Running your own restaurant is a commitment, and continually being profitable in such a competitive industry takes a person with culinary and business skills.
So many restaurants make amazing food because their owners are masters of their craft, but those same masters in the kitchen are not experienced business people, so their ventures struggle or fail.
My consulting practice has had the privilege of working with business owners of many industries, including restaurant owners. Based here in South Florida, I strive to be a resource to local businesses and use my expertise to help them thrive.
Our vibrant culture and delicious cuisine makes for a competitive restaurant scene, so enlisting the help of an expert can be the difference between a thriving eatery and a struggling one, even if the food is great in both cases.
In today’s article, we’ll discuss some of the unique aspects of the restaurant industry and how setting effective goals and planning can ensure success.
Many restaurant owners get so bogged down in the day-to-day operations of their place, they forget to look at the bigger picture. Sure, you’re creating amazing dishes and you’re proud of the food, but if you aren’t acting the business owner as well then you will struggle.
It’s important to have a plan in place to ensure your restaurant is successful. The first thing to do when planning is to know what your end goal is and then take steps to reach it. Maybe you have your eye on growing your business, and you would like to open more locations. Maybe it’s simpler and you would like to take back time in your days to spend with family. In either case, it’s important to quantify your goal somehow.
Some goals have to do with profitability, paying off loans, hiring team members or even just scaling back on your personal hours working in the kitchen. Every time you establish a goal, make it tangible and put a time frame on it. For example, let’s say you want to pay off the building you have a loan on. Your goal should be specific, to set aside the exact payoff amount, and tied to a timeline, so maybe by the end of next year. In any case, you should have an exact goal.
Once you have a definite goal, you can make plans on how to get there, and just as importantly you can create small milestones along the way to help you track your progress.
Part of this planning process, no matter what your goals are, often involves adding team members who you can train and eventually trust to handle key components of the business. Plan out the key areas where you need help, and where you struggle, so you can add people around you to help you succeed. Once you have team members running the day-to-day, you can focus on the big picture and make sure your restaurant is producing at a level to reach its goals.
This is a brief overview of planning and setting goals for a restaurant, but each business is different and has its own unique elements. If you feel a business coach could help your restaurant thrive, give me a call or complete our questionnaire online to get started today!
