Setting Goals
A “Toast” To Your Success!
The hospitality industry is filled with all kinds of restaurants. From fast food franchises, to a coffee house, a deli, a bistro, a tavern, or upscale the opening, operating, and running any kind of restaurant can be complex. In order to stay focused and on track setting goals is a most important and powerful tool. Goals give new and seasoned restaurateurs something to work toward and are a blueprint for success. But, before setting goals you need to understand exactly what a goal is.
A goal is a desired end toward which you direct a specific effort. It is an exact and tangible result for which you are willing to invest sweat equity in order to achieve. The key elements of a goal are; an accomplishment you want to achieve, a measurable outcome, and a date and time by which you want to accomplish your goal.
Included in your business plan should be a one- three- five year timeline showing how you will fund your goals – whether from loans, family, or private investors.
Educate yourself on what you need to know to open, operate and run a restaurant business. Set realistic goals – both short and long term. As you achieve your short term goals move on to your long term goals and review them constantly.
Based on your goals make decisions regarding the following: location, expansion, menu, theme and be flexible about changing them as needed. For example, if you decide to change your cuisine from Asian to Indian you would have to rethink your goals and restructure the actions that need to be taken to make your customers aware of the change.
It is important you review your goals on a regular basis. Take notice and reflect on the ones you have achieved. Opening and running a restaurant is a process that requires patience, planning and goal setting to achieve your desired and continued success.
We toast your success!
