There are some common pitfalls that we inevitably fall into. Whether it is that pothole on Main Street you can never seem to get around, or the logistics timing that is just off enough that it affects your operations. The way we move around these pitfalls is by understanding their underlying themes, so we don’t have to spend time clawing our way back out of them after the damage has been done. We have compiled an expert list of advice that has done just that. If you have fallen into a couple of these, or are looking for ways to avoid them before you do, here is what the experts say.
Never Make a Decision You Are Uncomfortable With
Ethically, or if it just does not feel right, you will usually be right. Every decision should reflect who your business is, and what is best for your customers. When you treat your customers right, it will serve you well in the long-run. Compromising on an uncertain decision can cost you more than the possible loss of that one decision. Knowing what you need, and finding how to get there will help drive your decisions, and make the decision-making process a breeze. Maybe try out the old Ben Franklin method of pros and cons if you’re having trouble reaching a conclusion. On the other hand.
Always Be Decisive When Making a Decision
This does not mean every decision should happen in the blink of an eye, like an emperor deciding thousands of fates with the casual wave of a hand. When you understand the subject matter that the decision will affect, or you understand the pros and cons of the decision, along with other supporting facts, make that decision when you know it is a good one. Needless delay in this area will always lead to trouble. Get the facts, and take action.
Keep It Clean
Keep it clean and keep it tidy. A clean restaurant is not just for those health inspector visits. It will ultimately be one of your guiding forces moving your restaurant in the right direction. We have all seen the restaurant that looks like a health code violation, and it usually does not increase our appetite. Keeping the back of house and front of house clean will also go far to establish what you expect from your team because when standards in one area are high, it can build a base for increased buy-in to high standards in other areas. This also applies to your menu. Keep your menu clean.
When you understand your concept, and what resonates with your target market and what you want in your restaurant, you are in a good place. Sometimes people might confuse patrons by becoming an all-in-one-place sort of restaurant with such a varied menu that quality may suffer. Even if quality does not suffer, continuity will. There are many successful fusion restaurants, or those with many types of items on the menu. We may run into trouble when very different items overrun the menu and make it 10 pages long with no guidance for customers. Keep the floors, freezers, and menus clean. You’ll thank yourself later.
Choose Suppliers You Trust, and Trust Your Gut
Choosing the right suppliers is key in running a Michelin-starred restaurant or a mom-and-pop deli. They will make or break your business. Once you have consistent suppliers that you trust, make sure that relationship continues as a positive one. There are some business relationships that can last multiple generations, and there are others that change after a year. If your partner does not have the same level of quality, consistency or ethics that you had come to rely on originally, it may merit a talk with them to sort out the issues. If it cannot be sorted, then trust your gut and do the best thing for your business, your family and your customers. They all rely on your business, so make the decision that will benefit them, and have confidence it will be a good one.
Be Sincere on the Financials
Love it or hate it, finances will determine the result of your business. With everyone’s well-being in our hands, sometimes stretching for numbers that are plausible seems like a beneficial move for those involved. All industries and niches are different, however, in general it is best to plan for the worst and work for the best. Being conservative in your plans gives you the cushion you may need in an unexpected economic decline while you figure out how to increase sales, or stay even in downturns. It also gives your business additional funds if you move past projections, so you can invest in more ideas that will increase your ROI or overall net profit margins. There is something to be said for having a high risk tolerance, just ask Mr. Musk, however, having extra money in the bank and having safeguards in place can help your business succeed. With that extra support, you could take some additional risks you are comfortable with, and all without worrying if it will be a make-or-break program.
Periodic Wellness Checks Will Keep Your Business Healthy
Just like we go to the doctor for a checkup to understand what our bill of health is, we also have a checkup for our business to understand our robustness. There are many data points that you will want to check in order to do a comprehensive checkup on the business. If there are any warning signs, then you can get ahead of those issues before they become real concerns to your business’s health. If you want more ideas, advice, or guidance for jumping off points for your next move, give our other articles a read and find your cup of tea. Before making any decision, make sure you discuss with a business consultant to understand what this may mean for you.
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DISCLAIMER: The information herein is provided for general informational purposes only, and is not to be construed as business consultant advice, real estate advice, wealth advice, financial advice, tax advice, or any other kind of advice. Xylo does not guarantee that you will have any specific results by following this information, and does not warrant the completeness or accuracy of any of the information. Make sure you consult with a professional, like a licensed business consultant, Realtor, wealth advisor, financial advisor, tax advisor or other professional that suits your particular situation before making any decision pertaining to those areas.
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