Millionaire University How To Kill It In The Restaurant Business | Ryan Gromfin
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Apr 22, 2025 In this discussion, Ryan Gromfin, known as The Restaurant Boss, shares invaluable insights from his journey as a chef to a successful restaurant consultant. He reveals the flaws in traditional restaurant models and emphasizes that successful businesses rely on systems, not just delicious food. Ryan tackles common myths about profitability and highlights critical financial metrics restaurant owners should track. He also discusses the importance of automation, adaptability in a post-COVID landscape, and strategies for effective partnerships and scaling operations.
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Restaurant Model Is Broken
- The traditional restaurant business model is fundamentally broken and entering its decline phase.
- Busy restaurants aren't guaranteed profitability due to inherent flaws in the model.
From Five-Star Chef to Systems Expert
- Ryan started working at a five-star hotel kitchen at 15 and learned the correct way to run a restaurant.
- He realized that most independent restaurants cut corners and lacked proper systems, causing struggles even for him.
Monitor Key Daily Metrics
- Track daily sales and labor costs closely using budgets and schedules.
- Manage prime costs (cost of goods sold plus labor) as they are the most controllable and impact 60% of expenses.