Profit Tip of the Week

I get asked at least once a week.... How has the economy effected nightlife business? Well DUH! The answer to this question is simple.... It has hurt it. Easy as that. But even with that in mind, it doesn't mean you have to give up. Use this opportunity to build staff unity, to build sales systems, and to fine tune your daily operation. I read an article from RestaurantOwner.com that seems appropriate. Read and enjoy...

Has the Recession Made YOU a Better Operator?

In responses from a recent survey, some of our members have told
us how the recession has actually helped them become better
business people.

Here's what one member said:

"The first quarter of this year was very tough, very grey and so
much financial anxiety of what the future would hold. Since May
we have seen incredible improvements to revenue and our profit
margins."

"One of the best things we ever did was to be incredibly
disciplined during the tough times about being positive towards
our staff & our customers. Every single evening, [customers]
would ask how we were doing, was the economy affecting us. We
didn't lie - we knew they would see right through it."

"But what we did say and what I believe none of our competitors
said was that it's the best thing that's happened to us. And I
truly believe it. It gave us the opportunity to become better
business people."

"We [now] manage our expenses more effectively, we look at
creative marketing and menu ideas and by doing so have increased
our profit margins and also lowered our break-even point."

"And just between my husband and I - it taught us to respect
money. When we first opened, we made so much money and we were so
incredibly busy it was overwhelming. We threw money at problems
to make them go away. Now we deal with them the way we should
have back then."

"We may have more grey hairs or wrinkles from the stress - but for
us - we grew and the business grew and I believe our staff grew. We
believe you don't become more successful until you learn to solve
your current problems - I can honestly say we did that."

What have you learned from the recession? How will the experience
make you a better business person in the future?