People often ask me to explain the many issues that face owners of successful multi-unit growing independent restaurant companies.
If I had to distill all the conversations I have had with restaurateurs over the years down to one question, my choice would be obvious: “What is the difference between an independent restaurant company that has some success, and one that truly realizes the dreams and plans of its owners?”
The Secret Sauce Every Restaurateur Needs on Their Menu
If you own a healthy, successful independent restaurant company, you may have been wondering the same thing: What are the factors that will maximize your net worth and the quality of your life? All my research and experience points to four issues: capability, opportunity, and strategy—all in an atmosphere of trust.
4 Ingredients That Maximize Success
- Capability: What your restaurant company knows how to do; what makes your concept and business work.
- Opportunity: The environment in which you operate; your concept and the markets you occupy.
- Strategy: Your plan of action—what you are going to do.
- Atmosphere of Trust: You have faith in the people with whom you’ve surrounded yourself; you’re also comfortable with them—and they feel the same way about you.
Take a moment to reflect. You know in your gut and your heart whether you are low on capability, opportunity, strategy or trust. I believe you also owe it to yourself to change that. So where do you start to build a true platform to maximize your wealth and the enjoyment you get from your company? What are you going to do to strengthen your ability to move forward? When are you going to do that?
The answers to these questions are what took one of my clients from five to 18 units, with a commensurate increase in wealth. They are also what changed another client—one who had been so overwhelmed and miserable they wanted to sell their business and walk way—to someone who was excited and energized about a five-year growth plan that will triple their net worth.