The final months of 2016 can translate into significant earnings at your restaurant. As corporate celebrations and banquets are waiting to be had, attracting these business parties can translate to a profitable holiday season. Therefore, focus your efforts on becoming a holiday dining destination this season and remember the following statistics. In addition, secure your operation with a custom-tailored Santa Fe Restaurant Insurance Program.
So, why are holiday parties so great for your bottom line? They can be some of the largest and most lucrative events of the year for restaurants. Holiday gatherings typically include some of the highest single restaurant expenditures for companies. After all, corporations want to provide a memorable event for their employees. In the process, they offer a big sales opportunity to restaurants that understand corporate client needs and deliver quality service, says The National Restaurant Association.
Remember the following when it comes to planning your holiday hosting:
- More than 90 percent of businesses will choose a local place to celebrate, and planning likely started back in October.
- The majority of corporate parties plan on spending approximately $25-50 per person, and only 36 percent planned budgets of $50-75 per person.
- Sixty-four percent of companies responded that their holiday celebrations will be lunchtime events. Half of the respondents are anticipating hosting the events at restaurants; the other half are planning to host the celebration on-site or at a rented venue that permits outside catering, says the article.
- Plan to serve a limited alcohol selection. This means stocking up on beer and wine and planning for a few signature cocktails.
- Lastly, consider investing in a live DJ, a photo booth, and additional party favors. These simple touches are favorites for party goers and can give your restaurant an edge over the competition.
About Daniels Insurance
At Daniels Insurance, Inc., we specialize in protecting the hospitality industry. Our policies are specially crafted to protect against the various exposures you may face including workers’ compensation, employment practices liability, liquor liability, food contamination and more. For more information about our products, contact us today at (855) 565-7616.