Being prepared for market changes is essential to growing your restaurant. The economic health of an area can often determine the demand for restaurant services. If households have more money, they’ll eat out a lot more. According to the National Restaurant Association, 2019 will see continue sales growth. Restaurant owners should expect to face significant challenges in staffing. To meet consumer demands, they will likely also need to update their technological strategies.
Restaurant owners have a lot of potential. Innovation is also needed in some areas. Consider alternative methods of lending and financing to help your business grow. Take a look at the four trends driving this need for funding.
1. Remodeling
Restaurants are undergoing a lot of renovations. Businesses are updating their spaces to cater for the digitally-focused consumer. You might want to incorporate elements of fast-casual eating into your design. This could include minimalist concepts. Another issue is to try to meet operator requests for renovation. It is obvious that there is a need for upgrading.
It is important to create spaces that are visually appealing. In a Forbes article detailing an interview with Jason Clampet, an industry expert, the trend toward spaces specifically designed for Instagram users was highlighted. The dining experience is now a shared one. Restaurants can capitalize on this trend by designing their menus to appeal to social media users.
You can finance your remodeling needs with a financing program. Short-term loans can be used for everything from small changes to major overhauls. If you are waiting for a traditional large-scale business loan, you may not get the money you need.
2. Menu Upgrades
Farm-to-table offerings and internationally-diverse menus are becoming the new normal. Retail sales of plant-based products that directly replace animal foods grew by 17 between August 2017 and August 2018.
The demand for new menu items, and in general an upgraded menu is a serious issue. The cost of making major changes and the time it takes to learn from mistakes can be high. Working capital loans can provide flexible financing that allows you to tweak your menu without risking your restaurant’s future.
3. Service Expansion
A Windstream Enterprise report found that 38% of all dining trips involve some form of mobile device. Digital technologies are changing the way people interact with restaurant. Restaurants can now change the way they engage and attract customers. As an example, 20 percent of customers pre-order their food before entering the restaurant.
Investing into technology, new staff or operational tactics will help you to offer new services. This can help you grow your restaurant. These changes are easier to make with small, short-term loan.
4. Equipment Upgrades
It’s not always easy to change technology in order to keep up with the industry. According to the Windstream study, lack of resources in upgrading technology equipment is the biggest challenge that restaurants face when it comes to digital demands.
Restaurants must not only deal with tech issues but also the constant wear and tear of kitchen equipment. Modern solutions can reduce energy consumption and increase operational efficiency. These challenges can be overcome by using alternative loans to finance equipment.
Growing Your Restaurant Business With Strategic Lending
Alternative short-term small business loans could change the way restaurants finance their operations. Alternative lenders offer funds within a few short days, rather than requiring a lengthy application process for a large amount of money. The small, short-term loan reduces the risk of debt. It is also easier to manage your financing strategy as a business. QuickBridge is able to help you grow your restaurant business by providing alternative loans that create new opportunities.
