QFO: What are the biggest challenges an independent restaurant faces in its first 5 years of business?
A: The timeline is irrelevant. But the list of challenges is the same as it’s always been:
The 5 Fundamentals
- Perspective. You need to understand how all of the pieces fit together in order to create success for you, your people and your business.
- People. You need to surround yourself with better people in order to grow the business – both operational expertise as well as higher degrees of human engagement.
- Product. The third critical core fundamental is about understanding your true product (social experience) and not just food. How do you design it? How do you market it? What does success look like for you business? Your people? You?
- Performance. How will you execute the strategy necessary for sustainable success?
- Profit. You need to be profitable (from day one) if you are going to grow your business successfully and not 3 years from when you opened. This is the biggest myth in the business. How do you grow your business without profits?