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The Rise and Economics of the Virtual Restaurant
From the fully automated diner and instantly hydrating pizza in Back to the Future Part 2 to the flying noodle restaurant at Bruce Willis’ apartment window in The Fifth Element, we’ve long been imagining the ways technology might change the way we eat. The movie that got closest to reality was probably 1995’s The Net when Sandra Bullock orders a pizza from her PC over a dial-up internet connection. The idea of ordering food via a keyboard, without speaking t...
The future of sourcing
Sourcing vs Procurement The terms Sourcing and Procurement are often used interchangeably, but they are two distinct (though inextricably linked) processes. Sourcing is all about supplier relationships and mitigating risk; procurement is all about purchasing and acquisition. In the most basic terms, sourcing is the process of identifying, vetting, negotiating, and securing contracts with suppliers. The sourcing process precedes procurement and makes it poss...
Three Keys to Restaurant Profitability – A Guide for CFOs
Traditionally, the role of a Chief Financial Officer has been largely isolated to numbers. In today’s rapidly changing economic landscape, with restaurant sales slowing, a restaurant CFO’s purview has expanded to touch on everything from labor retention, vendor management, and pricing, to company culture, staffing, and customer behavior. In addition to budgets and reporting, restaurant CFOs are expected to be innovators and problem-solvers, making stra...
Chris Voss and the Art of Negotiating
I recently heard expert hostage negotiator Chris Voss speak on the topic of negotiation and thought it was worth highlighting some of his important points. Each of us negotiates all day long, sometimes without even knowing it. The better skilled we are at it, the better will be our outcomes. Chris Voss is a former FBI hostage negotiator, the CEO of The Black Swan Group Ltd, and co-author of the book, Never Split the Difference. Prior to founding Black Swan Gr...
Podcast with Tim Pulido
With the Restaurant Finance & Development Conference coming up next month in Las Vegas, we wanted to produce a podcast with a restaurant industry expert. The first name to come to mind was long-time industry expert Tim Pulido. Tim began his career in brand marketing, moving up quickly to general management and concept leadership in the restaurant space. He spent 20 years at PepsiCo, then McDonalds, and several other notable chains. Tim presently is the...
How CMOs Can Partner with CFOs
Traditionally, the Chief Marketing Officer and the Chief Financial Officer have been the frenemies of the C-Suite. They’re on the same team, but their departmental culture, viewpoints, processes, tools, and KPIs are often wildly different. The time has come, however, to bury the hatchet and join forces. As Brand Quarterly points out, “In today’s increasingly digital economy, a strong partnership between finance and marketing can spell the difference between a...
Five lessons learned from Gene McCarthy's 40 years at the helm of business
I had the pleasure recently of sitting down with Gene McCarthy and asking him to share some insights he’s gathered over the past 40 years from being part of and leading some of the most iconic brands of the footwear and outdoor industries. Gene is extraordinarily passionate about how brands interact and communicate with the world, so his learned insight should be of interest to anyone aspiring to grow a brand in today’s diverse and hyper-connected world. Her...
Digital Innovation Opportunities for the C-Suite
Embracing digital innovations is no longer an option for the C-Suite. Digital disruption is a fact of life. Period. Full stop. Material disruption is no longer limited to entertainment or transportation; the fact is, digital innovations will disrupt every industry. The decision that you as a C-level executive have to make is, will you be doing the disrupting, or waiting for another company to come along and disrupt you. Awareness and willingness to act are ...
Maximizing the Influence & Power of the Corporate Brand
Whether in B2B or B2C markets, good economic times or bad, large businesses or small, brand matters. It’s far more than just a design aesthetic; it is a core part of a business’s value. You know this, of course (though you might be surprised by just how much brand matters – it’s estimated that brand represents around 30% of S&P 500 companies’ market value). The question instead is – given that importance – how can you make the most of your brand in the m...
Building a Corporate Culture That Gets Results
Returns to shareholders 60% higher than the median. Responsible for up to half the difference in operating profit between organizations. A 20% increase in scores from employees rating their employer. Viewed by 82% of CEOs and HR leaders as a potential competitive advantage. If we told you there was an employee, consultant, or piece of tech that could have this sort of impact, what lengths would you go to get them? How much time and money would you commit...
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