The restaurant industry has been struggling since the start of the pandemic. More than 110,000 American eateries closed in 2020 alone. Lockdowns and restrictions made it harder for restaurants to operate, but as things get back to normal, a new restaurant customer satisfaction survey found that restaurants aren't out of the woods yet.
The latest Restaurant Industry Guest Satisfaction & Opinions Report shows that food establishments face another challenge: declining guest satisfaction.
Financial red alerts can quickly lead to closure and bankruptcy. The restaurant industry is one where even the slightest red alert going unresolved can lead to disaster. Restaurant profit margins are often very tight, so it can be difficult to overcome some of the financial issues if they persist too long.
Average bar revenue varies from one establishment to the next, but there's one thing that can boost average bar profit margins - proper management. Bar sales offer a higher profit margin than food sales at restaurants, and there's little overhead involved in the operation.
If you want to know how to make a bar successful, there are a few ways to increase profit.
The catering industry is worth $52.3 billion, and 64% of that goes to a restaurant catering. People are now spending more money on restaurants than groceries, so that figure will only increase in the coming years.
If you haven’t done so already, now is the time to add catering to your restaurant’s list of services.