This paper is intended for a small audience. 1M or less in total revenue. As the business scales- whether through device growth or more sales volume- the main element performance metrics important to the management and possession will change, to some extent, as well. Some of the following debate is basic educational principles you could see by reading a “how to” publication about them.
Others are things I discovered while doing work for larger companies before. Most, however, are ideas born out necessarily or from tedious trial and error in the day to day operation of the business. I needed to pass along some of these learnings to other people who may reap the benefits of their evaluation and potential execution. An email of extreme care: There may be additional ideas others feel are important or disagreements regarding the merit of those discussed here. I would suggest any audience who falls into the described audience of the paper solicit additional advice from a number of informed sources with immediate experience before making any material changes to their operation.
Always seek appropriate legal advice for acquisition, divestiture, or related decisions. One other important distinction regarding the intended audience is due to the “type” of the owners (or future owner) where this paper is written for. For the purpose of this paper, I’ll broadly categorize hospitality business owners into two distinctive groups: Lifestyle and Investment owners.
Lifestyle owners use their business as a vehicle to facilitate personal enjoyment. Investment owners focus on … Read more