Restaurants have been found reporting their monthly earnings to be declining for decades now.
It’s definitely not because people have started eating out less but there’s definitely something wrong with your restaurant’s situation.
Truth be told, the National Restaurant’s Association predicts that by year-end 2017, Americans will have burnt through $799 billion eating out, while in 2010 the population just spent $586 billion on eateries.
Furthermore, Americans are spending more at bars and eateries than on daily kitchen goods.
Summing it all up, Americans are eating out more often than before.
In case, you’ve also noticed a change in your routine as you eat out, look into these few reasons that may be causing it:
1. The Modern Restaurant Challenge:
I agree that this issue has been bothering restaurant owners for a few years.
Truth be told, eating out is not as much of a trend as it used to be 5 or 10 years ago. We’ve all observed this changing trend in our eating routines over time.
Top tier restaurants are battling to attract a fair number of customers each year. You’ll get the same kind of reply upon asking any restaurant consultant.
The simple answer they’ll give you would be that “Good is Not Good Enough Anymore”. Which portrays how consumer demands are constantly rising and it is difficult to fulfill their expectations.
2. Falling Behind Greatness:
I heard Tony Robbins portray this impact on business today superior to any other in the market.
He expresses that your business will be compensated 1 stage beneath the nature of its operation.
1. Good restaurants getting poor outcomes
2. Great restaurants get great outcomes
3. Excellent restaurants get awesome outcomes
The odd part is that despite the fact that there is a level above Excellent, those places don’t get astounding outcomes, they get everything.
3. Media Based Economy
What made this bedlam happen? Why eateries that were once great and reliably occupied are not any longer?
Each industry has a media outlet to thank for the new economy or poor outcomes. In our industry, we can express gratitude towards Food Network.
I call this economy the “Media-based Economy.”
The food range brought the best from everywhere throughout the world into our family rooms. However, sadly, it also aided towards the demise of it all.