What’s your market position?

​In 2023, the growth of the restaurant industry outpaced population growth by approximately three to one. It’s no wonder that it’s so challenging to keep a foodservice business going – nevermind growing. But if growth is your goal this year, it’s a good time to dig into the diagnostic tools that can help you more readily see what your business is doing right, how it compares to the rest of the market, to what degree your competitors are chipping into your customer base, and what actions make sense for you to take to seize the growth opportunities that become available this year. Even if you have a talented team and tech tools that give you real-time insight into what your business needs internally, you also need to collect market intelligence to strengthen your outward view. It’s important to helping you assess (rather than intuit) where there are pockets of potential in the market, how well your stores are likely to perform within it, and what your business offers in comparison to what’s nearby. The investment in this research can pay off by giving you a better sense of when to sell a location, whether to acquire a complementary restaurant, or where to look for real estate so you can move more quickly and confidently when opening a new location. Or perhaps it can reaffirm that you should focus on growing in place. Maybe your best approach to making your business distinct from the competition is about offering some new promotions, rotating menus, or elevated dining experiences that offer higher perceived value.