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The Tim Ferriss Show
#429: Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing
May 6, 2020
01:49:39
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Quick takeaways
- Restaurants should innovate in menu offerings and safety protocols to thrive during uncertain times.
- It is crucial for restaurants to prioritize employee well-being and support, fostering loyalty and teamwork.
- Restaurants must tap into creativity by exploring new revenue streams and adapting to changing consumer needs.
- Establishing transparency, communication, and trust with customers can build lasting relationships even in challenging times.
Deep dives
Adapting to the Changing Landscape
During the COVID-19 pandemic, many restaurants have faced immense challenges. To survive and thrive in this uncertain time, restaurants need to adapt and innovate. This includes finding new ways to generate revenue, such as offering takeout or delivery services. By modifying their menus and pricing structures, restaurants can provide affordable and comforting food options that appeal to customers. Additionally, by implementing strict safety protocols, restaurants can ensure the health and well-being of their staff and customers. The ability to quickly pivot and make necessary changes will be crucial for restaurants to survive and succeed in this new landscape.
Importance of Strong Employee Support
In times of crisis, supporting and caring for employees is paramount. Restaurants that prioritize their staff's well-being and provide them with financial assistance and benefits will have a better chance of surviving. This includes offering paid leave, unemployment benefits, and healthcare coverage. By treating employees as professionals and valuing their contributions, restaurants can create a strong sense of team and ensure that staff members remain loyal and committed to the business. Building a supportive and inclusive work environment will be essential for restaurants to weather this storm.
Creativity and Innovation are Key
In the face of challenges, restaurants need to tap into their creativity and innovate. This includes exploring new revenue streams, such as selling gift certificates or merchandise, offering meal kits or grocery items, or partnering with local suppliers and farmers. Additionally, adapting menus to include comfort foods and affordable options can help attract customers during this time. Embracing technology, such as online ordering platforms and contactless payment systems, can also enhance efficiency and customer satisfaction. By being adaptable and finding innovative solutions, restaurants can stay relevant and meet the changing needs of consumers.
Building Customer Trust and Loyalty
During uncertain times, customers appreciate transparency, communication, and trust. Restaurants that establish clear safety protocols, such as temperature checks, frequent handwashing, and contactless pickup or delivery, can instill confidence in their customers. Offering regular updates and actively engaging with customers through social media or email newsletters can also strengthen loyalty. Responding promptly to feedback and addressing any concerns or issues will further build trust. By prioritizing customer satisfaction and safety, restaurants can create lasting relationships with their patrons and foster a sense of community even during challenging times.
Adapting and staying scrappy during challenging times
Despite the fear and uncertainty brought on by the current crisis, it is important to adapt and remain resilient. One way to survive is by being scrappy and finding innovative solutions to challenges. For example, Eric Rivera, a former development cook, created multiple concepts for carryout delivery and established his own delivery fleet. This adaptability and willingness to learn from others can help businesses thrive even in difficult circumstances.
The importance of planning ahead and making strategic decisions
Planning ahead and making strategic decisions is crucial, even in the face of unforeseen events. Businesses that have prepared for different scenarios and have contingency plans are better equipped to navigate changing circumstances. Nicholas Kokonas emphasizes the need to consider various possibilities and develop strategies to respond to them. This proactive approach allows businesses to make informed decisions and find opportunities in challenging times.
The power of human ingenuity and resiliency
Historically, humanity has faced pandemics and other crises. While the current situation is unique for many, it is essential to recognize the resilience and ingenuity of people in overcoming adversity. Rather than succumbing to despair, it is important to focus on human potential and the ability to innovate and adapt. Kokonas highlights that crises often lead to growth, with new ideas and businesses emerging to fill gaps and provide innovative solutions to challenges.
Nick Kokonas on Resurrecting Restaurants, Skin in the Game, and Investing | Brought to you by ShipStation and Helix Sleep. More on both below.
"It remains to be seen, of course, whether or not this works. But what I didn't want to do was wait to see what happened." — Nick Kokonas
Nick Kokonas (IG: @nkokonas, TW: @NickKokonas) is the co-owner and co-founder of The Alinea Group of restaurants, which includes Alinea, Next, The Aviary, Roister, St. Clair Supper Club, and The Aviary NYC.
Alinea has been named the Best Restaurant in America and Best Restaurant in The World by organizations and lists as diverse as The James Beard Foundation, World's 50 Best, TripAdvisor, Yelp, Gourmet Magazine, and Elite Traveler. His restaurants have won nearly every accolade afforded to them.
Nick has been a subversive entrepreneur and angel investor since 1996. He spent a decade as a derivatives trader, has co-written three books, and believes in radical transparency in markets and business. As an outsider to the restaurant industry, Nick's approach to the business of restaurants is markedly innovative, and he has been featured in Businessweek, Fast Company, The New York Times, Forbes, and Crain's Chicago Business, among other publications. He has given talks on innovation, entrepreneurship, and experience design across the country.
He is also the founder and CEO of Tock, Inc, a reservations and CRM system for restaurants with more than 10M diners and clients in more than 30 countries. Tock also recently launched a to-go platform, which has helped restaurants pivot to fulfill pickup and delivery orders.
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