Extensive marketing, restaurant remodeling and improvement on equipments top the list of things that restaurants would want to spend on this year.
Nation’s Restaurant News’ Restaurant Operator’s Survey recently released a report on how they made a poll of over 150 restaurants across the U.S. to check on the things that restaurateurs have prioritized for their budget plans in 2012. The results were quite as expected—27% wants to spend more on their restaurant’s marketing initiatives, 24% plans to invest on restaurant remodeling—both exterior and interior, while 21% intends to upgrade their curarent restaurant equipments.
When asked how their marketing allocations are distributed, respondents shared that social media takes up most of their marketing outlines this year, with it getting 47% percent vote as the most vital aspect of their restaurants’ marketing campaigns in 2012. This was followed by in-store promotions, having gotten a 28% vote, trailed by local market TV at 11%, national cable TV at 8%, and radio ads at 7%.
As for staffing, 51% of the surveyed restaurateurs intend to keep the number of staff that they have on the same level, some of which wear outstanding bib aprons, while 38% said they plan to hire more. Only 11% said that they will cut their labor force this year.
Such findings are deemed important by other restaurant operators as they compare the results with what they have planned out for themselves this year.
Restaurant budget planning, as we all know, is crucial to the success of a restaurant business. With so many obligations and responsibilities required in running a restaurant, some operators fall into the trap of overlooking important administrative tasks, inadvertently putting the entire business at risk.
But those who know better realize that an annual budget planning is one of the most important factors that affect a restaurant’s profitability and success.
Indeed, running a restaurant without a concrete budget plan for the entire year is hazardous to a restaurateur’s entire operations. He may have a competent staff in smart bib aprons, an excellent menu and a seemingly booming business, but without a clear insight into the profit and loss aspect of the business’ books, the company can still very well run into the ground despite its appearance of success. A clear-cut annual financial plan can prevent chefs from going overboard on kitchen expenses, bar managers from stashing too much liquor, and supervisors from over-paying employees.
So take it from the majority – marketing, remodeling and equipment upgrade might be just as important to you, too.