What does success look like after COVID-19 for restaurants?
COVID-19 did unimaginable things to the hospitality industry, and to many others. I can not imagine what some people have gone through, struggled with or lost in the last year and my heart goes out to those who have dealt with their worst business fears coming true.
As I mentioned in one of my earlier posts, I believe in coming from a glass half full point of view. There will be better days, there will be easier times, and there will be packed restaurants again! Hopefully sooner than later...
I also believe that I can make a difference, that I can help people, and that I can do a small part in getting "the industry" back on it's feet and thriving again. After all, people crave restaurants, lounges, bars and pubs. People need them for more than just food and drink. People need them as a social outlet, as a means to meet new people, visit friends, and enjoy meals together with friends and family. All of these things will happen again and I am on a mission to do what I can to contribute to the resurgence of the restaurant industry!
I wrote in an earlier post about my take on the restaurant industry and its lack of education around finance, profit and controllable costs. I have received so many comments, calls and questions about this as people who have made a career in restaurants could relate and had struggled through some of the same painful profit discussions I had been writing about. Having been given no training, no education, and some times no context that could prepare them for the questions they were being asked. They wanted to make a bigger impact, they wanted to contribute more but in some cases they didn't know how. There is opportunity here.
This is where I believe there are steps that can be taken in order to improve the industry as a whole. Sure... there are some large restaurant companies that have multiple levels of accounting and finance departments, they have analysts that identify issues and present solutions. However the unfortunate reality based on my experience is that there is still a large majority of the industry that hasn't yet adopted the systems, programs, and ways of analyzing their finances that will put them in a better position to manage revenue and be profitable. Not because they don't want to, and in some cases not even because they don't know where to go for help... But in my personal experience the restaurant industry is a "do it as we always have" industry that continues to look to sales to fix problems, reputation to be the safety net, and management to "figure it out." What if they could predict their labour cost before it happened? Or understand better exactly how well they managed any given day?
There is a path to better control, and it is time that the industry evolved to a place of education, systemization and more predictability.
How? Data... Information... I'm not talking about big data, or new information...I'm talking about using a system that would allow them to change the way that they use the same information that they have been seeing for years.
If you're interested in this, let's brainstorm about it, let's chat!
Like the post and lets have a discussion.
Here's to the resurgence of the restaurant industry!