Running a business in the food and beverage industry can be exciting yet challenging. You’re facing a new era of operations brought on by evolving consumer preferences, governmental regulations, and economic shifts. From small cafés to multi-location restaurant chains, or locally-sourced farms to large food distribution companies, keeping pace with these changes can impact the profitability of your business. But with the right ingredients, we can help you serve up success. Withum’s Food and Beverage Team works with companies who are hungry for growth and looking to innovate to stay relevant while staying true to their brand.
Social media has become a key digital strategy for engaging customers and promoting your restaurant business. Learn more about social media best practices for the restaurant industry.
Restaurant/Food and Beverage Industry Trends and Challenges
Consumer Preferences
Trends in consumer behavior and desires can change by the season, which can impact your bottom line very quickly.
E-Commerce
A shift to online retail has forever changed the way businesses interact with their customers. Social media platforms are proving as effective ways to quickly learn and engage with consumer’s wants and needs.
Governmental Regulations
Governmental boards want to ensure you meet regulatory standards. Food safety, factory automation, and research and development are necessary areas of focus.
Food Distribution
Seamlessly delivering your products into the hands of the consumer is the ultimate goal. Maintain inventory and manage cash flow for the food and beverage manufacturing and distribution sector within your supply chain to achieve operational efficiency.
Inventory
Regulating inventory is a constant balancing act. Businesses need proper inventory management systems to ensure goods are ordered appropriately and used timely to prevent wasted produce and money.
Made-To-Order Solutions
Offering recipes for growth that keep you on-trend in the food and beverage industry.
Restaurant, Food and Beverage Accounting Services
- Accounting and financial audits
- Outsourced accounting
- Tax services
- Cash flow analysis
- Payroll assistance
- Tip allocation and credits
- Budgeting and forecasting
Restaurant, Food and Beverage Advisory Services
- Inventory management
- Strategic planning
- Benchmarking analysis
- Food, labor and bar cost analysis and profitability studies
- Point-of-sale accounting systems and analysis
- M&A advisory
- Buy- and sell-side due diligence
- Cybersecurity assessments
- Network penetration testing
- Managed services
Leadership
Insights for You
Restauranteur’s Guide to ERC Eligibility
Major government programs like the Paycheck Protection Program (PPP) and the Restaurant Revitalization Fund (RRF) are no longer open for business. Yet one government program – the Employee Retention Credit […]
Food and Beverage Businesses are Adapting to Labor Shortages
Share The food and beverage industry has experienced a rollercoaster ride over the past 15 months of the COVID-19 pandemic. Most in the industry believed their toughest struggles would be […]
Restaurant Revitalization Fund Officially Ending on July 14
Share The Restaurant Revitalization Fund (RRF) was part of the American Rescue Plan Act of 2021 and included $28.6 billion of relief targeted to small restaurants with priority given to […]