Restaurant owners – don’t be like Southwest Airlines! Southwest has decided to start charging fees on top of fares, thinking they’ll make more money that way. They used to be the only airline out of the big four not to charge for checked bags; now they’ll start charging for checking bags on May 28th – … Continued
Early in my career, as an operator with partners, I experienced the joys of an imploding partnership: enriching lawyers and exchanging money, territories, and grief. My CPA told me, “A partnership is a like a marriage: easy to get into, hard to get out of.” Many of my clients love doing their own thing without … Continued
Which of these two statements do you think applies to most restaurant owners? After decades of working with successful owners of multi-unit independent restaurant companies, I guarantee the big issue is number 2: the work ethic (or paranoia) that leads to working too many hours. The Spring Break Example In Texas this week, we … Continued
Let’s take a vacation from focusing on issues (aka “opportunities”) you might have at your restaurants and ask you, “What’s your latest victory?” Does anything come to mind quickly? Hopefully – after a day spent dealing with the competition, immigration, workforce issues, egg prices, renewing your insurance, and retaining and motivating your work force – … Continued
Do you think your level of re-investment is too high, too low, or just right? Independent restaurant owners who understand the critical value of re-investing know that their real margins come from smart investments that help them keep up with guest expectations as well as their own mastery of profit. These owners typically operate at … Continued
It turns out that the barriers holding your results back aren’t unique to you. Sure, you are special, but not that special. And today’s flattish restaurant market does not do the work for you. You have to do it yourself. Even though I write consistently about the four most important things to focus on in your restaurants now—guest … Continued
Chain restaurants have several competitive advantages over independent restaurants – on technology, marketing, and employee benefits. In comparison, your resources in those areas are less than tiny. Yet survey after survey finds that most of the dining public intentionally visit independent restaurants because they would rather support local businesses. And it doesn’t hurt that a … Continued
“Do restaurants make all their money from alcohol and desserts?” Years ago, that’s what one leader in a workshop filled with top consultants from around the world asked me. I thought “no,” but I said “yes” to avoid a long discussion about how you can slice and dice the numbers any way you like to … Continued
“Fake it ’til you make it” is a horrible strategy for developing a multi-unit team, building a restaurant company, or come to think of it – anything else. So how do you supervise your first operations director or marketing director? Or business manager or CFO? Or learning-and-development person? Successful restaurateurs look in the mirror and ask themselves … Continued
As the year begins and we make resolutions, no doubt you have realized how time is finite – and you don’t want to waste any of it. But owning a restaurant can make you feel like all 24 hours in a day belong to the business, with no time left for you to experience the … Continued