Being in the restaurant franchise industry for 10 years, I’ve met the whole spectrum of food entrepreneurs – from the 1-2 unit mom-and-pop shops, to the big organizations who own and operate hundreds of stores of different concepts.
Regardless of what you consider “success,” a glaring common denominator to achieving it lies in the avoidance of being greedy.
If your goal is to have more time with family and friends, or focusing only on what you’re passionate about doing (your “art”)…not being greedy means delegating tasks that you’re not excellent at or in love with, to very capable people who want to help you grow, and paying them well to show appreciation. It means knowing when to stop building more stores if it doesn’t align with who you are, and just focusing on delivering an incredible experience for loyal customers for your existing platform. There is always enough to do with what you’ve got.
Customer’s see immense value in what you provide, and will pay and refer others to you. Employees feel appreciated, will work together in protecting and sustaining your company, and will stay there for a long time.
If your goal is to be a market leader with strong penetration – something my Halal Guys SoCal team and I are trying to achieve here in our home market….not being greedy means finding great partners who will bring their unique strengths to the table (I love love LOVE my partners), divide and conquer, and lighten the load so you can focus on your work, and sharing in the risks and rewards fairly. It means that we empower and handsomely compensate a great management team who will hire and train a great operations team who will deliver a great customer experience who will build a sustainable customer base – the gift that keeps on giving. It also means you can attract investors who will gladly fuel your growth to heights you’ve never imagined nor reached without, and that you’ll never have to ask for money again.
Being greedy means that you will not allow employees to develop and feel useful – and they will leave for a company that will appreciate them, pay them well, allow them to grow, earn their commitment – causing you to continually have to replace and re-train staff. It means you will cut corners on food quality, portions, and service to save a few pennies – and lose customers who don’t feel taken care of and who don’t believe you’re worth their money. You won’t be able to focus on your craft because you’ve hogged all the duties and you’re busy putting out fires that you haven’t allowed capable teammates to learn and help with. Being greedy means screwing investors over that lead to a dry well, regret, a horrible reputation, potential lawsuits, and constantly having to look for money.
Find out what your unique definition of success is, and jot down your list of things you can do to grow your business without greed. These two to-do’s are oversimplified, but it definitely will set you on the right path to doing amazing things.