People hate airlines — or, at best, tolerate them. But, even with their product quality and customer service ratings plummeting, their profits are at record levels. That’s sustainable in the airline business, which is essentially closed to competition, but would be catastrophic in the restaurant business. Just ask the casual dining chains. A recent New York … Continued
Quick, recite the language you use to recruit and retain talent. Is it compelling? What does it say about your organization? What is special about working there? What makes working with your organization a winning strategy from the talent’s perspective? It probably isn’t rate of pay; nobody wins on rate of pay — the competition … Continued
“Butts in seats”. There are a lot of things we don’t say any more. We don’t say “waitress,” we don’t say “smoking or non-smoking,” and we certainly don’t say “cash register.” Nevertheless there are people out there who still say, “butts in seats,” as in, “All we need is more butts in seats” or, “When … Continued
If you know me well, you know I am a positive and optimistic person. But even I have to admit that, in this economy, finding unit-level management is brutal. It is easier for me to find a VP of Operations, CFO, or COO for the owners of successful independent multi-unit restaurant companies who make up … Continued
Capability is the first key factor to having a business that allows you to maximize its value, your net worth, and the quality, flexibility, and enjoyment of your life. My research shows that when you add capability to the other key factors, opportunity and strategy and surround that with an atmosphere of trust, you can … Continued
When you’re successful, you don’t have to do what many families do every spring: figure out who will take care of the kids once the school year is done. Instead, you get to think about where you are going to go as a family. For a month. Or the whole summer. Summers with the kids … Continued
Who is the only person to whom you should give control of your successful multi-unit independent restaurant company? The person you just sold it to. Other than that, no one. While you are at your company, keep control. No matter how tempting the offer, control your brand, concept, company, and IP. Period. Ensure You Keep … Continued
People always talk about a possible restaurant bubble. It is human nature to worry about things that may impact our livelihoods. Owners of independent restaurant companies wonder, “Does the bubble exist? Is it about to burst? What happens when it does?” A couple of years ago, the question really took on a life of its … Continued
Every night, before my daughter goes to sleep, I tell her, “Always be yourself.” I know that — when she knows who she is — shiny objects will not distract her. I deliver a similar message to independent restaurant company owners. Oprah Winfrey made billions helping people “live their best life.” You can make millions … Continued
Successful people continue to be successful during lulls in their business, it is all a matter of degree — and that may cover up the need to address opportunities that, if they could talk, would be shouting for attention. • “After the election, my sales will go up.” • “My sales problem will self-correct.” • … Continued