Adapting Instead of Blaming
Business

Adapting Instead of Blaming

financial literacy

What was very interesting to me while watching that web cast the other day was as mentioned the restaurant owners that are apparently upset over the advice of not dining out for about a month as a way to save money. As expected, restaurant owners mentioned how if people don’t go to restaurants then they can’t make ends meet themselves.

Now one thing I noticed was that when the restaurant owner was asked how his business has been doing ever since, he mentioned that people are either not going to his restaurant as much anymore or people are simply ordering the cheaper dishes. So essentially, he blames people like Suze Orman for giving out some very irresponsible advice in his view.

Since I usually have the business and consumer side of things whenever I look at issues like these, I just find it a little surprising that a business owner wouldn’t simply adapt to the situation instead of having a doom and gloom type of mentality. Example, if people are coming in looking for the cheapest dishes, isn’t that an opportunity to create something new to capitalize on that current market mindset?

Granted it is a huge blow/setback when you have celebrity type of figures give people advice that can have a sweeping effect on an industry, but at the same time that is usually the challenge of running a business. Cause if it was the other way around such as someone was endorsing your product, I’m sure people like that won’t be complaining. At the same time, you still need to adapt to it.

I mean, thinking about it from a restaurant point of view, why not offer specials instead where if people dine in a group they will get a discount? Example, let’ say your $5 dish is the cheapest which nets you $2. At the same time, you have an $8 dish that nets you $5. Because of this incident, everyone only wants to order the $5 dish.

Thinking about, why not do things such as creating a group discount such as if people come in groups of 3’s and orders 3 of those $8 dishes, they will all get a discount where they would only pay $5 each? So while you have just sacrificed your profit margin to $2 just like the smaller dish, assuming the promotion is successful in getting people to tell their friends and colleagues to tag along with them that could equal more profits in the long run. While that example is a little bias, there is just so many things you can do I say rather than just blaming third party sources for tough times.

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