S2E54 - Innovate or Evaporate: Vision for the Future of Restaurants

About the Episode

Jay Ashton, hospitality and food service business coach and consultant, discusses the evolution of the restaurant industry and the challenges faced by restaurateurs. He shares his personal journey in the industry and how it saved him from a chaotic upbringing. Jay also explores notable trends in the restaurant space, such as the impact of the internet and the rise of AI.

Moreover, he emphasizes the need for restaurants to adapt to new technologies and explore additional revenue streams to increase profitability. Jay suggests innovative ideas like advertising in drive-throughs and co-branding partnerships to generate more income. In this conversation, Jay Ashton, known as Canada's restaurant guy, discusses the importance of thinking outside the box in the restaurant industry. He shares innovative ideas such as co-branding with other businesses, implementing subscription models, and creating unique dining experiences.

Finally, Jay gave importance of  the need for restaurants to challenge the status quo and find new ways to engage customers. He also talks about his upcoming book, 'Alone in Hospitality,' which explores the challenges and experiences of being in the restaurant industry.

Takeaways

• The restaurant industry has undergone significant changes, driven by factors such as the internet and AI.
• Restaurateurs need to adapt to new technologies and explore additional revenue streams to increase profitability.
• Innovative ideas like advertising in drive-throughs and co-branding partnerships can generate additional income.
• The human element in the restaurant industry can be a challenge, and AI may play a role in removing human interference and improving efficiency.
• Full-service restaurants may become more focused on special occasions, while QSRs and fast-casual establishments may leverage automation and AI to streamline operations. Thinking outside the box is crucial in the restaurant industry to stay innovative and competitive.
• Co-branding with other businesses can create new opportunities and generate additional income.
• Subscription models for restaurants can be a successful and profitable strategy.
• Creating unique dining experiences can attract customers and set a restaurant apart from competitors.
• Challenging the status quo and embracing innovation is essential for long-term success in the industry.

Timestamps

00:00 Introduction and Background 02:30 What Got Jay Ashton into the Restaurant Industry 07:17 Notable Trends in the Restaurant Space 11:08 Challenges and Opportunities for Restaurants 17:23 The Role of AI in the Restaurant Industry 19:12 The Future of Full-Service and QSR Restaurants 28:16 Exploring Additional Revenue Streams 31:08 Innovative Ideas for Increasing Profitability 33:01 Thinking outside the box in the restaurant industry 43:46 The concept of paying people to eat at a restaurant 48:52 Creating unique dining experiences 56:03 Challenging the status quo in the restaurant industry 01:00:23 Alone in Hospitality: Exploring the challenges and experiences of the restaurant industry

This podcast is powered by Pinecast.