Toast Reveals “Restaurant Success in 2018” Industry Report
Jun 06, 2018
Findings identify hiring, training, and retaining staff are among top challenges for restaurateurs in 2018
BOSTON, Massachusetts – June 6, 2018 – Nearly 60 percent of restaurateurs indicate that hiring, training and retaining staff are among the top areas of opportunity for the industry, according to a survey unveiled today by Toast. The “Restaurant Success in 2018” Industry Report results also suggest optimizing speed and efficiency, as well as attracting and retaining customers, are the second and third most crucial challenges, respectively, for restaurateurs in 2018.
“While attracting and retaining talent remains the highest priority for restaurants, our research into the key drivers of restaurant success found that top restaurateurs are often more focused than their peers on optimizing their business for performance,” said Aman Narang, president and co-founder of Toast. “As the leading platform committed to helping restaurants delight guests, do what they love, and thrive, we’re excited to provide restaurants of all sizes with free access to the insights and tools they need to grow their business.”
Additional key findings include:
89 percent of restaurateurs say they are optimistic for their restaurant's sales in 2018;
63 percent of restaurateurs advertise on social media, dropping from 75 percent in 2017;
47 percent admit to scheduling employees to work fewer hours each week; and,
11 percent say reservations are crucial for their POS, despite surging guest demand.
“Having great food and service is not enough in 2018,” says Donald Burns, restaurant consultant. “Some [restaurants] are going to have a hard time if they continue doing the same things they have been doing. Innovation and bringing fresh ideas to the table are key to staying out in front of your market."
Survey Methodology 844 restaurant owners, managers, and leaders completed the 2018 Restaurant Success Survey in March and April of 2018. 54 percent of respondents were from casual FSRs, while 21 percent represented a QSR, 14 percent represented a fine dining FSR, seven percent represented a bakery, and four percent represented a bar or nightclub.
About Toast Founded in 2013, Toast powers successful restaurants of all sizes with a technology platform that combines restaurant point of sale, front of house, back of house and guest-facing technology with a diverse marketplace of third-party applications. By pairing technology with an unrivaled commitment to customer success, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. In 2017 Toast was recognized as the third fastest-growing software company in North America on the Deloitte Fast 500 and named to the Forbes Cloud 100. Learn more at www.toasttab.com.
Toast [NYSE: TOST] is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a single platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, operations, digital ordering and delivery, marketing and loyalty, and team management. By serving as the restaurant operating system across dine-in, takeout, and delivery channels, Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. For more information, visit www.toasttab.com.