Are Capitalists In Your Cabinet?

By Lloyd M. Gordon
President, GEC Consultants, Inc.
Skokie, Illinois 60076

Successful industries in this countries and many throughout the world guarantee the success of their financial, operational and sales activities by having experts participate on a part time basis in the running of their companies by having them sit on their Board of Directors.  As the President of the United States and Prime Ministers of England, France and other democracies run the business of their nation, they have at their beck and call, their cabinet.  People appointed because of their specific expertise of various aspects of governing.  Most restaurant chains have Boards of Directors that usually contain a diverse group of successful business experts.  A typical board might include bankers, attorneys, tax accountants, financial gurus, marketing experts, personal relations and product development people.

Let it be said that these people do not do the day to day operation of the restaurants.  What they do is develop far reaching well thought out and closely monitored strategic plans.  These strategic plans are the guide lines that the operational people can use and should use to move the company into a successful orientation.

How can small restauranteurs accomplish similar benefit at a price they can afford to pay?  It’s apparent that a restaurant doing ½ million dollars of business cannot afford to have six or seven business experts sitting on their Board of Directors at a cost of between $5,000 and $25,000 a year.  However, I will suggest that they could have one or two experts in a board like capacity give them a birds eye view of the business world and help steer them over and around the obstacles for success and profit.  One of these experts could be a tax accountant or attorney.  Another might be an officer of a major food purveyor.  Another might be a banker and last but not least a reputable and established restaurant consultant well versed in strategies as well as operations.

With at least two of these  capitalists as an acting cabinet, the restaurant has a fighting chance to operate objectively in a highly competitive environment.  If circumstances permit the use of all four categories as a cabinet it makes the goals of  increased sales, cost efficiencies and tax and marketing strategies more likely to succeed. With an attractive meal and a complimentary drink or two, you may be able to convince you candidates for your cabinet to serve for a few thousand dollars a year.

Mr. Lloyd M. Gordon, President of GEC Consultants, Inc. has an MBA from the University of Chicago. He has concepted more than 390 restaurants and has been consulting for over 44 years. He helps people enter the restaurant industry, points the way to profitability, and helps keep them successful. To discuss "Are Capitalists In Your Cabinet?" he can be reached at 847-674-6310.

To Top

http://www.gecconsultants.com   email: experts /at/ gecconsultants.com
website design: websiterevamp.org