Rising wages, skyrocketing food prices, staffing shortages and inflation have made it more difficult for restaurant and bar owners to run a profitable business.
Not only that, but many experts are predicting the economy will move into a recession in 2023. Restaurants spend some 20 to 40 percent of their operating costs on food, so inflation can have a huge impact on how profitable their business is.
Menu price increases are often a last resort for many restaurant and bar owners.
So, what can businesses in the hospitality industry do to mitigate the impact of the current economic climate and continue to improve their profit margins?
