Why Is It Important Not To Think Like a Restaurateur in Running Your Restaurant Business?
No insult intended. Einstein is quoted as having said, “The last to know about water are fish” meaning they are so absorbed in the stuff that they have no sense of the world outside of it.
This is the same for the majority of restaurateurs. You spend so much time inside the four walls of your business, mentally as well as physical, that you find it hard to think “outside of that box”.
“Restauranteurs think like restauranteurs, NOT like business owners who have chosen a restaurant as a vehicle to make them money."
At the Restaurant Profits seminars, I often ask restauranteurs what motivated to them to get into the restaurant business. Without fail, around 95% of people say their passion for food and hospitality, around 4% have a mix of reasons and less that 1% say they looked at the profit and loss figures, thought about the financial and time investment and could see they would get a great return on that investment.
Consequently, restauranteurs often make business decisions and marketing decision based on passion, emotion, hope, and whim rather than from a sound business perspective.
To have a highly successful business, you are going to think about your business and marketing from a business perspective. You are going to have to make decisions based on what makes you money, as opposed to what makes you feel good.
This will often mean ignoring what your friends, peers, mother, father, brother, sister, partner, neighbours, graphic designer, web designer, media agencies etc tell you. Many of those people mean well, but most of the time they don’t know what they are talking about.
The arbiter of whether something was the right decision needs to be based on whatever it actually worked. By worked, I mean did it make you more profitable? Did it grow your customer base? Did it make people want to come back more often, did it provide a good Return on Investment (ROI) and did it turn into net profit in your bank account ?
That is thinking like a business owner who has a restaurant not as a restaurateur.