It may seem like “a riddle wrapped in a mystery inside an enigma” (thank you, Winston Churchill, for the quote), but one of the great advantages you have as an owner of a small (or even medium-sized) business remains making big moves quickly.
And in times like these, big moves are what you need if you want to be a top success story.
The Cost of Being Patient
Unfortunately, many operators I know tend to shy away from making the big moves – feeling more comfortable making small, guerilla-type moves even when they know deep down that big moves make for big improvements.
They wait for something before acting boldly, but they don’t know what they wait for.
But think about that; over the past few years, was your investment strategy to buy penny stocks or the “Magnificent Seven”?
Does this list of small moves excite you?
- Adding new menu items to keep things fresh for regulars.
- Changing uniforms to set a new tone.
- Refreshing social media to capture doom-scrollers.
- Offering zero-proof cocktails to please those who don’t drink every day.
- Implementing new technology to improve information.
Or are you drawn more to this list of big moves I recently made with my clients?
- Repositioning the brand to appeal to lapsed users and non-users.
- Restructuring or changing your senior management team to create a more responsive organization.
- Updating your whole menu approach to attract lapsed guests – because their tastes have changed and you have not kept up.
- Adding a new level of accountability for members of management who have settled into their old habits and may feel victimized by this market.
- Reshuffling duties to free up ownership talent, making sure the boss only focuses on their unique talents.
- Auditing the concept to improve guest experience and find the missing piece that keeps you from those five-star reviews.
- Doubling your catering revenue, becoming intentional about keeping up with demand.
- Turning over control to the next generation, who will take over innovate.
If you don’t feel brave enough or confident enough to make big, bold moves – or don’t know which to make – expect difficulties when competing with people who do. What looks like your biggest, smartest move? And how will you make that happen?
