 Restaurants are closing left, right, and center. Whether it's the pandemic or just bad business practice, they are one of the hardest business models out there to perfect, which is the reason why we're shooting this video for you. The top five most biggest mistakes that restaurants or owners are making, so in that way, you can choose to avoid them, be aware of them, and become a great restaurant here. Hey guys, it's Wilson here, your friend in helping you build a profitable restaurant and a thriving small business. Just want to give a major shout out to these two individuals here for giving us so much positivity and motivation to continue creating these content for you. This is the positive community that we want to be able to build and be part of. So if you guys want to leave us a message, make sure that you guys go in the comment section below, let us know your biggest concerns, your comments, or just simply your feedback on this video. Now without further ado, let's dive right in. Number one biggest mistake that most restaurantiers make is not knowing who they're serving. This is a huge fundamental mistake by not understanding who you're serving to, because if you don't know who you're serving to, you would never be able to line up out the doors. You'll never be able to understand exactly what brings in your customers, then therefore you're not speaking directly to your customer. Just as an example, if I don't know who I am talking to in front of the camera, someone that wants to build a successful restaurant, and I go off on a tangent on saying that, you know what, building an e-commerce business is amazing. Having real estate is amazing. Building a tutoring center is amazing as well, and I start sharing all these irrelevant information with you, you're not gonna stick around because I don't understand my audience. Whereas right now, I'm talking specific problems, mistakes that restaurantiers are making, and that is directly relatable to you, and that's the reason why you're watching this video. Same thing goes for food. If you create food that doesn't speak to your client and your customers' problems, then most likely they're gonna come in once and they'll never come back again, which is the reason why, if you want a thriving restaurant, if you want people to come in all the time, then you need to know who you're serving to and speak directly to them and solve their specific problem. The second biggest mistake that restaurantiers make is not knowing their numbers. This is one of the biggest fundamental flaws out there. I know numbers are not sexy, it is not fun, it is not exciting. I hate sitting in front of the computer looking at Excel. I hate weeding through all my receipts, trying to figure out and categorize each of the expense, but this is crucial for you to understand which levers to pull within your business to make it more efficient. At the end of the day, you don't want to make tens of thousands of dollars in revenue, top line every single month, but at the end of the month, you pay everything off in your expenses and you're left with a big fat zero. No one wants that. And for us to know which levers to pull, which functions of our business is not working to its optimal, we need to understand our numbers. To give you an example, if our cost of goods solds account to 50% or even 60%, we know something is not right because typically speaking, in the industry of food, the cost of goods solds should range around 20 to 30%. And that's the optimal cost of goods solds that we're looking at. So if at the end of the day, I see that my cost of goods solds is around 50%, 60%, double of what the industry norm is, then I know something is wrong within my ingredients that I'm ordering, or it could potentially be not managing my delivery properly, that I'm ordering a bunch of meat and it gets expired and I have to throw everything away and it goes to waste and it's not pulling in revenue and it's just a bunch of dead inventory and expenses that I have to pay for. How can I fix that? Now I can make better inventory purchases. Maybe I can have them scheduled to deliver maybe three times a week instead of once a week. Maybe I can order less. I can have less of a bulk discount, but at the very least I'm not wasting my food and then that way I can be a much more efficient business. At the end of the day, you need to understand your numbers to understand which numbers to pull within your operations to put more money in your pockets. That's the ultimate goal by understanding your numbers. The third biggest mistake is staying complacent, not learning and adapting to the environment. It is crucial for us as entrepreneurs for us to always adapt to the ever-changing landscape. Today we're talking about COVID, tomorrow it could be something completely different. If we're staying stuck with our playbook, thinking that that's the Bible that we need to actually do and actually follow, then we're gonna be left behind in the dust as the economic landscape changes. For example, if I think, you know what, dine-in service is the best, that's the only thing I can bank on is my customer service. And throughout this whole COVID I'm not doing delivery because I need to make sure that dine-in is my way to go. Then most likely you're still gonna be out of business by now because dine-in is being impacted tremendously and takeout is the new norm. So that's the reason why adapting and learning is the best way for you to actually stay ahead to make a thriving restaurant. If you guys find any value whatsoever in this video, make sure you smash the like button so that way I know this is the content that you enjoy. Now without further ado, let's dive right back in. The fourth biggest mistakes that restaurant owners make is not treating their staff well. We have definitely heard of customer first as a motto, but at the end of the day I truly believe that employees and our staff is first because they are the front of your house. These guys are the ones that build your restaurants. These guys are the ones that represent you. So if you don't treat them properly, how can they treat the customers properly? How can they give your customers a pleasant experience? Which is the reason why you need to treat your customers with care and you also need to love your employees because they are the ones that are actually facing your employees. You cannot penny pinch them. These guys are your money maker. That's the reason why you need to invest with your staff. One poison apple, one bad client, one bad staff would poison your whole pool of talented staff, which is the reason why when you're hiring you need to hire the right talent. You need to treat them well. Definitely check out this video if you want to learn more about how do you retain and how do you hire the best talent in your restaurant. At the end of the day, building an all-star team is everyone's dream. This is the biggest problem that restaurant tiers face is hiring talented, common-sensed staff that truly loves your business. So then that way you don't need to get stuck working 16 hours in your restaurant. You can choose when to go to work instead of being stuck there because you're the only capable one. That's why you need to treat your staff well. The fifth biggest mistake that restaurant tiers make is working in the business instead of working on the business. The key difference here is that when you're working in the business, you're doing all the nitty gritty details. You're working 16-hour days and the business will fall apart without needing you. That's the reason why it will bleed into your family life. It will bleed into your personal life because you're just so burnt out working 16-hour days and then you go home and it affects all your relationships and it just makes you become not the person you want. That's the reason why working on the business is super, super crucial because when you work on your business, when you work on the strategies to take yourself out of being in the business and needed in the business every single day, you get to have your freedom back. You get to choose when you get to drop into your restaurant and when you don't need to drop into your restaurant. You get to actually work on growing the business just like how we're growing this tree. You can work on that. You can work on moving the needle one step closer to your financial freedom, your locational freedom as well. So there you go guys, the top five mistakes that's preventing any entrepreneur from achieving success. You need to make sure you fine tune and avoid these mistakes at all costs so then that way you can build a thriving restaurant. If you guys want to learn more about the step-by-step process and building a successful restaurant, definitely check out our free guide in the description below. Otherwise, I'd love to make sure that I see you guys soon. Make sure you guys subscribe along the journey and I'll see you guys in the next video. The fifth and final mistake is trees and rain. What is trees and rains? I don't know. What the fuck? Why? You're gonna grow your business into the fucking tree. Okay, I...