Profit alone is no way to judge your business

By Steve Slowey

So I took over one of my restaurants from a manager who, in many circumstances, could not do the job. Today makes a full month since I took over. In that month, I have dealt with entitled employees, poorly executed systems, lack of training, and poor execution at every level. It is amazing how much damage is done when there is no leadership and no accountability.

Ultimately this is my fault as l should have never allowed it to get to this point but, I did. This scenario is not uncommon. It is likely we all have all allowed parts of our professional or business lives go, then found ourselves having to clean up the mess we created. Businesses are either in a progressive state or a regressive state; there is not a third direction.

This store has been in a regressive state for a while, and though it was and is still making money, business would be crushed if another concept were to open in the area. Profit alone is no way to judge your business. Ironically, at this location, the manager even said that he ‘didn’t see an issue’, that ‘the store was making money’.

The consumer has the ability to choose where they spend their money, and it is every employee’s job to ensure that the customer made the right choice when they walk in the restaurant. Open your eyes and try to see what your customer sees. Do a thorough evaluation of yourself and your business and make the changes needed to stay relevant.

Well-ran businesses do not worry about competition, they embrace it because their standards are high, and their execution is consistent. I have a lot of work still to do to get this store where I know it should be, but is there really any other choice? By being an absentee owner, I allowed this to happen so I have nobody to blame but myself. 

I hope you do some soul searching and take an honest look at your business. If you don’t like what you see, address it. I am doing just that. I am already seeing progress and getting good customer feedback but it has taken hard work to get here.

I am a believer in clear and concise systems that maintain standards and evaluate performance. Getting those systems in place has been difficult but they are the reason I am getting results. The systems are exposing the employees who are productive and the ones who are not.

If you find yourself wondering how to address some of the issues you are facing let us know.  I am confident we have the tools to help you get back on track.

What is on your mind?

By Steve Slowey

So I have written some blogs on various issues and I have talked about some of the challenges I have had in my career but I’d like your input on what you’d like to learn. 

I have made a lot of mistakes in my professional life and have learned from them. I have watched successful people and learned from them also. What do you want to learn? What are the challenges you are facing?

We (Paul, Tiffany and myself) have about 75 years of combined experience and it covers a broad spectrum; from being part of an existing franchise to starting a new concept. We have negotiated over 1000 leases and have owned more than 20 businesses. We could blog for years about running a profitable business, franchising, leases, and many other topics; but if there is a specific topic you’d like to hear more about, please let us know!

When I opened my first restaurant, I had no idea what I was doing. I would call the bank and get my balance and that’s how I knew I was making money. I did my profit and loss statement at the end of the year for tax purposes and learned the hard way about cash flow and taxable income. If I knew then what I know now, who knows?! But I do know now and I’m happy to help others that are currently in the position I was once in.

If you are considering leasing space and you have never done this before please let us know and learn from our experience. If you are considering a franchise let us know it is a huge decision that will contractually obligate you personally for the next 10 years. If you are struggling to make money in your business and don’t know what to do to turn it around then let us know.

I know there is tremendous value in my experience and would like to help you in your journey. I want this blog to be a service to you. Please comment below with any questions on franchising, leasing, construction, or running a profitable business.