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 they need to know to be consistently successful. They would be smart to learn from those of us who worked through the four economic cycles I have seen in my career. QSR Magazine’s Kevin Hardy recently interviewed me on this subject for his new article “Is a Restaurant Recession Coming?” Read the complete article here. You Can’t Mark Your CalendarThe short answer: It will come. We just don’t know when – or how deep it will be. If I could give you an exact date when the recession will hit, I would put down my keyboard, time the sale of my stock portfolio, and prepare for a personal windfall. Instead, I continue to type. We are not going to see another 2008 – what we expect looks to be much less severe, with a much faster recovery. There are even people I respect who think we are recession proof. Most Important Things to Handle
The best operators – the ones who have long memories or have done their research – know that you always operate with a mindset that you have to protect yourself from economic downturn, just like you protect yourself from competition. Not everyone has that mindset, though. I know some younger operators who challenge me on their need for a budget. Over to you. Are you sharply focused to operate professionally and smartly under all economic conditions? |
What’s the point of owning a successful restaurant business if you don’t have freedom?
Download Matthew Mabel's Freedom and Flexibility Guide for Restaurateurs to learn how to...
- Step away for extended periods of time
- Contribute to your community in a unique way
- Spend more time with friends and family
- Travel for weeks at a time
- Split your residence at a vacation home for several months a year
Want to grow your restaurant company past 3 units?
10 units?
20 units?
Enter your email address below to get our newsletter and the free guide to pushing through expansion barriers and mastering unit growth.
What would you rather own?
A good restaurant company?
Or one of the best restaurant companies in the world?
Enter your email address below to get our newsletter and the free toolkit to learn the 4 ingredients your restaurant business needs to maximize success.
Want to get the most enjoyment from the success you’ve worked so hard for?
Want to maximize your net worth in addition to your lifestyle?
Enter your email address below to get our newsletter and the free guide to learn how to bring experienced senior management into your company.