Two weeks ago, I attended the Restaurant Finance & Development Conference put on by the Restaurant Finance Monitor and Franchise Times. I heard good things about several of the speakers and panels, but can’t comment, as I spent all my time in one-on-one and small group meetings. I can, however, relate the following observations:…
Added by Rod Guinn on November 24, 2011 at 3:00am —
First -- further details on the economy and its near future:
A few weeks ago, I wrote about the dangers the weak employment figures posed for long-term, healthy improvement to our restaurant industry. That still remains a primary concern of mine, and of a… Continue
Added by Rod Guinn on August 4, 2011 at 3:30am —
In todays economy it is even more important to ensure that your tools are working just as hard as you are. So many business owners are currently in "panic mode" trying everything they can to drag customers in the door. One of the biggest methods being used today is group buying, and giving out massive discounts, while this may work to get someone in the door, it's very important to think about the affect on your business. Let's use a restaurant as an example. You put out this coupon… Continue
Added by Chris Fusco on May 16, 2011 at 9:00pm —
Added by Richard Heaps on November 18, 2010 at 5:20pm —
You’d be forgiven for thinking that the world was about to fall off it’s axis, that civilization as we know it is facing extinction and that there is no hope for any small business owner trying to make a buck because of the “recession”.
This fear is instilled into us every day from the headlines on the front pages of newspapers, the opening headlines on the evening news and the dismal economic statistics we… Continue
Added by Barry Chandler on April 13, 2010 at 6:11pm —
“Such a great value!” exclaims an announcer on television. Wal-Mart value, Target value, Walgreen’s value, McDonald’s value, even Applebee’s value has come to mean low price. But that’s not really true. Value is actually a delicate balance between function and price, with price weighing slightly more than function.
When a person buys something, the value proposition is always (and I meant to say always here), always based on their… Continue
Added by Mark on March 3, 2010 at 12:44pm —
I was privileged to know a wise woman who lived a long life, well beyond 100 years. She also just happened to be my grandmother. I remember something she had told me as I spoke to her about the restaurant career I had chosen.
"You're a wise young man. Times will get tough and people will find it difficult to find employment, but you and your family will never have to worry."
"If you feed the public, house the public, or cloth the public, you will always have a… Continue
Added by Bill Baumgartner on September 20, 2009 at 6:43pm —
The customer is always
Well, maybe not always, but how about at least treating them as such.
I would first like to apologize to the Fohboh Community for disappearing for the last three or four weeks. My mother had been diagnosed with liver and pancreatic cancer a few months ago and rather quickly regressed from a fairly healthy senior, to a hostice patient, to her eventual death the week before last.
She was not only my mother but my best… Continue
Added by Bill Baumgartner on August 30, 2009 at 7:57pm —
Not too long ago, the only time I received gift cards was as a stocking stuffer during the holidays or as an add-on to a larger gift-wrapped package. Times are changing and today, in many cases, the cards are simply replacing the packages. As of 2008, gift card sales have accelerated to reach nearly $97 billion dollars nationwide annually. With the increase in popularity, every restaurant and retailer from a single site mom and pop store to large global brands are recognizing gift cards as a… Continue
Added by Jessica Lundberg on June 1, 2009 at 10:24am —
Today on FOHBOH I read Jerry Heilpern’s post, To Survive We Must Think Differently
, and the reason behind my blog is not to agree or disagree with Jerry. I respect Jerry’s opinion and his professional background and accomplishments. His isn’t the first blog post I have read to tell me that based on the current state of the union that we have to… Continue
Added by Andy Swingley on February 18, 2009 at 5:40pm —
Several months ago, before the good times ended, many restaurant managers and owners were espousing the belief that discounting and/or couponing of any sort was a bad thing, yet it’s now virtually impossible to turn on the TV, radio, or any other media, including email, without being inundated with discount offerings of one sort or another. Most people agreed months ago more damage than benefit results from couponing/discounting, yet now it’s so commonplace that if you’re paying retail you’re… Continue
Added by Mark Frank on January 26, 2009 at 10:00am —
Today's the day to hug your customers!
At the Cowen and Company Consumer Conference in New York recently, financial analysts heard presentations from leading restaurateurs, both chain and independent.
Steve Hanson, founder/president of B.R. Guest, a good-sized restaurant group with operations in New York and beyond, reported plans to close two restaurants when leases expire, rebrand another and convert a fourth to a different concept. He expressed the view that in tough… Continue
Added by susan holaday on January 15, 2009 at 8:24am —
Restaurateurs may want to repress memories of 2008, but changes in the industry’s glossary left a hangover that was firmly there before New Year’s Day. The terms coined and redefined are powerful flashbacks to what may have been one of the worst times ever for the business. But the vocabulary adjustments say even more about the months ahead. Consider, for instance, these revisions.
Redefined as “only kidding.” Galloping food costs forced the big fast-food chains… Continue
Added by Peter Romeo on January 2, 2009 at 5:00am —
AUGUST 05, 2008
Obviously the economy is not in great shape. Consumers are looking for value and thinking two or even three times before parting with their money. That being said if your restaurant can communicate its value proposition to consumers this could actually be an opportunity for growth. And value doesn't have to mean price.
Some folks consider a Whole Foods Market a great value. But studies show consumers pay an average of 30% more than a… Continue
Added by Garrick Arnold on August 5, 2008 at 9:21am —
I have no idea where this came from, but I think it's pretty relevant...and logical.
Ten Commandments for Success in the Restaurant
9. Publicity & Community Relations
10. Ownership supervision
What do you think?
I could add a few more. Perhaps sub-commandments… Continue
Added by Michael L. Atkinson on December 11, 2007 at 12:29pm —