Restaurant Consulting is a two-way street.
You’re paying for advice, so at least evaluate it for its merits.
The price of a consultant is all dependant on the results being sought. Therefore a consulting company should be able to provide specific benchmarks that will allow for continued payment, release of balloon payments or even termination. Define the goals jointly and work out fees based on the value your restaurant will receive. It is not based on a fixed hourly rate or day rate, it is based on results and living up to expectations.
Your restaurant consultant should have real experience, and should have been through the process or have expertise in what you are seeking. The last thing you need for your business is theory or hypotheticals. Thus, it is important that real world experience trumps fancy reports, nice suits and industry speculation. When you are thinking of making big changes, ensure the person making the changes already knows, has mitigated and is ready to manage the collateral damage. Do not be a consultant’s case study.
You get what you pay for. If you hire a bartender to run your mixology program because they make great drinks, do not be surprised with lack of inventory management, high waste and low margins. If you hire a fantastic chef who creates amazing dishes and draws a large crowd, but he has no regard or experience to food costing and kitchen management, do not be surprised when the kitchen is losing you more money than your making. A restaurant consultant will combine all facets of what you are looking for to ensure a great product at a fair price that generates a profit. By the same token, a restaurant owner who has had success in his or her own projects may not convert to success in your Project. You cannot transfer or buy passion and the parameters. Luck or other factors may not be wholly applicable to your scenario. More importantly, the challenges you will face are unlikely to be the same challenges he or she faced. A Restaurant Consultant has seen hundreds of scenarios and knows how each one will unfold. You are buying experience as well as knowledge and expertise.
Do not hire an angel to navigate you out of hell. If you are experiencing problems with your restaurant, cash flow, profitability, vendor debt or any of the countless problems you are faced with on a daily basis, make sure the consultant you are looking for understands what you are going through and has personal insight. When using a restaurant consultant for debt workout or distress management, ensure he or she understands and knows what you are about to face, so that he or she can at least manage any unavoidable disasters.
You would not hire an apprentice to do a difficult plumbing job on your house. Although technically competent, the lack of specific experience makes he or she incapable of guiding you appropriately. Hire the consultant that has the relevant expertise in your specific problem, not the consultant who thinks he or she knows your specific problem.
Ask as many questions as you need to make yourself comfortable. I am not suggesting ask all the questions so you can gain the answers for free. However, I am suggesting you take time to discuss the process, what is expected, the time frame of execution and any possible collateral damages.
You’re paying for advice, so at least evaluate it for its merits.
The price of a consultant is all dependant on the results being sought. Therefore a consulting company should be able to provide specific benchmarks that will allow for continued payment, release of balloon payments or even termination. Define the goals jointly and work out fees based on the value your restaurant will receive. It is not based on a fixed hourly rate or day rate, it is based on results and living up to expectations.
Your restaurant consultant should have real experience, and should have been through the process or have expertise in what you are seeking. The last thing you need for your business is theory or hypotheticals. Thus, it is important that real world experience trumps fancy reports, nice suits and industry speculation. When you are thinking of making big changes, ensure the person making the changes already knows, has mitigated and is ready to manage the collateral damage. Do not be a consultant’s case study.
You get what you pay for. If you hire a bartender to run your mixology program because they make great drinks, do not be surprised with lack of inventory management, high waste and low margins. If you hire a fantastic chef who creates amazing dishes and draws a large crowd, but he has no regard or experience to food costing and kitchen management, do not be surprised when the kitchen is losing you more money than your making. A restaurant consultant will combine all facets of what you are looking for to ensure a great product at a fair price that generates a profit. By the same token, a restaurant owner who has had success in his or her own projects may not convert to success in your Project. You cannot transfer or buy passion and the parameters. Luck or other factors may not be wholly applicable to your scenario. More importantly, the challenges you will face are unlikely to be the same challenges he or she faced. A Restaurant Consultant has seen hundreds of scenarios and knows how each one will unfold. You are buying experience as well as knowledge and expertise.
Do not hire an angel to navigate you out of hell. If you are experiencing problems with your restaurant, cash flow, profitability, vendor debt or any of the countless problems you are faced with on a daily basis, make sure the consultant you are looking for understands what you are going through and has personal insight. When using a restaurant consultant for debt workout or distress management, ensure he or she understands and knows what you are about to face, so that he or she can at least manage any unavoidable disasters.
You would not hire an apprentice to do a difficult plumbing job on your house. Although technically competent, the lack of specific experience makes he or she incapable of guiding you appropriately. Hire the consultant that has the relevant expertise in your specific problem, not the consultant who thinks he or she knows your specific problem.
Ask as many questions as you need to make yourself comfortable. I am not suggesting ask all the questions so you can gain the answers for free. However, I am suggesting you take time to discuss the process, what is expected, the time frame of execution and any possible collateral damages.