Boom or Bust? Over 500 Independent Restaurant Owners Voice Their Thoughts on 2017
RestaurantOwner.com released the results of their 2017 Independent Restaurant Outlook Survey. The results summarize input gathered from over 500 independent restaurant owners regarding their restaurant outlook for 2017. The results indicate independent restaurant owners are optimistic about 2017, a theme supported by a majority who plan to grow and invest in their restaurant business in 2017.
Independent restaurant owners are optimistic about 2017. 56% of respondents indicated they are more optimistic now than this time last year. 27% report they feel about the same, and only 17% indicate that they are less optimistic.
For those who report feeling optimistic, over half (51%) attribute it to improved business practices or systems. Interestingly, respondents tended to attribute their optimism to either internal factors (high quality staff, quality of the guest experience, labor costs, improved business practices or systems) or external factors (improving economic conditions, the positive impact of new government policies).
Of those who were not optimistic, over half (55%) attribute their outlook to higher labors costs. Responses tended to cluster into one of three concerns: staffing (high labor costs, staffing challenges), management (quality of our guest experience, lack of effective business practices or systems), or economic (stagnant or worsening economic conditions, negative impact of new governmental policies).
The goals and objectives independent restaurant owners are going to pursue in 2017 reflect optimism. Most (94%) indicate they have two or more goals for 2017. Plans to improve overall profitability, improve staffing, improve internal systems or business practices, or reduce costs were each endorsed by over half of respondents.
Independent restaurant owners' plans for 2017 reflect their optimism. 83% have plans that reflect investing in or growing their restaurant business. Just under half (48%) have plans to make physical improvements.
A copy of the survey results is available at: http://www.restaurantowner.com/Outlook2017/.
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