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Bradley Bloch is the co-founder and CEO of CFO2, a company dedicated to helping restaurant operators level up their financials and run a tighter ship. He discussed four specific tips and other insights with Ovation CEO Zack Oates on this edition of Give An Ovation:
1. Measure More
Sales used to solve all problems, but in this current pandemic climate revenues have stalled and expenses are rising. Bradley suggests measuring your productivity and seeing how you can save costs in other areas like labor, theft prevention, scheduling, etc.
By tightening up these parts of your business, you’ll be in a better position to grow when sales return to normal post-COVID-19.
2. Grab The Low-Hanging Fruit First
There’s typically a few parts of every restaurant that are relatively easy to improve. This varies, so it’s important to know your numbers, and help every member of your team understand them as well. Bradley said that every restaurant could immediately save 2-5% by eliminating these inefficiencies.
3. Professionalize In Preparation For Scaling
People have different end goals for their businesses. Some may want to open as many locations as possible, some may want to stick to their one location and retire, others may want to sell. But Bradley pointed out that no matter what your intentions are, upping your professionalism and running a tighter ship will help.
4. “You’re Nuts To Think You Can Pass On Guts So Make Processes For The What’s”
Zack is pretty good at impromptu quotes.
There are many in the restaurant industry that like to do everything by intuition, and not pay too close attention to their financials or streamline their operations. While this may work for them, “gut is hard to pass on to the next generation” said Bradley. It’s important to establish your processes and automate the ones you can for your brand to survive or grow long term.
Thanks for reading! Make sure to check out the whole podcast, as well as other interviews with restaurant/business gurus by checking out “Give an Ovation” on YouTube, podcast.ovationup.com, or your favorite place to listen to podcasts.