Keeping up with the ever-changing business environment doesn’t have to be taxing! Check out the top 10 restaurant topics we’re keeping an eye on.
- Labor Shortage and Wage Increase: It is no secret that labor is the biggest challenge facing operators. Attracting and retaining talent will be critical for a successful year. Operators are challenging themselves to find creative solutions outside the norm to solve this problem.
- Supply Chain Issues and Inflation of Commodity Prices: Continued supply chain issues exist, impacting the cost of commodities and overall inflation of the economy.
- Third-Party Delivery Fees & Sales Tax: Many operators are still struggling to manage and control third-party delivery fees. A byproduct of delivery creates additional sales tax compliance based on local sales tax rules.
- Lease Accounting: With the implementation of ASC 842 Leases behind us, the ongoing maintenance of changes in terms will continue to be a challenge.
- 401(k) Plan Provisions: Having the right 401(k) plan provisions that enable better recruiting and retention, as well as administering of the Plan. Planning ahead for provisions of the SECURE 2.0 legislation recently passed with provisions effective as early as 2023.
- Keeping Up With Technology: Mobile app ordering, along with loyalty programs, will continue to increase in usage and popularity. Accessing and mining the data gathered will build brand loyalty and allow targeted marketing to drive sales.
- State Pass-Through Entity Tax Election: Individuals who report income through a Partnership or S corporation can indirectly boost their state and local tax deduction in over 30 states, including Ohio.
- Succession/Exit Planning and Execution: Planning and executing a successful business sale (or purchase) requires proper analysis of goals, organizational structures, tax exposures, transaction costs, tax modeling/mitigation, and much more.
- Innovation Through Automation: More advancements to back of house use of robotics and artificial intelligence in the drive-thru will continue to be fine-tuned by the top restaurant companies and will eventually trickle down to the masses, driving efficiencies and a solution to labor shortages.
- Shift in Delivery Demand: As a recession continues to loom over us, it is expected many consumers will shift their behavior from delivery to drive-thru to avoid high delivery fees and increased menu prices for delivery.
In conjunction with our Top 10 Restaurant Topics we compiled the following takeaways from our October 2022 Restaurant MasterClass seminar held in Columbus, Ohio for you to consider as you embark on 2023 — 2022 Restaurant MasterClass Top 10 Takeaways.
Our restaurant industry experts stand ready to empower growth. Contact GBQ today.
« Back
