So you want to start your own restaurant

So you’re thinking of opening a business, and you’ve chosen a restaurant. You believe you can turn it into the next big thing – and have it franchised. Sounds simple enough, but it actually isn’t. A lot more restaurants close down before its first year than those that survive. Before setting it up, here are a few things you need to keep in mind. 

Image source: colourbox.com

Invest in the best equipment 

It may seem counterintuitive, but putting a lot of money in the brand new, top-of-the-line equipment can save you and your business a whole lot of cash in the long run. With the best equipment, you no longer need to buy extra ingredients, or even hire new staff. Consider that staff salary is the biggest expense in the restaurant business, investing in high quality cookware can be one of the best ideas you can come up with. 

Stocking vs Overstocking 

If by after a week your restaurant still has its old stock of food, then your overstocking. Drinks last a little longer though – more or less a month. 

Expansion comes first 

You may have mused which was more important – increasing sales or cutting costs. In business, increasing sales always comes first since it leads to expansion. If your restaurant is cutting costs but decreasing sales, then your business is headed in the wrong direction. 

Image source: rmflagg.com

Kingstown Capital Management is a freelance consulting firm that provides quality consultancy for business owners. For more on the firm, check out this website.

Customer Service Training For The Hotel Industry

There is probably no other industry where customer service is more important than the hospitality sector. Hotels are all about satisfying guests. Hotels should not spare any expense in training their staff on how to make their guests feel right at home.

Image source: hotelogix.com

For instance, the concerns of guests should be addressed by the staff immediately, with as much discretion as possible. Numerous studies and surveys found that the first major concern of a hotel guest is very important. How hotel staff handles this concern will lead to the guest’s decision to either come back or stay away, or worse, ruin the hotel’s reputation.

In order to make things more personal and more comfortable for guests, hotel staff should make it a point to know their names. And how do they do this? By making small talk of course. There is no room for shy hotel staff. Staff should be able to ask about a guest’s preference. Knowing this can go a long way.

There are still a lot more customer service strategies for hoteliers to develop, but focusing first on interaction is a great idea.

Image source:  traveller.com.au/

Established by a group of college graduates, consultancy firm Kingstown Capital Management helps other companies with various services, including customer service management. Catch more business tips when you subscribe to the firm’s Twitter account.

Note To Startup Founders: Expect Failure

While success is what every startup founder aspires to, failure is also something they have to be ready for.  The reality is startups fail.  In fact, majority of startups fail; statistics reveal that 9 out of 10 will fail with most dying 20 months after raising financing.  A cold, hard truth that every entrepreneur must embrace.  Failure is actually identified by many seasoned founders and investors as a universal trait of the startup ecosystem that new entrepreneurs are advised to prepare for a failure post-mortem even before launching their venture. 

Image source: recyclinginternational.com

For some startup founders, the certainty of failure is a frightening prospect.  This dose of reality, however, is what entrepreneurs need to succeed.  The harsh statistics are not meant to dissuade entrepreneurs but to encourage them to work harder <I>and</I> smarter.  And entrepreneurs who accept their failure, learn from their mistakes, and adapt are the ones who succeed in their next endeavor. 

Below are some tips to help startup founders get ready for their brush with failure:

Anticipate ups and downs.  The startup life is like a rollercoaster ride.  There are definite highs and lows – be on the balance sheet or one’s emotions. The challenge for entrepreneurs is how to build perseverance amidst the low points. 

Image source: techstory.in

Accept that you cannot do it alone.  The idea for the next big social networking site, app, or product may have the brainchild of the founder, but without a team of trusted advisors and investors, such brilliant idea may not come to fruition.  But entrepreneurs have to keep in mind too that even with a stellar team, unexpected turns can rock an otherwise strong group.  

Persist without exception.  At the end of the day, entrepreneurs who had the stamina to fail and get up after will survive.  Achieving success may take several tries, but those with unrivaled passion and indomitable spirit will be greatly rewarded in due time. 

Read stories of entrepreneurial successes and failures when you subscribe to this Kingstown Capital Management  blog.

The correct mindset for rookie entrepreneurs

When a person decides to become an entrepreneur, he takes on a captain’s role. When he opens his own business, he faces a whole different challenge in his life, one that requires him to be a true leader. With more than just responsibilities, true leaders need to adopt a certain mindset that is in equal parts warm and cold. Let’s take a closer look at what separates true leaders from the rest of the pack. 

Image source: horizonjobmarketing.com

How they see work and the people they lead 

You’d notice how scared some supervisors are of being hated or being feared by their subordinates. It reaches the point that whatever their subordinates ask, they give. True leaders, however, don’t need to be loved. They only want to be respected enough by their subordinates that everyone gets the job done. Though true leaders keep their distance, they also have a concern for the people working under them, should any issue arise that would affect their jobs. True leaders very seldom take things to a personal level. 

How willing they are to learn new things 

Although most if not all, true leaders are adept at their jobs, they are very much willing to learn new things. They also feel that they need to contribute more to what they are doing. This is especially true in business. A lot of things have to be learned on the fly, and handling a company can never be for someone with a closed mind, unwilling to embrace new methods. 

Image source: procurious.com

Kingstown Capital Management is a freelance consulting firm that specializes in customer service management. Follow this Facebook page for more similar reads.

Started From The Bottom: Why More Graduates Are Considering Building Careers With Startups

Generations ago, people measured their success based on the company they’re affiliated with. They would flock to big conglomerates with hopes of climbing up the corporate ladder with pride. But today’s world is changing, as more and more graduates are leaning towards starting a career with a startup. Here’s why most college grads are skipping the big organizations and are heading to startup companies.

Image source: LinkedIn

Employees are given more opportunities in startups

While reality dictates that startups don’t pay as well as the bigger companies, its rewards are different. Working in a startup opens an employee to different opportunities that the bigger companies do not offer. Those who have been in the company soon after it opened will be given bigger responsibilities (i.e. leading a team or a project). Employees in startups have more opportunities to express their creativity, and they are allowed to explore different heights that are still in line with their profession.

Employees work beyond their job title

Many employees in structured companies often complain that they are stuck doing the same things every day, never experiencing “growth.” They only do what their job title tells them to do, and it can be boring and unfulfilling. However, working in startups will allow employees to wear different hats that will give them professional gain in the future.

Image source: startupdaily.net

Employees get recognized for their hard work

Praise or words of encouragement work as a fuel for the digital creative. It’s usually the team leader that gets all the credit for the hard work of another. But working in startups will allow employees to have their great work recognized.

Kingstown Capital Management is a startup consulting firm that provides startups and other businesses with effective management strategies. Visit this page for more information about the company.

Guiding Principles: The Path To a Successful Customer Service Strategy

Out there are numerous customer service management strategies. They have been identified through rigorous studies, trials, and at some points, even rumors. The real challenge lies within choosing which one is applicable to one’s company. A mismatch can be fatal as it could potentially damage customer relations. There is a sure-fire way of identifying which approaches will and will not work, and that is through identifying if the principles of a successful customer service management policy exists within said approach. These principles can even be used as tools to tailor the company’s own customer service experience.

Image source: storyports.com

One principle of a successful customer service strategy is mastering the art of the ‘possible.’ This entails continually experimenting with innovations that could benefit the experience of the customers and providing it to them at the right time. One must take note that this doesn’t mean always asking consumers for the things that they want. Rather, the company must make informed decisions about technological trends.

Another principle is to thoroughly define the market and the customers. This can be done with techniques such as mapping the customer journey. Data must be sought from a variety of sources at the granular level. This includes sources such as the Internet of Things, real-time interactions, social media, and online communities. Finally, the company must link their customer service strategy to their overall identity. The most successful firms have a defining feature that set them apart from their rivals, and proper integration of the organization’s customer service approach can help in achieving that distinctiveness.

Image source: dealermarketing.com

Kingstown Capital Management is a freelance consulting firm specializing in customer service management. For more insights into client care, click here.