Hospitality operations

by krghospitality krghospitality No Comments

Do Goals Have an Expiration Date?

Do Goals Expire?

by Jennifer Radkey

Hourglass against red background

A compelling question came up in a recent coaching call with a client: When is the last time you took inventory of your goals?

Like many other people, my client is a goal-setter, and not just small goals but big life goals. These goals follow all of the “rules” of goal setting: they are clearly written, attainable, and measurable.

Some of the goals are achieved and checked off the list and new goals have been made. And yet there is still a feeling of dissatisfaction.

So where is this feeling coming from?

We are always changing and adapting to the world around us. We are changed by life circumstances. We’re influenced by the places we visit and the people we meet. We grow, and over time we come to deeper understandings of what we value and want from life.

As we grow and change our goals do as well…but what do we do with our old goals? What do we do with goals that are no longer applicable to our life?

Do goals expire?

The answer is yes. Goals can expire. What you wanted for your life when you were 16 is most likely not what you want for your life now. The career goals you set in your early 20s probably do not apply to you in your 30s. The goals geared towards interests you had in your 30s may not apply in your 40s, etc.

This doesn’t just apply to personal goals, either.

If you own a business, the goals you have for your business can expire as well. It’s why business plans need to be revisited yearly.

The goals you had when you first opened may have changed in the year(s) since. A business can be likened to a living, breathing entity. It grows and adapts and interacts with the environment surrounding it.

Targets will be hit, new objectives will be identified. So, what do we do with our old goals?

If old, unmet goals are not recognized and processed, they will sit as unfinished business in the back of your mind. You may be acquiring all kinds of levels of success and achieving new goals, but if you are allowing old goals to remain without acknowledging them, it will show up in your mindset.

This can manifest as dissatisfaction, disappointment, confusion, anxiousness, a general feeling that something is “off,” or a never-ending quest for perfection.

So, what do we do with expired goals?

It’s time to sit down and take inventory of all of the goals you have for your life or business. The new and the old. The unmet and those in progress.

If you are like many of us on the path to success and self-improvement, this may be a lengthy list. Try categorizing goals to make them more approachable.

Once you have listed all of your goals it’s time to get real with them and ask yourself some questions:

  • Why was this goal unmet?
  • Why was it important, at the time, to have this goal?
  • What feelings are associated with this goal?
  • Most importantly: Does this goal serve me now?

If the goal no longer fits in your life, if it no longer serves a purpose, it is time for that goal to expire.

It’s okay to let go and move on.

Make peace with the fact that a goal can belong in a previous part of your life but does not need to be a part of your life now.

Accept that it was not completed, give yourself compassion, and move on. That goal does not need to take up space in your thoughts anymore.

If a goal still serves a purpose now and you would like to keep it, ask yourself why it is so important to you to keep that goal. Then ask yourself why it hasn’t been achieved yet.

Is this goal important enough to keep it and strategize new ways to break it down and make it achievable? If the answer is yes, great! Sit down with that goal, rewrite it, and come up with a new action plan to achieve it.

If the answer is no, let that goal expire, and let it go.

This process will take time and introspection but will provide you with overwhelming relief and a new sense of clarity.

Life is too short to hold onto expired dreams and goals! Give yourself freedom to be present and future focused, without unfinished business holding you down.

Cheers to personal and professional growth!

Image: Daniele Franchi on Unsplash

KRG Hospitality Mindset Coaching, 2023 Icon

by David Klemt David Klemt No Comments

Infographic Shows Massive Tech Growth

Infographic Shows Massive Hospitality Industry Tech Growth

by David Klemt

White robot hand

An infographic from Brizo FoodMetrics puts the explosive growth of the hospitality industry technology landscape on display.

It appears that operators, once largely hesitant to embrace new technology, are seeking it out. So, too, it seems, are guests. Intriguingly, many guests expect restaurants, bars, and hotels to innovate technologically.

In a sign of this change, SpotOn is predicting 2023 to be the year when independent operators upgrade their POS systems.

And that’s just one area where tech companies are innovating for our industry. As their infographic shows, Brizo FoodMetrics identifies ten areas of innovation:

  • POS systems
  • Payment platforms
  • Online ordering solutions
  • Reservation and waitlist platforms
  • Inventory, accounting, and purchasing solutions
  • Human resources and staffing
  • Delivery, pickup, and drive-thru tech
  • Marketing, loyalty, and analytics platforms
  • Artificial intelligence, robotics, and automation
  • Ghost kitchen and virtual brand tech

Looking just at Brizo’s POS section, they list 48 platforms as part of their “2023 Restaurant Tech Landscape.” That’s four dozen POS systems, and that’s not even every platform available to operators.

Some will be familiar to operators—Toast, TouchBistro, Clover—as they’re basically synonymous with POS systems. Others, like Tillpoint and OVVI, may be less known. However, that doesn’t mean they’re not worthy of research and consideration.

Explosive Growth and Innovation

Again, the Brizo infographic doesn’t list every single available platform. For instance, I don’t see OpenSimSim under the HR/Staffing section. But the fact that there are still dozens of other platforms—more than in the POS section—shows that tech companies finally want their share of the hospitality pie.

This is, of course, beneficial for operators and their teams for several reasons. One such reason is innovation.

On one hand, the established platforms must innovate to fend off competitors. And on the other hand, upstarts must prove themselves to operators. In other words, new platforms must show they’re not vaporware; they have longevity and won’t abandon their own platform any time soon; they’ll update constantly; they’re simple to learn and use; they integrate with other systems; and that they’re worth an operator’s money and time.

We’re just two months into 2023. Imagine what the 2024 tech landscape is going to look like. And bear in mind, this is a restaurant-focused map—there are categories like property management systems for hotels that aren’t included.

If you’re in the market for a new POS system, want to upgrade scheduling, or are just curious about where the industry is heading, check out the infographic below. Select a few brands that are unfamiliar and look them up.

Brizo FoodMetrics 2023 Restaurant Tech Landscape

To view this infographic on the Brizo FoodMetrics website, click here.

KRG Hospitality Planning Phase, 2023 icon

Image: Possessed Photography on Unsplash

by David Klemt David Klemt No Comments

4 Takeaways from Resy’s State of Dining

4 Takeaways from Resy’s State of Dining Report

by David Klemt

Guests enjoying an array of dishes at a restaurant

The State of Dining and What’s To Come in 2023 from Resy is an informative report that highlights several key developments to watch this year.

In fact, Resy’s report shines a light on ten trends and predictions for operators to consider. However, I’m going to address the four that stand out the most (to me).

For those who may be unfamiliar with Resy, the company is an online reservation platform. While Resy mostly serves major American cities, it does have a presence in Toronto, Canada, and London, UK.

Most importantly, the platform has a unique view of the industry. Resy looks at the industry through the lens of reservations, meaning they collect data concerning consumer behavior in real time.

So, let’s start with some compelling revelations based on reservation data. To view this report in its entirety, visit Resy via this link.

1. 5:00 PM

According to Resy, one reservation time is standing out from the rest. In comparison to 2019 and 2021, 5:00 PM reservations grew by two percent in 2022.

Now, two percent may seem like insignificant growth. However, given Resy’s reach and the platform’s number of active users, the opposite is true.

A two percent increase equates to hundreds of thousands of reservations.

Now, think about your restaurant or bar and consider your reservation distribution. Do you know which hour sees the most reservations? Not an assumption—do you have the data and therefore know the time?

If not, that’s information you need. Not only is this important for scheduling and controlling costs, it’s the benchmark you need to know if you have any chance of tracking change.

2. The Return of In-person Dining

This is one prediction that multiple industry (and even non-industry) publications are making for 2023. It’s the same for hospitality industry platforms: Companies see 2023 as the year restaurants and bars really come roaring back.

But when Resy makes this prediction, they’re using their reservation data to back it up.

First, last summer represents the single busiest season in the platform’s nine-year history. Second, a specific event, a dinner with chef-operator Massimo Bottura, sold out via Resy in a minute.

Third, October 2022. Why is this month worth pointing out in particular? By October, more Resy users had visited restaurants in 2022 than they had during the entirety of 2021.

Clearly, Resy expects this trend to continue and strengthen in 2023. Given their access to reservation data, this seems like a well-informed prediction.

3. Miami

In December of last year we checked out the best states in America for starting a business. Pennsylvania stood out to us for obvious reasons: our Northeastern office is in Philadelphia, with Kim Richardson at the helm.

Overall, Pennsylvania holds the number four spot on the Forbes list. For comparison, Florida slots in at number 45.

However, Miami appears to be an outlier for restaurant and bar entrepreneurs when it comes to Florida.

Per Resy, the restaurant footprint in Miami grew fourfold from 2017 to 2022. Moreover, Resy is seeing continuous growth in Miami. Going even further, this growth is coming from local and outside operators.

In fact, Resy describes South Florida as “white hot for high-profile sequels.” An operator has a top-tier concept? They’re likely to expand into Miami.

4. TikTok

Last week I addressed Datassential weighing in on photos versus videos. According to the F&B research firm, video is now dominating social media engagement.

And also last week, I explained the importance of discovery functionality. Operators who are considering adding a platform to their tech stack should consider whether it will help people discover their restaurant, bar, or hotel.

Resy is a platform that doesn’t just offer discoverability, it’s a core feature. So, when they say that TikTok appears to be a powerful discovery tool for restaurants and bars, that’s likely true.

Now, a poll Resy cites in their report reveals that traditional word of mouth is the top method of discovery. However, the same poll cites that TikTok is the top discovery platform for 43 percent of Gen Zers. Or, in other words, video, or digital word of mouth.

Should operators jump on TikTok? That’s something only individuals can determine is good for their business.

But if they’re courting Gen Z, well…they may need to add TikTok to their social media toolbox.

KRG Hospitality Success Session, 2023 icon

Image: Meredith Jenks for Resy

by David Klemt David Klemt No Comments

Credit Card Competition Act, Take Two

Credit Card Competition Act, Take Two

by David Klemt

American Express charge cards

As we approach Election Day on November 8, it’s important to keep in mind that the Credit Card Competition Act of 2022 is still in play.

In fact, reports predict that another attempt to pass the bipartisan bill will take place in November. If reports are accurate, Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) will try to include the bill in the National Defense Authorization Act (NDAA).

Now, that sentence and strategy may have you scratching your head. What, you may be asking yourself, do credit card fees have to do with defense spending?

Well, not much, truthfully. But you’re probably well aware that politicians will try to amend bills in bids to pass legislation they want. The common term for such a provision is “rider.”

It’s not difficult to understand why the Credit Card Competition Act has gone nowhere when we view Sens. Durbin and Marshall’s rider tactic.

Earlier this month, the senators attempted to include their bill within the NDAA. The reason is simple: the bill specifies the US Department of Defense’s (DoD) budget and expenditures each year. In other words, this is a “must-pass” bill.

However, Sens. Durbin and Marshall aren’t the only senators sponsoring bills. And they’re certainly not the only senators attempting to attach riders to the NDAA.

“It’s a bold strategy, Cotton.”

I will say, at least Sen. Durbin’s effort to attach the Credit Card Competition Act rider to the NDAA is somewhat related to the DoD.

You see, he and Sen. Marshall tried to tack on two amendments to push their bill through. The first amendment theorizes that veterans are being hurt by credit card fees. According to the senators, when military veterans make purchases at a military commissary, they are sometimes subjected to surcharges related to merchant interchange fees.

The second amendment brings the US Treasury Department and US Defense Department into the mix. This effort directs the departments to research just how much veterans are paying (annually, one would assume) in surcharges, and which companies these fees benefit. Then, the departments are to issue this report to Congress.

So, hey, points for attempting to make including the Credit Card Competition Act of 2022 relate to the NDAA for FY 2022. Of course, other senators are attempting to include their own riders. Should reporting prove accurate, some 900 amendments have been proposed. Supposedly, a few dozen might just make it.

This strategy didn’t work this month because the NDAA vote isn’t taking place in October. Instead, the plan is for the vote to take place sometime mid-November, when the US Senate reconvenes.

To learn more about the Credit Card Act of 2022, click here. If it’s a bill you support, let your elected officials know. Should you oppose the bill, let that be known to lawmakers as well.

Image: CardMapr.nl on Unsplash

by David Klemt David Klemt No Comments

F&B in Canada: Top Menu Items

F&B in Canada: Top Menu Items

by David Klemt

Closeup of hands holding burger

Those wondering what food and beverage menu items are performing best among consumers throughout Canada need wonder no more.

And why is that? Well, Restaurants Canada has the answers, revealing the top ten food and top ten beverage items.

Further, the organization compares each item’s performance. In this instance, Restaurants Canada analyses the percentage of orders that contained each food or beverage item from January to April 2022 in comparison to 2019.

These insights (and many more) are available in Restaurants Canada’s 2022 Foodservice Facts report. In fact, you can find our reviews of several of the restaurant advocacy group’s report topics via the links below:

For your own copy of this year’s Foodservice Facts report, click here.

Top 10 Canadian Drink Menu Trends

As you’ll see below, coffee is outperforming nearly every other beverage category. Specifically, Hot coffee is at the top, while Iced or frozen coffee is ranked third.

Unsurprisingly, Carbonated soft drinks / Pop / Soda split the two coffee categories. According to Restaurants Canada, the Carbonated soft drink category can credit its performance in large part to QSRs.

  1. Milk: 1.8% (2019) to 1.8% (2022)
  2. Iced tea: 2.9% (2019) to 1.6% (2022)
  3. Milkshakes / Smoothies: 2.1% (2019) to 2.0% (2022)
  4. Fruit juice: 3.8% (2019) to 3.0% (2022)
  5. Hot tea: 5.5% (2019) to 4.5% (2022)
  6. Alcohol beverages: 5.1% (2019) to 5.7% (2022)
  7. Water: 6.6% (2019) to 5.0% (2022)
  8. Iced or frozen coffee: 5.3% (2019) to 7.5% (2022)
  9. Carbonated soft drinks / Pop / Soda: 19.7% (2019) to 20.2% (2022)
  10. Hot coffee: 40.9% (2019) to 41.9% (2022)

Compellingly, Alcohol beverage performance in restaurants fluctuated by age group between 2021 and 2022. Alcohol order shares in restaurants, per Restaurants Canada:

  • Legal drinking Age (LDA) to 34: 46% (2021) to 43% (2022)
  • 35 to 49: 17% (2021) to 21% (2022)
  • 50-plus: 37% (2021) to 36% (2022)

Alcohol order shares in bars, according to Restaurants Canada:

  • LDA to 34: 35% (2021) to 35% (2022)
  • 35 to 49: 17% (2021) to 19% (2022)
  • 50-plus: 49% (2021) to 47% (2022)

Overall, the 35 to 49 age group appears to be consuming less alcohol in bars and restaurants in comparison to the LDA to 34 and 50-plus cohorts.

Top 10 Canadian Food Menu Trends

As Restaurants Canada notes, the Sandwich / Sub category has grown in 2022. Interestingly, the category just below it in growth, Chicken, is partially responsible for boosting Sandwich / Sub performance.

As far as entrees or “main attractions,” the Burger category remains at the top, beating out Breakfast, Sandwich / Sub, Chicken, and Pizza menu items.

  1. Cake / Squares / Muffins: 3.7% (2019) to 3.3% (2022)
  2. Salad: 4.3% (2019) to 3.8% (2022)
  3. Donuts / Beignets: 3.0% (2019) to 3.8% (2022)
  4. Breads: 4.3% (2019) to 3.4% (2022)
  5. Pizza / Panzerotti / Calzone: 4.1% (2019) to 4.3% (2022)
  6. Chicken: 7.6% (2019) to 8.5% (2022)
  7. Sandwich / Sub: 8.0% (2019) to 8.5% (2022)
  8. Breakfast: 10.8% (2019) to 11.4% (2022)
  9. Burger: 9.0% (2019) to 10.9% (2022)
  10. French fries / Potato / Sweet potato / Onion rings: 15.0% (2019) to 16.1% (2022)

Image: Nathan Dumlao on Unsplash

by David Klemt David Klemt No Comments

Top 10 States Attracting High Earners

Top 10 States Attracting High Earners

by David Klemt

The Florida Theater in Jacksonville, Florida

Using the inflow and outflow data of tax filers earning $200,000 or more, SmartAsset identifies the top ten states attracting high earners.

When it comes to the number-one state, “it’s not even close,” says SmartAsset Advisors. Not surprisingly, several top inflow cities (according to Redfin data) line up with SmartAsset’s top inflow state list.

So, why should this information matter to operators? Plainly, it’s important market information. Population, household income, and age information are crucial considerations when opening any business.

In fact, KRG Hospitality includes such data (and much, much more) when conducting research for our proprietary feasibility, business, and concept plans. Among many elements of opening a restaurant, bar, hotel, or entertainment venue, the income of one’s target audience is crucial.

Knowing where high-income households are leaving and moving to can inform many operator decisions. Where should one open their first concept? Which markets should one consider for expansion? What type of concept will work in a market? What are the threshold price points for menu items? How will this information help inform design choices?

Operators need to recoup their outlay. The income of a concept’s ideal guest should be as important to an operator as knowing their costs.

Top Ten Inflow States

Interestingly, the top state on this list did experience significant outflow in 2020. In fact, the state lost 11,756 high-earning households in 2020.

However, the state also added 32,019 such households, netting 20,263 high earners.

  1. Utah
  2. Idaho
  3. Nevada
  4. Colorado
  5. Tennessee
  6. South Carolina
  7. North Carolina
  8. Arizona
  9. Texas
  10. Florida

Another compelling detail of the states on this list pertains to income tax. In short, three of the states don’t levy personal income tax.

Above, they’re the states in bold: Florida, Nevada, and Texas.

Top 10 Outflow States

So, above are the ten states are seeing the greatest an inflow of high-earning households. Which means, of course, there’s an inverse.

Below, the ten states experiencing the greatest outflow of high earners. Unsurprisingly, SmartAsset deems several entries on the list high-tax states. Also, Washington, DC, is a high-tax area.

Moreover, the list below includes five of the top ten high personal income tax jurisdictions (in bold).

  1. Ohio
  2. Minnesota
  3. Washington, DC
  4. Maryland
  5. New Jersey
  6. Virigina
  7. Massachusetts
  8. Illinois
  9. California
  10. New York

However, it’s not as though these states are seeing a massive exodus of high-earning households. In fact, per SmartAsset, these states have more high-income households than the national average.

Nationally, high-earning households account for less than seven percent of all tax filers. According to SmartAsset, nearly nine percent of tax filers are high-income households in the top ten outflow states.

Image: Trevor Neely on Unsplash

Top