Josh Kopel | Award Winning Restaurant Consultant

Restaurant Labor Cost Management: David Meltzer Business Wisdom

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Restaurant Margins

On Today’s show we chat with David Meltzer,a three-time international best-selling author, a Top 100 Business Coach, the executive producer of Entrepreneur‘s #1 digital business show, and host of the top entrepreneur podcast.

5 Day Restaurant Profitability Challenge

The hospitality business, more than anything, is a business. Due to the hectic nature of the industry we tend to forget that and get caught up in the day to day grind. Proper business strategy will matter more than great food in the new normal and David Meltzer is a master strategist. Today he runs us through the fundamentals of business and leadership.

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5 Day Restaurant Profitability Challenge

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  • 4 pillars of truth
  • Putting together a world-class team
  • Humans can create their own environment
  • Restaurants – we are monetizing an experience and environment
  • Transforming an offensive and defensive mindset
  • The paradox of giving
  • David would give a lot but always with expectation of praise, recognition, love, etc
  • Ferocious about receiving. Receiving to be able to give back
  • The importance of mentorship
  • Most crucial of all roles in last 14years
  • David didn’t need mentorship in beginning – multimillionaire in his twenties
  • Now believes the easiest and best way to be successful is using mentors
  • Being specific with mentors e.g sleep, money
  • Being radically humble enough to say “you’re the only one who can help me”
  • How to reset goals with the new normal
  • How to recover in the hospitality industry
  • People buy on emotion for logical reasons
  • Key to understanding reopening
  • 1. Strength of signal.
  • Credibility – relieving reasons that people feel uncomfortable.
  • Lower capacity. Mask rules. 6ft apart etc
  • 2. Market to people who aren’t afraid
  • Some people will go out anyway during this time
  • 3. Clear message of value
  • Quality food/USP
  • People want to fill a void. Miss what they can’t have
  • Address the way people feel. You are selling an experience
  • Aha moments through the pandemic
  • “I don’t know what I don’t know”
  • David wants to be a better husband and father
  • Much more important than being a podcaster, entrepreneur, TV star, etc
  • David would prefer to be at a family dinner than an award show, event, or Superbowl
  • Pivoting
  • Previously worked with in-person workshops, events, and speaking engagements
  • Now conducts workshops online
  • Moved to online speaking gigs
  • Still learning work-life balance
  • Achieving happiness
  • David defined himself by his bank account
  • Now his bank account is an ingredient of the overall thermostat of happiness and joy
  • Higher % of total happiness than he has ever been
  • Minutes and moments of unhappiness
Also Read  Restaurant Consultant: Navigating Labor Crisis with People-First Culture

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