In our industry, there’s a lot of talk about brands that grow too fast. I recently wrote about that here. Meanwhile, we don’t talk nearly as much about brands that have the opportunity to grow, but grow too slowly – or don’t grow at all. Those aren’t as prevalent as the grow-too-fast brands, but they are … Continued
When I was growing up, my family ate in a lot of restaurants. A lot. And to me, those restaurants were organized and efficient businesses where everyone knew what to do and things ran smoothly. Like where my father, an officer in a Fortune 500 company, worked. In my 11-year-old mind, that is. … Continued
What is it that kills great plans? Organizations with a lack of accountability. Restaurateurs often start off with big and exciting ideas, fantastic talent, and a great grasp of what they need to grow their business. Ideas, plans, and programs become the wish/vision/dream boards of business – creating infinite possibility and the belief in … Continued
Since the Great Recession, we’ve seen over 10 years of economic expansion. That means there are a lot of successful operators out there who have never known anything but good financial times. But they’re like the doctors who graduate from medical school without a business course – they’re missing a big piece of what … Continued
“Why isn’t my restaurant making 20 percent?” I hear this plaintive cry from many frustrated restaurateurs who have heard about that number and – since they’ve heard about it – think they must be entitled to it. Some of my clients’ own restaurants make over 20 percent, or even 25 percent or more. They … Continued
You’re out over your skis – going too fast and getting ahead of yourself. You own a successful independent multi-unit restaurant group and your ability to sign leases is outpacing your organization’s ability to perform. Future projections? Dazzling. But you have zero track record at the forecasted level to support them. The Difference Between Praying … Continued
Welcome to the 2020s! If you want to make outstanding business decisions, you need to know what’s coming next. So, what will we be dealing with over the next 10 years? I have a few predictions. 1. Rent and Food Delivery Expenses Will Go Down The 2010s will be remembered as the golden age of restaurant … Continued
I’ve gone back and chosen five especially popular or meaningful posts from this year – the ones my clients, owners of successful multi-unit independent restaurant companies, said benefited them the most. So, as 2019 turns into 2020, take a moment to see how they apply to you and your business. 1. The Biggest Restaurant Company … Continued
My clients’ DNA must be filled with a longing for growth. At best, this growth adheres to a plan. At worst, owners act like hungry, unruly, science-fiction monsters who can never be satisfied, and grow haphazardly because of it. All of the best restaurateurs I work with – owners of successful multi-unit organizations – focus … Continued
Restaurateurs often contact me, thrilled they have one or two promising-looking units. In their mind they have made a fantastic leap toward having a national group of franchisees that provides them incredible mailbox money with lots of zeros they no longer have to work for. Sure, their franchising dream looks attractive, but even if you … Continued