FULL COMP: The Voice of the Restaurant Industry Revolution This is Your Plan to THRIVE: Elizabeth Tilton, founder of Oyster Sunday
Didn't go to business school? We've got you covered.
On today's show, we chat with Elizabeth Tilton, founder of Oyster Sunday, a hospitality services company making waves by supplying us with tools we need to reopen, at no cost
As a child, I dreamed of being an astronaut. Elizabeth Tilton dreamed of being a doctor. But somehow, some way the hospitality industry sucked us in. The love of serving others is overwhelming and fires us off in different directions. I became a restaurateur. Elizabeth has dedicated her life to helping restaurateurs succeed.
Today we run through the plans and tools Oyster Sunday has created to make sure we don't just survive, we actually thrive.
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SHOW NOTES
- What does Oyster Sunday do?
- Corporate office for independent restaurants
- Creating infrastructure of operating systems for restaurants
- Reopening resources
- Offers free consultations for operators
- Created the reopening critical path
- How to treat your team
- How to stop hemorrhaging money
- PPL, national and localized financial stability
- Step by step guide to reopening
- Managing your team
- Not disqualifying team members for unemployment
- Restructuring business operations
- How do we find alternative revenue streams?
- Going back to cash in hand
- What is the break-even point at our lowest moments?
- How can we reorganize P&L?
- Data-driven decision making
- Focus on core competency
- What dishes or services make us who we are as a restaurant?
- Opportunity to reflect and rebuild
- Pivoting to a product industry over a service industry
- Covid 19 exposed issues, not create them
- Brick & mortar
- In-person model only
- Slim margins
- High labor costs
- High food costs
- Margins
- Industry average is 6% profit margin
- Preux & Proper 10%
- High margin businesses have high volume
- Restaurant businesses must work a lot for small profits
- With 15-20% profit, we can make broader decisions for our businesses
- Team salaries
- Communicating with consumers
- Consumers will dictate what they need
- Sharing the operations side with customers
- Telling them delivery commissions are high
- Telling them the complications of tipping
- This is a time of innovation in the industry
- Minimal innovation has happened in 50 years
- OpenTable for reservations
- Cloud-based computing for payments etc
- Cyclical view to restructuring the business model
- Recovery from Covid 19 won’t be linear
- Restructuring tool on the Oyster Sunday website (linked above)
- % delivery
- % catering
- Other digital revenue streams
- Planning for 12weeks
- Things change very quickly