Post-pandemic inflation and rising costs have severely impacted restaurateurs, requiring them to adopt new business strategies. Dr. Anne McBride from the James Beard Foundation and chef D'Andre Carter of Soul & Smoke emphasize the industry's resilience, attributed to a strong commitment to hospitality and community connection. Independent restaurants typically operate on 3-5% profit margins, highlighting the importance of customer relationships. Carter stresses bilateral transparency regarding costs, the need to engage customers through social media, and creating new menu items to maintain accessibility for diners.
"On average, independent restaurants make 3-5% profit margins, and that's on good days," McBride says. "You are getting into this business because you truly believe in hospitality."
"We are 100% connected to our customers and the community," Carter says. "Independent restaurants are vital to the community. We live here, work here and source here."
Carter also values transparency, especially when it comes to rising costs. His strategies for staying attuned to customer sentiment include connecting via social media, creating new menu items and paying attention to demand.
"I want guests to be able to dine at Soul & Smoke," he says. "I don't want anyone to feel like they can't afford to come have a dining experience."
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