The 10 Things I Know About Running Insanely Profitable Restaurants

#342 - The 10 Things I Know About Running Insanely Profitable Restaurants

*****

REGISTER NOW for the P3 PROFITABILITY SUMMIT (July 14-16, 2024 in St. Louis, MO): https://www.chipklose.com/events/ticket-p3-profitability-summit

*****

After 25 years in the industry, helping hundreds of restaurant owners generate consistent, predictable 20% profits month after month... these are the 10 things I KNOW about running an insanely profitable restaurant. Listed below, with tactical advice on the podcast to help you take action on each and every one of these by the end of the week:

1. 20% profits are absolutely possible.
   
   
2. There are 3 moving targets in our business… which is what makes our job so hard.
   
   
3. It’s crucial to keep prime cost below 60%.
   
   
4. Every restaurant needs multiple revenue streams (3-4 minimum).
   
   
5. Catering and PDR is absolutely key to success in this post-covid world.
   
   
6. Top-heavy payroll will absolutely kill you.
   
   
7. Understand the difference between macro and micro.
   
   
8. Managers manage the profitability of the restaurant… they need clear goals and oversight.
   
   
9. Education is key… you must constantly level up.
   
   
10. Your network is key… you must surround yourself with ambitious people… people who believe what you believe. 
     

*****

Join me at the P3 PROFITABILITY SUMMIT in St. Louis, MO (July 14-16, 2024). Attendance is being capped at 100 people. Use the link below to get your tickets! 

REGISTER NOW: https://www.chipklose.com/events/ticket-p3-profitability-summit