Strategy the key ingredient for successful restaurateurs

iStock_000046433224Large_PPBy Grant Field, MGI Accountants and Business Advisers

A restaurateur once said to me “opening a restaurant is the easy bit; making money out of it is the hard bit”.

One of the key challenges for any business owner is learning to work on the business, not just in it.

The reality is that many restaurants are started by chefs because they have a passion for what they do. There is therefore a risk that the focus is on what you do best, with little focus on being a “CEO”.

There are generally three broad areas for most businesses:

1. Operations – getting “the stuff” done. In a restaurant, this generally includes anything to do with servicing your customers. Often, a restaurateur will spend most of their time in this area because this is what they know.

2. Marketing – it’s one thing to be able to serve your customers well. It’s quite another to get them in the door. Understanding the difference between strategy and tactics is crucial, as is the advertising “message” you want to promote.

3. Financial – this includes ensuring that you get accurate, timely financial information so that you are able to monitor patronage and ensure appropriate staffing levels, review and improve margins and manage your costs.

I often find there is a lack of planning and monitoring overarching these three areas.

MGI works with business owners to look at where your business is now, where you want it to be and how to get there. This can involve helping you develop a simple plan through to coaching your management team to make decisions, take action and remain accountable.

As the saying goes “If you don’t know where you’re going, any road (or recipe) will get you there”.

If you are serious about running a profitable restaurant, talk to your local MGI office today. Call 1800 709 500.

This great content is produced for members of the Restaurant & Catering Association. Find out about becoming a member here.

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