Uncovering the Hidden: Ignorance of the Unknown

Hey there, Branded Gang!

Hope you all had a fantastic week, and we're back with our weekly dose of insightful chats and entertaining musings. Let's dive right in, shall we?

This week's theme: You Don't Know, What You Don't Know! Ain't it the truth, though? There's always something new to learn, whether you're in the hospitality business or just navigating life.

First off, we couldn't help but smile at the sheer enthusiasm for everyone's favorite time-traveling trilogy, Back to the Future. In case you missed it, the movie ranks 135 on The Greatest Films list, and our fearless leader Jimmy couldn't help but share his love for this masterpiece! So, without further ado, we highly recommend watching Tom Wilson's "The Question Song" clip, it's a guaranteed 2-minute dose of joy.

Now, let's talk about some unspoken truths in the hospitality industry. Sometimes, the guest's expectations can be at odds with the realities of a given venue, simply because they don't "know what they don't know". Our beloved industry calls these patrons "guests" instead of customers, and we want them to see our venues as an extension of their home and living room. It's the little things that make a big difference, y'all!

Our business was formed with the belief that the hospitality & foodservice industry is incredibly fragmented and misunderstood. People think they understand it because they eat out frequently, but they usually have unrealistic expectations. That's why our "operator-first" investment thesis aims to create tech & innovation solutions that address the most pressing issues, opportunities, and challenges facing operators.

This week, we went straight to the source and asked our trusted network of SMEs (Subject Matter Experts) and industry friends for their thoughts on some common misunderstandings and misconceptions about the industry. Here's a rundown of their top picks:

The restaurant business is easy, fun, and all about common sense. Spoiler alert: It's not! Restaurant management involves handling perishable inventory, dealing with a highly transient workforce, and running a highly competitive, low-margin business.
Restaurant jobs are not "real jobs." This one's a favorite, so let's clear this up once and for all: Working in a restaurant is SO much more than just a "job". It provides valuable skills like handling products, cash, and customer service. These are transferable skills that make any employee an asset to any industry. Plus, the work ethic of restaurant employees is second to none!
When a restaurant says "no" to a guest, it's seen as hostile, difficult, or worse. This is a common perception, but it's usually off-base. The infamous saying, "the customer is always right," while well-intentioned, simply isn't always the case. Smart and successful operators understand that a remarkable dining experience can be created while still maintaining control over the guest experience. Sometimes, you gotta "fire the customer!"
Restaurant economics: The menu price doesn't relate to the experience provided or the cost to produce the experience. Restaurant economics can be complex, and it's important to understand how a restaurant dollar gets split up among various costs. A great example: One of our partners sent a less-than-happy guest a detailed explanation of how their menu prices were carefully designed to cover costs and provide an unforgettable dining experience.

We hope you found these insights insightful! Remember, we're always here to learn and grow together, and we appreciate your continued support. Stay tuned for more thrilling discussions and exciting topics!

Until next time, remember: You Don't Know, What You Don't Know, but with insights like these, you're well on your way to learning! 🥳

Big love,Jimmy, Julia, and the whole B Works crew

P.S. Just in case you're curious, our trivia answer this week was Online Airline Reservation, and our ask-the-headline question can be found below! 🔍

[Ask the Headline]

customer service in restaurants — Why is the motto "the customer is always right" no longer true in the modern hospitality industry, and how can smart operators balance guest expectations with a remarkable dining experience?

Our particular area of focus lies in leadership, aiming to lead the charge in addressing the misunderstood and fragmented landscape of the hospitality and food service industry through technology and innovation.
Our podcast episodes delve deep into the intricacies of the hospitality industry, debunking common misconceptions and offering insights on improving guest experiences.
By educating ourselves in the realities of the hospitality industry, we can make more informed decisions when we dine out, appreciating the complexities faced by owners and operators.
In the realm of technology, the advancements in online reservations have streamlined the hospitality industry, allowing for a smoother guest experience and more efficient operation.
In order to enhance the overall lifestyle of our portfolio companies and create a remarkable guest experience, it's essential to foster an atmosphere that transcends the traditional "customer-business" relationship and instead views each guest as an extension of their own home.
As we continue to learn and grow together, let's not forget the importance of general news and entertainment in our discussions, as they provide valuable context and offer a break from the intense focus on industry topics.
As sports enthusiasts, we recognize the value of teamwork and perseverance, lessons that are transferable to the realm of business leadership and entrepreneurship.