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Summary: Shut Up and Listen! by Tilman Fertitta
Hospitality matters, no matter the business
- Build in ‘What-ifs’ to help you follow through commitments
- One person who doesn’t follow hospitality can ruin otherwise positive CX.
- Be plappy, play and happy.
Take the word “No” out of your vocabulary
- There are no spare customers
- Know the distinction between being unable to do something and choosing not to do something
- Offer alternatives if you can’t say yes
Cater to the masses, not to the classes
- Work to make your product appealing to as broad an audience as possible
- Understand your audience and competition
Working capital is everything
- Loans and lines of credit are two excellent sources of ready cash.
- Borrow money when times are good even if you don’t need it.
- Draw up a worst-case scenario that you can keep to yourself, so you can stay in business.
- Never put your lifestyle ahead of your business growth.
The pitfalls of property leases
- Make certain you can get out of a lease early, including buyout provisions, subleasing etc.
- Look for a short-term lease – ideally with renewal options that you can choose to exercise.
- Know ‘all’ costs associated with a lease.
- Work with an attorney / agent to help negotiate best possible least package.
Know your numbers
- Make daily flash reports and budgets a priority.
- If you don’t’ or can’t master your numbers, get someone who can.
Get to know your 5
- 95:5 rule says 95% of your business may be operating ‘fine’, but look for 5% that can make or break a deal.
- View the 5% through your customer eyes. It will help set you apart.
Know your strengths and leverage
- Build on your strengths. Don’t be afraid to assert your strength for the good.
Partner with complementary strengths
- Partner with someone who has complimentary skillsets rather than similar skillsets.
- Make your business friends your personal friends.
- If you know your business lacks a certain skillset, bring in someone who fills the gap.
A 5-year Reprieve
- When times are good, we tend to forget they’re going to be bad again at some point. Likewise, when times are bad, we tend to forget they’re going to be good again.
- Opportunity is always there, no matter what the current conditions may be.
I wonder if I’ll ever have a company that does million dollar sales
- Don’t’ chase a deal let it come back to you.
- Not every deal has to become a home run. There will always be another that comes along.
- Dream. Dream realistically.
- You’re not out of business until you don’t have the last dollar to go out and buy a product to make, until someone comes and padlocks your door or you can’t make a payroll.
If you want to lead, listen first
- Take the time to listen to everyone. A great leader listens all the time.
- Be blunt and expect people to do the same.
- Keep meetings short. Short meetings help us focus.
- Stay involved in your business as much as possible. Don’t leave anything important to chance.
Be a great teacher
- Encourage people to think their feet and be creative.
- Don’t be afraid of mistakes as long as you don’t repeat and learn from them.
- Learn as much as you teach.
Change, change, change
- Hire people smarter or more talented than you.
- They don’t replace you. They help you keep your business.
- Sometimes, things work out on their own. Don’t overthink.