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Robert Ancill Board Member The Next Idea http://thenextidea.net

Robert’s career spans over 24 years in the Restaurant, Retail & Leisure Industries, with a solid background in restaurant operations, concept & brand development, launching new businesses, and managing change. Robert has managed over 240 restaurant/café openings and the launching of 22 new concepts in the UK, Israel & the US. Robert sits on the boards of two privately held companies (not including The Next Idea), and provides industry advice to a number of financial institutions regarding future restaurant trends and specific company diagnostics.

Restaurants are inherently direct-to-consumer and heavily service oriented. In an age when every industry is moving increasingly in that direction, we can look to the culinary industry to for a sneak peek at the trends we might all be adopting in the near future. In this article, we detail where the nation’s most successful restauranteurs are spending their working capital, and what we can all learn from their smart moves.

The major trends culinary industry investment have included a push towards highly individualized business concepts, high end at low prices, catering to mobility (pun intended) and loads of new technology adoption.  Highly individualized business concepts in the restaurant industry mean local flare, unique experiences, and overall just something different that speaks of the region or city they call home. We live in a customizable society and enjoy finding the unique and sharing it with everyone we know.

Meanwhile, a clash of economic hardship and consumer craving has produced a new trend in the restaurant industry of high end dishes for low prices. With an increasingly mobile clientele, the restaurant industry has responded with an increasing number of concepts that cater to the mobile customer. Understanding that their customers are business professionals, and always working, Ruth’s Hospitality Group went the route of technology adoption by installing video teleconferencing capabilities at over 100 of their Ruth’s Chris Steak House and Mitchell’s Fish Market locations. 

To turn these trends into an advantage, consider the following steps. First, when developing new business concepts, make every effort to ensure they are unique in every aspect. If possible, offer a version of your higher end products and services at lower prices. Find a way to address the mobile nature of your customers. Lastly, technology often works well as a differentiator for your products or services. Don’t be shy to comb other industries and unlikely places to find a technology that will work best to help bridge the gap between you and your customers.