▶ Nick Kokonas - Know What You Are Selling

Transcript: https://www.joincolossus.com/episodes/20135760/kokonas-know-what-you-are-selling
Person: Nick Kokonas

this will be run as business first. It's not an art project, it's a business. If we run it well as a business then we can invest more in the art and it becomes a virtuous cycle.

So all of a sudden you have two people sitting at a six top and you've just forgone $1,000 in revenue. Now you multiply that out over the course of the year and we were losing over a million dollars of revenue through those two things happening. One of the basic things that people don't do in the restaurant industry, and it drives me nuts even with our own staff, is no one multiplies it out by seven days a week, 52 weeks a year. So if you have something that's costing you even $20 a day, add it up. It's a low margin business because you're not looking at these chunks of revenue.

Burn rate doesn’t make sense - don’t see money as something to burn, it’s an investment.

Types of products restaurants sell.

Tuesdays aren’t the same as Saturdays. Why treat them the same?

How can you really know your customer?

I said that anyone who didn’t do it would be fired. I wasn’t liked, but people started doing it.

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#clipping/podcast

#tag/smallbusiness #tag/operations