Utilizing benchmarks is the easiest way to determine how well your hospitality company stacks up against others in your industry. Understanding and knowing current restaurant benchmarks is a great way to measure the success of your restaurant against industry standards. They give you a way to identify areas in which your restaurant is excelling, as well as where extra attention and resources may be needed. To stay competitive amidst rising food costs, employee turnover rates, changing consumer habits and other market factors, it’s essential to understand how your restaurant’s metrics stack up against industry standards.
Below are benchmarks regarding three major subgroups in the hospitality industry:
- Hotels & Lodging
- Golf Courses