goal of any successful restaurant is to maximize revenue and minimize costs. It is clear that outdoor sales are a significant contributor, with fast food delivery and catering outpacing traditional full-service restaurants. The pandemic has accelerated trends such as the growth of fast casual and demand for delivery services. Even after the pandemic, demand for online food ordering and delivery services has remained strong. In fact, customers now expect restaurants to offer this as the norm rather than the exception.
There is a lot of rethinking and rethinking of how restaurants intend to make money. We will see a constant increase in ghost and virtual kitchens, innovations in how restaurants deliver food, and now they can even improve the quality of home cooking. We will see that the job of the restaurant industry is to serve delicious food to hungry customers wherever they are, not in a physical location or dining hall.
Resilience can manifest itself in different ways. From fast food chains under pressure from plant-based and vegan options to upscale restaurants recreating signature dishes with plant-based ingredients. Restaurants are also likely to continue to see customers who genuinely care about where their ingredients come from and are willing to pay more for ethical and sustainable products. So incorporating sustainability into your mission can be a key differentiator and justify higher prices.
Restaurant operations have also been affected, with many in the industry advocating zero waste, which in turn lowers some costs. Restaurants will see sustainability as a strong move, not only for the environment and the health of their patrons, but also for increasing profitability.
These are just three areas where we will see significant changes in the restaurant industry in the coming year. There will be more. Restaurateurs can stay competitive by increasing their workforce. We firmly believe that we do not have a labor shortage, but a talent shortage.
Customers remember good service and this is often the reason one restaurant stays popular while another fails. It is important to remember that the restaurant industry is a people-oriented business. What technology is doing to improve this business is giving you back your time so you can give people quality time. Destruction is always on the horizon. It’s good for everyone in the restaurant industry to know and plan ahead for what’s coming next.
Bo Davis and Roy Phillips are the co-founders of MarginEdge, the leading restaurant management and bill payment platform. Using best-in-class technology to eliminate wasted paperwork and streamline operational data flow, MarginEdge is reimagining the back office and freeing up restaurants to spend more time on their culinary offerings and customer service. CEO Bo Davis also has extensive experience as a restaurateur. Prior to launching MarginEdge, he was the founder of Wasabi, a group of conveyor belt sushi restaurants currently operating in Washington DC and Boston.
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