PHOENIX, Ariz., Jan 31, 2019 (SEND2PRESS NEWSWIRE) — RestaurantOwner.com has released the report of their 2019 Independent Restaurant Outlook Survey. This is the third consecutive Outlook Report which summarizes input gathered from over 700 independent restaurant owners and operators regarding their 2018 financial performance, as well as their optimism about 2019.
A copy of the report is available at: https://www.restaurantowner.com/IROS2019
2018 was another profitable year for most independent restaurants. 81% of the 707 responding owners or operators reported a net income greater than 1% of sales in 2018, of which, 30% reported a net income greater than 10%. Of those that were not profitable, approximately 10% broke even, while 9% reported a net loss greater than 1% of sales.
Profitability continued to rise as many independent restaurants performed better in 2018 than the previous year. 64% of respondents reported that their net income in 2018 outpaced their 2017 performance. 17% reported no change and 22% reported a lower net income in 2018 compared to the previous year, indicating a continued upward trend in independent restaurant performance.
Optimism prevailed for a third year in a row. 62% of respondents indicated they are more optimistic about 2019 than they were about 2018. This trend continues from last year where 64% of respondents felt more optimistic about 2018 compared to 2017.
Most operators attributed their optimism for 2019 to improved business practices or systems (73%), and a quality guest experience (53%). Staffing challenges (53%) and unfavorable labor costs (52%) were the most cited causes for lacking optimism.
Again, the results of the survey confirm a strong and continuing interest of independent restaurant owners and operators to improve and grow their business. Many operators (84%) intend to pursue four or more goals in 2019. Over 60% of respondents reported they intend to focus on improving overall profitability, business practices, or their guest experience.
Since 1998, RestaurantOwner.com has provided training and resources to independent restaurant owners and managers who want to improve their leadership and business management skills to create a higher quality guest experience, greater employee engagement and better financial results.
More information: https://www.restaurantowner.com/.
News Source: RestaurantOwner.com
Related link: https://www.restaurantowner.com/
This press release was issued on behalf of the news source, who is solely responsible for its accuracy, by Send2Press Newswire. To view the original story, visit: https://www.send2press.com/wire/restaurant-results-and-outlook-survey-over-700-independent-operators-share-their-2018-results-and-plans-for-2019/