After working with hundreds of restaurants we've had the opportunity to study each one including the tendencies of ownership. In our findings we've noticed these four common factors from owners that we suggest you do not copy.
TUNNEL VISION TAKES OVER THEIR VISION
Unfortunately, it's not uncommon for restaurant owners to appear entitled and sometimes narcissistic when it comes to building and operating their restaurant but in most cases, they are far from either.
Having a vision and the passion for seeing your idea come to life can be one of the most exciting things anyone can ever accomplish but sometimes, that passion for the idea can create tunnel vision.
Tunnel vision is when you can only see what's right in front of your eyes.
When owners get tunnel vision, it typically means that they close themselves off to any new ideas or warning that something about their idea, simply isn't feasible or has a low probability of working.
Owners will typically come out of tunnel vision if their restaurant starts to struggle but avoiding tunnel vision can often help avoid issues that can cost you money later.
THEY HAVE UNREALISTIC EXPECTATIONS FOR THEIR GENERAL MANAGER
A new owner is often hit with the dilemma associated with opening a new restaurant but having little to no experience with operating a restaurant.
When this dilemma occurs, the most natural solution is for the owner to simply hire someone with experience at running a restaurant. This is typically where the unrealistic expectations begin.
Far too often restaurant owners focus on their vision for front of house, but they fail to realize that profits are made by their vision for back of house.
Building a successful restaurant requires a team and not just one person. You'll need:
marketing to help drive sales
technology that helps create efficiency, organize operations and identify problems.
a general manager to help with team building, training and guest satisfaction
accounting or bookkeeper for reporting
and an owner to oversee it all and hold leadership accountable
THEY DE-VALUE OR FAIL TO UNDERSTAND THE BENEFITS OF TECHNOLOGY
Do you really need technology to run a successful restaurant...... absolutely not!
Restaurants throughout the world will thrive because mom-and-pop are at the restaurant 7 days per week with their loyal customer base who keeps them in business each and every year but unfortunately, this will only work up to a certain level.
Top reasons why restaurant owners shy away from technology.
Cost
Lack of understanding
Feels like too much work
Too complicated
The perceived benefits aren't significant enough
Top reasons why restaurant owners should adopt and utilize technology
Restaurants will lose an average of 7% of their revenue on inventory waste and shrinkage. Using the right inventory software can help reduce this cost significantly.
Research shows that the average restaurant will lose around $150k per year due to employee turnover. This is primarily due to advertising for the position, training the staff, mistakes and reduced guest satisfaction.
Restaurant marketing technology that helps drive revenue includes things like technology for loyalty programs, online ordering, website, communicating promotions, customer feedback loop, and special events.
Increase revenue with faster service, fewer mistakes, and faster table turns by utilizing a POS equipped with handhelds, KDS (kitchen display system), reservations software, mobile ordering and contactless payment.
Not spending money, doesn't mean that you're not losing money!
THEY HAVE A VISION BUT THEY DON'T HAVE A GOAL
Now that you've built your restaurant, impressed friends and family and earned some media coverage, what's next?
For most of you, the next step is getting to work running your restaurant. No big goals, no grand vision, just get in there and do the work but keep in mind that restaurant owners with goals are more likely to grow and succeed.
Goals can oftentimes be the deciding factor in how you approach the management of your restaurant. With clear goals, you're more likely to look at all facets of your restaurant's performance and not just the top line revenue.
And when it comes to your goal, it doesn't have to be strictly professional or business-related. For example: your goal might be to build a new house that your restaurant pays for, or it could be to open a chain of restaurants or to simply just be profitable (note: impressing friends and family is not a goal, it's a benefit).
Overall, it doesn't matter what your goal is, just have one and work towards it every day!
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