Recently, a partner in a startup chatted with me in the dining room of his first unit. He has aggressive goals for growth and wanted to discuss his second unit. He asked, “What are the biggest mistakes you see groups like mine make at the beginning of their development?” The first thing that came to mind was failure … Continued
Conventional wisdom often spouts off about razor-thin margins in the restaurant business. Our industry is perennially found on the list of the least profitable businesses, and media accounts are filled with information on how unprofitable restaurants are compared to say, law firms. In their 2015 Issues and Advocacy Agenda, the National Restaurant Association leads with this, saying, … Continued
“The P&L is really not important here anymore.” There, I said it. Around the table were some confused and shocked faces. The best businesses are doing well, but they know they can do better. Having a predictable financial statement and a budget they meet or beat every period indicates they are in that stage. So … Continued
This other day there was a meeting on my schedule, but instead of meeting with me, my colleague was meeting with the police. Our meeting had to be cancelled because the person I was going to meet was dealing with the fact that their long-time, right-hand person had been exposed for embezzling a considerable sum of money … Continued
Growth. It is the impetus of capitalism. So how do you know you are growing at the right pace? Every restaurant company we work with has a growth plan and a growth strategy. There is no one out there standing still that we know of. That is a function of the mind of the entrepreneur … Continued
The best companies make strengths out of their weaknesses. If you want to get the most from your business, you really don’t have any choice. Yesterday I was on the phone to a frankly excellent customer service department of a consumer electronics company. The phone was answered quickly, the person who answered was smart, funny, and … Continued