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Restaurant operators face high startup costs, lingering inflation, wavering employment levels, and increased competition. When met with a challenge, however, restaurant owners are quick to adapt.
Looking ahead, innovation and expansion are key. Many restaurant owners are experimenting with new goods and services, such as subscriptions, merchandise, and classes, and are using new technology and tools to get there. Square surveyed restaurant owners across the U.S., Canada, the UK, and Australia to uncover what’s propelling restaurants across the globe and what restaurant owners still need to help them accomplish their goals in 2024.
Restaurant owners are optimistic and ready to scale.
The majority (80%) of global restaurant owners surveyed are more optimistic about the future of their business compared to 12 months ago. One hundred per cent of respondents plan to expand their restaurant businesses this year through specific strategies, like diverse revenue streams that appeal to evolving consumer interests.
Regions across the globe face unique hurdles.
To reach their goals, restaurants in different regions face unique challenges to stay competitive. Whether they’re maintaining customer interest, navigating new supply chains, or dealing with ongoing staffing challenges, restaurants are pivoting to address particular constraints.
Automation is powering restaurant resilience.
Various automation and technology use cases are helping every restaurant fill critical gaps when they’re not fully staffed. 100% of restaurant owners reported that automation and technology have improved their businesses, and they’re using them in new, innovative ways to drive success. Another 54% plan to increase their spending on certain technology and automation tools in 2024.
Inside the Future of Restaurants report you’ll find:
- How restaurant owners plan to stay competitive in 2024.
- What drives customers to the restaurants they visit and what encourages them to come back.
- How restaurants are using technology to their advantage and what tools restaurant owners need to better understand their customers and thrive in a competitive market.
Read on for deeper insights into what’s coming next and learn how businesses across the globe are positioning for success in 2024.
