2023 Budgets: Are You & Your CFO Prepared? | Ringing in 2023 Skip to main content

2023 Budgets: Are You & Your CFO Prepared?

Nearly three years ago, our industry went from thriving with record-breaking sales to becoming a complete bust, with almost zero income whatsoever for many of our colleagues. Fast-forward to this so-called “new normal,” where inflation broke 9% (CNBC) and food costs increased by 11.4% overall in 2022:

“Egg prices soared 39.8%, while flour got 23.3% more expensive. Milk rose 17% and the price of bread jumped 16.2%…Chicken prices jumped 16.6%, while meats rose 6.7% and pork increased 6.8%. Fruits and vegetables together are up 9.4%. Overall, grocery prices jumped 13.5% and restaurant menu prices increased 8%.” (CNN)

In November 2022, approximately one million Americans working in the hospitality industry quit their jobs (US BLS). According to the National Restaurant Association, 78% of restaurant owners say they don’t have enough employees to support their business needs and hours of operation.

Why do I mention all this? Our industry is still struggling with limited staff and supplies, while the costs of available staff and supplies continue to increase. 2023 budgets need to start reflecting the world we live in, not the world we lived in before. The costs of doing business in 2023 will continue to rise and with that, I remind you, you get what you pay for.

The need to maintain budgets, while hitting marketing and event goals will continue to be a difficult dance for many event folks in 2023. Where would you look to sacrifice first? Production, food, entertainment, or elsewhere?

Fortunately, at Relish we aren’t planning on sacrificing our level of hospitality with a race to the bottom. Unfortunately, our pricing will continue to reflect these increased costs. However, as we grow our team to keep up with the current demand, we will continue to meet or exceed our client’s expectations and goals in 2023!


Follow us!

Share this post

Related posts