If you’re feeling stuck, frozen, or worried about what happens next in the economy, you’re in danger of succumbing to short-term fears.
Don’t do it!
Stay focused on the big picture. Continue to build your company to support your long-term vision.
Win the Marathon
During the summer restaurants were concerned when sales declined 5-10% – was it economic turmoil or was vacation spend taking away from local restaurant spend?
Summer ended – and restaurant spending returned as our kids went back to school.
Now we focus on news on the stock market, interest rates, and housing sales – and we can tell that more negative information will arrive soon.
Whatever comes will be temporary, and what follows will put us back on a better track.
It’s a familiar cycle.
So I’m buying, not selling.
My Bet for Q4
My best clients always think positively about what’s to come – and that’s the kind of thinking that leads to winning.
So don’t pull back based on short-term fear of what’s to come.
The hospitality and retail sectors exude worry about Q4.
In a few months we’ll know what it’s bringing.
My bet? People will still value experiences over things, because they’ve felt cooped up over the past two holiday seasons.
Restaurants will win; retail…not so much.
Your Long-Term Vision
As you create strategy for 2023, do so with your long-term vision in mind:
- The number of units you want.
- The amount of EBITDA you expect them to create.
- How much you want to work on your business in the future.
- The team you need to make it all come together and how you develop those people.
- The culture you present every day – your point of difference in your units.
Our trusted playbook contains eternal restaurant fundamentals.
This is new territory: We’re seeing increasing revenue but declining guest counts, low unemployment and slumping bond and stock markets, leading to persistent recession worries.
You’ve already survived having your dining rooms closed by the government; you can handle pretty much anything thrown your way.
The good news? People continue to eat three (or more) times a day.
Most of my clients operate in metro areas that have tremendous growth coming.
So build your brands and people with the years ahead in mind.
Over to you. As Q4 starts, your focus shifts to planning for 2023. Will you stay bold, stay on your path, and stay aggressive? Or will you just take a defensive posture? If you’re unsure, call me and I will help.