David M. Solomon, the CEO of investment bank Goldman Sachs, surprised the world by offering senior bankers unlimited vacation time. He wants his people to “take the vacation they need so they can continue to run hard, be competitive, run productively, but take care of their families.” He sounds like me: One of my long-standing … Continued
Expecting managers to perform because, 1) You told them to, and 2) You pay them a lot, identifies as disappointing fantasy. Instead, stick to reality. And in reality, the management shortage actually looks worse this year. People have landed in their post-COVID-crisis spots in and out of the industry and don’t want to budge. And … Continued
A lot of restaurant owners have that tired old American dream: Work your whole life, then sell your business and retire for good. When my clients figure out the high cost of selling now, many see that dream as a nightmare. You have another option. Rather than selling your company, keep it – and let … Continued
By now, we’ve all shared the February New York Times article “Restaurants to Customers: Don’t Call Us, We Won’t Call You.” It’s about a growing trend in restaurants – of communicating only by email or text, not phone. In the article, one restaurant owner complains that, to talk to guests, “to pay someone $15 an hour or … Continued
What is one thing in your organization that, when improved, would be a breakthrough for your guests, employees, brand, and net worth? Look in the mirror – it’s you. Since you’re always quick to improve other things in your business, how long are you willing to stay the same? Vulnerable or Cut Off? Some of … Continued
I talk to so many restaurateurs who have a restaurant detail voice in their head and stress about how their managers handle many issues. Instead of thinking about how to create and grow, they reside in someone else’s details. I remember an image, an old greeting card or New Yorker cartoon, with a picture of a patient … Continued
The pandemic changed what people tolerate. Today, after all they’ve lived through; owners of successful independent multi-unit restaurant companies have less tolerance for organizational blind spots. They’re not content to just let initiatives be like conversations that go on year after year with no tangible result. Companies return to investing beyond existing and future units … Continued
Non-cash adjustment moves the credit card processing cost away from your P&L and onto your guests’ credit or debit card – in small increments they do not mind. Plastic-wielding guests will see this cost itemized on the guest check, or will see a reduced price if they pay with cash. On a $45 check, that … Continued
Last week, for the first time in two years, I went to a concert – me and 10,000 of my closest friends. Until the pandemic, that’s something I had been regularly doing my whole life. At first, it felt otherworldly and weird. And I have to admit that, at the load-in entrance, when I … Continued
Sure, listen to your family and friends, employees, and co-owners – they love to speak up. Direct, honest communication and encouragement inspires all of us, especially when it comes from people who have nothing but our best interests truly at heart. But nothing equals advice from experienced smart people who just want you to do … Continued