Recently I had the pleasure of buying a new car. I did not have a choice—mine got totaled. (We are fine, by the way. No injuries.) Having no idea what I wanted, that meant interacting with lot of car dealers and a lot of car salespeople. Four strange things happened: Two salespeople I met gave … Continued
Everyone likes a good story. Storytelling is how we communicate and influence people. Storytelling goes one step further than what you are currently doing. – Do you want to order the fantastic, juicy steak? Or order the steak the owner specifically chose because of how she felt first tasting it? – Do you want to … Continued
One of the many beautiful things about owning a successful independent multi-unit restaurant company is that revenue is in your control—and it can always be going up. But many restaurateurs don’t act that way. They have become me frustrated with next year’s industry forecasts that say traffic is going to be essentially flat, and increases in … Continued
When you look at expenses on your P&L, you are typically making sure numbers are low enough. On the other hand, when you look at guest comp expense, you ought to make sure it is high enough. If it is not, you are under-utilizing one of your greatest marketing tools. Experience tells me that most … Continued
All the growth in the industry is spending growth through PPA. Guest counts are going down. My advice to you and to my clients — successful owners of independent multi-unit restaurant groups — is to be good to yourself and forget all that. Put it out of your mind as if it does not exist. … Continued
One of my clients owns six restaurants, serving a combined million guests every year. Working together, we figured out how to raise their PPA by $1.00. That raised system-wide sales $1,000,000. And $650,000 dropped to the bottom line. Annually. My clients and I have done this time and time again. I have talked about it … Continued
There is a line unaccounted for on your P&L. It is called “missed opportunity.” By sheer accident of the way our accounting system works, missed opportunity is a controllable expense your successful, independent multi-unit restaurant company does not account for. Potential revenue and profit is pouring out of your restaurants; but, in the day-to-day, week-to-week, … Continued
Building restaurants is sexy. It is fun. It represents all possibilities. It gets your employees and your customers excited. Oh yeah — and it gets you and investors excited, too. And, if you invest all your money into new units, you will end up making less instead of more. Why? Because, without infrastructure and a … Continued
To be truly successful, owners of multi-unit independent restaurant companies must feel free to leave the office and their restaurants — either for a vacation or simply for a day for some creative brainstorming time — without worrying. They need to know that the people surrounding them can be trusted to do what is best … Continued
Not long ago I had lunch with a respected industry leader who is well known in his market for his career-long success in restaurant ownership over two different brands. Over that time, he has experienced more than his share of peaks and valleys. We were in one of his most successful restaurants, talking about my … Continued