In the dynamic world of food service, standing still equates to more than just a missed opportunity; it’s a shortcut to decline. And even when you anticipate the need to act, sometimes, the tried-and-true methods that have led to past success, simply can’t get you moving again. It all comes down to answering the question – is your business built for more success?
Harvard Business Review indicates that many prosperous businesses inevitably hit a “stall-out” – a period of halted momentum potentially leading to a gradual downturn in growth and revenue or, under certain circumstances, a slide into stagnation.
As business owners, we want our companies to be healthy and thriving. So how do so many businesses lose their inertia? And most importantly how do you get it back?
Many owners simply get too bogged down in working in the business and not on it.
Conventional tasks such as approving payroll or settling invoices are necessary, and they provide a clear roadmap for action and the satisfaction of ticking off items from a to-do list. However, as your business grows, incorporating more personnel, higher revenues, and increased infrastructure, these tasks become more complex, requiring significantly more cognitive resources.
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In addition, bureaucracy, a potential barrier to progress, can contribute to this increased complexity– and it can be detrimental to your future. Even well-meaning leaders can inadvertently cause skewed data collection or analysis, which may lead to emotion-based decisions not always in line with the best interests of business growth and stability.
This potential misalignment is a crucial area where the power of technology and the guidance of an external firm like GSS can become invaluable.
The Necessity of Precise Data Collection
Accurate data collection and refinement are critical to keeping your business vibrant and thriving. As McKinsey points out, transforming data into tangible, actionable value requires a robust financial framework. And if you are collecting any data, you want and need to be able to extract value in the form of strategic planning and resource management.
At GSS, we harness technology like Restaurant 365 to simplify the chaos. We handle strategy, budgeting, and financial compliance so our business owners can concentrate on other vital areas such as the passion for food, dedication to customers, and vision for your restaurant’s future.
Final Thoughts
A solid financial strategy is critical to staying competitive and avoiding stagnation. There is always an opportunity to build your business for more. We’ve found the businesses we work with have different starting points depending on past decisions, geography, concept, people, etc. It is the future where the upside is, and the upside is limitless. Getting started on your financial strategy is the key to ensuring your business is built for more success.
Feel free to reach out if you’d like to discuss your strategy, any areas of concern, or how to leverage technology for efficient and effective data collection and analysis.
Wishing you a prosperous October!