Owning a Restaurant in Today's Economy

Owning a Restaurant in Today’s Economy - Let’s talk about this crazy economy, or at least how crazy it is for owning a restaurant in today’s economy. I have good news: there is a solution to the madness. Watch this video for some motivation and hope to get through today’s economy.

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Welcome to my YouTube Channel. I am David Scott Peters, a restaurant coach and speaker who teaches restaurant operators how to cut costs and increase profits with my trademark Restaurant Prosperity Formula. Known as THE expert in the restaurant industry, I apply my no-BS style to teach and motivate restaurant owners to take control of their businesses and finally realize their full potential. Thousands of restaurants have used my formula to transform their businesses. To learn more about me and my coaching program, visit http://www.davidscottpeters.com.

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Do you think things can get any crazier? We've been dealing with COVID-19 business restrictions in one form or another for almost two years now. Depending on where your restaurant is, the local government might be asking you to become an enforcer of regulations. What about food prices, shortages and delivery? Many items on your food orders have price increases, approaching 300 percent since January 2021. Can you remember the last time you received everything you ordered to your back door? What about just getting a delivery? Not only are the big distributors short on drivers, some are experiencing complete walkouts for higher wages.

Do I even need to go through the rising wages, whether state mandated or restaurants just fighting for anyone to come through their door? Heck, for the first time in my career, I've been advising some of my members to close their doors one to two days a week because they are so short staffed. On top of that, most restaurants are experiencing record sales with the most demanding, rude customers we've ever encountered. The internet is littered with videos and stories of these customers who have gone downright mad.

What can a restaurant owner do? Where can you find hope in what might feel like a hopeless time? How can you take advantage of this booming restaurant economy? Well, there's good news and there's better news.

The good news is I'm seeing my members in my group coaching program having great success in combating these challenges. Let me be clear. They too have suffered. They too have felt hopeless for a moment. They too have been working their butts off. But what they've done is worked with me to find solutions. For example:
Raising prices: we have rising prices, rising wages.
They have budgets, and they've reworked them, identifying where to lower their food costs in order to combat all of this, to find the extra money for labor, or to make it more efficient when it comes to labor.
They've revamped their menus. I've had people reduce their items by as much as 70 items, which includes side dishes, desserts, anything on the menu that you sell. It’s amazing to see them focusing on what they do well and still offering their guests what they want.
They’re paying more. They have figured out that if they pay more, they can stand out in their marketplace and pull people in.
They’re building positive workplaces. My members are working hard to create a positive work environment.
The better news is, working with me, my members figured out they are actually the solution to all their challenges. That's right. You, the restaurant owner, are all you need to get through these crazy times.
Here's your recipe for success:.
1. Change your mindset from a fixed to a growth mindset.
2. Create a budget.
3. Become an employer of choice.
4. Make sure you have an implementer.

Now, look. I get it. I talk with restaurant owners almost every day. I see your pain. I can also tell you that when you change your mindset, because I've seen it, You, my friend, are freaking unstoppable.

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