Michelin Star Closures
When Michelin Stars Don’t Pay the Bills – Singapore’s F&B Reality Check - 8days https://share.google/nH5oygByHgzYUGgo6
Here are the key points from the text:
Restaurants Need to Be Businesses 📈
* Business Success Over Awards: Winning awards like a Michelin star doesn't guarantee business success 🌟. Recent restaurant closures underscore this need.
* Chefs as Entrepreneurs: Many chefs aren't trained entrepreneurs, making business fundamentals like marketing, branding, customer fit, and having a business plan crucial. 🧑🍳➡️💼
The Recipe for Success: The "Trifecta" and Beyond 💡
* The "Trifecta": Long-term success involves a focus on three key areas:
* Product: Differentiation and quality in offerings. 🍽️
* Finances: Handling finances well. 💰
* Marketing: Effective marketing. 📣
* Customer Focus Leads to Innovation: Adapting to customer preferences, like launching a "dim sum style" brunch trolley after noticing guests enjoyed sharing, can significantly boost bookings. 🥟➡️🎉
* Marketing Strategy: Maintain a strong social media presence, utilise customer email databases, and constantly renew menus to give diners a reason to return. 📧🔄
Numbers Are Key to Sustainability 🔢
* Understand the Finances: It's vital to know your profit-and-loss and cash flow. 🧮
* Know Your Market: Understand your value proposition and target market as this impacts your pricing strategy. 🎯
* Analyse Costs and Profit: Know your variable costs and, when successful, understand what's causing the profit. 📊
* Evolve and Engage: Don't get stuck only in operations; keep evolving and actively seek ways to improve and please customers. 🌱💖
°°°
Despite the above, the average Joe like me is getting old and less mobile (with no car), so proximity to my home, accessibility, and quality of food are my main considerations these days.
I hardly splurge on fancy restaurants. My daily meals often involve reduced priced ready-to-eat meals from the supermarkets.
Plus, the cleanliness, comfort and privacy of the home beckons. People hardly have the need to dine out for the 'ambience' when many inconsiderate patrons leave their tables in a mess, and often understaffed outlets aren't able to clear the tables as quickly. The high rentals also push up prices so much that I feel compelled to avoid coffee shops owned by filthy rich landlords who see the basic decency of toilet upgrades as "not their responsibility" and, worse still, if they show gender discrimination - fewer and smaller female cubicles in their restrooms.
At this rate, I don't see what could even persuade me to go out of my way to patronise good food establishments when I could have cheaper alternatives a stone's throw away from my doorstep.
