The 2018 Tax Reform Bill eliminated entertainment expenses as a write off. The good news is the business meal deduction has been increased to a 50% write off from 25% if an employee is present with a current or potential business customer, client, consultant or similar business contact. See the details at the IRS Site. This change could mean big money for restaurants.
This is very good news for the savvy restaurant marketer. Pulling out all of the stops on your B2B social media marketing campaign is wise. Companies that might’ve hosted a party with entertainment may now be up for the more financially astute breakfast, lunch or dinner.
Need help drumming up business? Contact businesses nearby and ask them directly if they have any corporate events coming up. Not sure who to call in the organization? Food and parties are a relatively easy topic to chat about. Almost everyone is interested in a good spread and a fun event. Contact Sales Managers, Marketing Managers, Public Relations Managers, Administrative Managers and/or Event Planners. Since you are wise to the tax code, call someone who rarely gets called – the accounting department. They have parties too and are going to understand that it’s a sound use of their budget.
Old school ideas produce results. Ever hear of a sales blitz? It’s when two people go door to door to promote a product or service idea. Pick a partner and a geographic territory to call on. Drop in with some information and ask if you help out with any upcoming events. If you can bring a food item, like a cookie or a handful of candy, you’ll increase your chances of being welcomed. In addition to your social media campaign, try a direct mail postcard campaign. In our digital information intense world where people volumes of messages each year through several mediums, thoughtful direct mail, sent via snail mail, is making a comeback.
However you find is most effective to reach out to local businesses, focusing on B2B sales for your establishment can bring in great volumes. And there is still time even this year to capture the opportunity.