Latino Restaurant Owners’ Practical Optimism Leads To Tech Investments

by CHRIS SHANK.

Latino small business owners, particularly in the restaurant industry, are emerging as one of the most dynamic and rapidly expanding business owners across the US. In fact, according to our Verizon Business Latino Small Business Survey, 78 percent of the Latino businesses surveyed stated that their businesses are in a better place today than a year ago, and an even greater percentage (88 percent) believe their business will be in a better place a year from now. However, 79 percent of Latino small business owners fear the possibility of an economic recession. With this possibility looming, these Latino restaurateurs in particular are increasingly turning to technology..

Many of these restaurant owners recognize the need to shore up their operations. Almost half of them (45 percent) think their IT is in need of an upgrade, and nearly as many (41 percent) consider technology a top investment priority. The question remains: what technologies are restaurant owners investing in, and what improvements are they aiming to achieve?

Attracting and Retaining Customers

The building block of any digital operation is internet services, and Latino SMBs understand this well. A large majority of them invested in high-capacity (81 percent) and high-speed internet services (77 percent) in the last year. Many restaurant and bar owners are leveraging this additional speed and capacity to add or upgrade TV or entertainment streaming services. With economic uncertainty persisting among Latino SMBs, restaurant and bar owners are seeking any competitive edge in the marketplace, including enhancing on-premise entertainment offerings.

In addition to enriching the in-restaurant experience, restaurant owners are using upgraded internet services to bolster their marketing and social media efforts.They’re exploring new ways to attract customers to their establishments and aiming to cultivate repeat business by enhancing the in-person experience.

Protecting Their Investments

But Latino restaurant owners aren’t just looking for ways to attract and retain customers; they’re also focused on protecting their business. More than a third (34 percent) say security is one of the most needed upgrades. This is logical as these restaurateurs are leveraging many of the same technologies as large enterprises without the IT teams to support them. While digital transformation has brought significant business opportunities, an unintended consequence of an increasingly connected world is more potential points of entry for threat actors.. If you’re planning to invest in connectivity solutions, proportional investment in cybersecurity is crucial. A growing number of Latino restaurateurs understand this dynamic.

Seeking Outside Help

The challenge is, that there is a large gap between Latino (83 percent) and non-Latino (56 percent) restaurant owners when needing external support for delivering products and services differently. Latino restaurant owners (83 percent) also sought out technology advice or mentorship in the past year. While a growing segment of Latino restaurants and small business owners, in general, are working to increase technology and support for delivering products or services in unique ways, they might not have the technical know-how, personnel, or time to do it properly. After all, they are very busy.

Hard Work and a Positive Outlook

Latino restaurant owners put in long hours. More than half (53 percent) say they work between 41 and 60 hours per week, while almost a tenth of them (nine percent) report working more than 60 hours a week. Additionally, more than half of restaurant owners (58 percent) stated that their weekly work hours increased from last year.

One might conclude that Latino restaurant owners are unhappy with their workload, but such a deduction would be premature. Overall, they appear to be very content. An overwhelming majority (92 percent) say they are very or somewhat satisfied with their work-life balance.

Practical Optimism

So, if their motivation isn’t to reduce the number of hours they work, and if they’re already bullish on their business prospects, what is the driving force behind their motivation to invest in technology? One-fifth of Latino restaurant owners want to eventually sell their business to increase their personal wealth, but the primary goal of nearly triple the number of Latino restaurant respondents (59 percent) is to operate a business with a steady income.

Latino restaurant owners are practical and hardworking. They’re cautious about the economy, but their restraint doesn’t dim their optimism. Despite working long hours, their enthusiasm doesn’t wane. They turn to technology to discover new opportunities for their business and to fortify their operations against economic headwinds. This blend of pragmatism and positivity keeps them grounded and receptive to new technologies–a mindset that will benefit them and their businesses for years to come.

See Original Article at Modern Restaurant Management

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