The Key to Restaurant Success – It’s NOT What You Think!
Taming the Chaos with Jennifer Russell
I Walked into a Room Full of Strangers—And Walked Out Knowing I Belonged
When I first started my business, I had no idea what networking for business owners even was. I wasn’t in sales, I wasn’t an entrepreneur yet, and frankly, I had never even heard of networking events. But I figured if I wanted my business to grow, I needed to find people who understood the journey.
So, with sweaty armpits and a whole lot of imposter syndrome, I walked into a women’s networking event. And you know what? I left that day realizing something huge—I belonged.
That’s the moment I knew: business owners don’t have to figure everything out alone. Whether you’re running a restaurant, coaching clients, or managing a service-based business, you need the right people, the right systems, and the right mindset to make it work. That’s exactly what my friend Jennifer and I talked about in our latest Taming the Chaos conversation. She and her husband took a leap of faith, moved to Arkansas, and opened a restaurant business. And let me tell you—her journey is FULL of lessons every entrepreneur needs to hear.
Business Owners Are Not Just Risk-Takers—They’re Opportunity Spotters
“Entrepreneurs aren’t just reckless risk-takers. The difference is they recognize opportunities and act before they disappear.”
Jennifer and her husband didn’t just wake up one morning and decide to open a small business restaurant. They saw a business opportunity, ran the numbers, and knew it was the right move. That’s what sets successful business owners apart.
But here’s the key—you don’t just jump blindly. You look at the business finances, you analyze the risk, and then you take action. If you sit on an idea for years, waiting for the “perfect” time, you’ll miss the opportunity altogether.
🔹 Action Step: If you’ve been sitting on a business idea, ask yourself—what’s really stopping me? Fear? Finances? Uncertainty? Make a plan, do the math, and take that first step.The Connection Between Business Stress and Your Health
Passion Won’t Keep the Lights On—Numbers Will
“Restaurants run on tight margins. If you’re not watching your numbers, you’re losing money”
Passion is important, but passion alone won’t pay the bills. If you don’t know your financials, you don’t know your business.
Jennifer and I dug into restaurant bookkeeping, but this applies to ANY industry. If you’re not tracking your Cost of Goods Sold (COGS), labor percentages, and overhead costs, you’re flying blind.
For restaurants, labor should sit around 30-35% of revenue, and food costs should be 25-30%. If your restaurant profit margins are outside of those ranges, you need to adjust pricing or cut waste.
🔹 Action Step: Take a hard look at your financial statements today. Are you actually making money, or are you barely scraping by? If you don’t know, that’s your first red flag.
Hiring and Firing: The #1 Mistake Business Owners Make
“Don’t hire out of panic. Hire the right person, even if it takes longer.”
Every single entrepreneur I’ve worked with has made a hiring mistake (myself included). The biggest mistake? Hiring out of desperation.
Jennifer shared that staffing a restaurant has been one of the hardest parts of running her business. And I see this with so many clients—owners hold on to bad employees for too long, afraid to make a change. But keeping the wrong person in the wrong seat hurts your business more than being short-staffed for a little while.
🔹 Action Step: Look at your team today. Is everyone pulling their weight? If not, it’s time to make a change. And if you’re hiring for a small business, don’t just fill the spot—find the right person.
Business Coaching: The Shortcut to Success Most Entrepreneurs Ignore
“Having a coach isn’t just about advice—it’s about accountability and knowing your worth.”
I fought hiring a business coach for SO long. I kept meeting coaches who didn’t feel like the right fit. But when I finally found the right one? Game changer.
Jennifer and I both agreed—if you want to grow your business faster, get a coach. A great business mentor will push you, challenge your pricing strategy, and help you avoid costly mistakes. Mine has called me out more times than I can count, saying, "Penny, that price needs to be three times higher."
And let’s be honest—sometimes we just need someone in our corner reminding us we CAN do this.
🔹 Action Step: If you’re stuck in the same place you were last year, it might be time to invest in a business growth strategy with a coach or mentor.
Want to Sell Your Business One Day? Start Preparing NOW.
“If you plan to sell your business one day, you need at least three years of spotless financials.”
So many business owners focus on their day-to-day operations but never think about exit planning. If you ever want to sell your business, you need three things:
âś… Three years of clean financials (NO mixing personal and business expenses)
âś… Profitable margins that prove long-term sustainability
âś… Financial systems in place so the business can run without you
I’ve had too many small business owners come to me saying, "I have a buyer, but I need my books cleaned up—fast!" But by that time, it’s too late. If you’ve already filed tax returns with messy numbers, there’s no quick fix.
🔹 Action Step: Even if you’re not planning to sell now, start running your small business finances as if you will. Keep those business books clean, separate business and personal expenses, and make sure your business can thrive without you.
Final Thoughts: What’s Next for You?
Running a business isn’t just about passion. It’s about financial systems, hiring smart, and planning for the future.
So ask yourself:
✔️ Do you know your business financials inside and out?
✔️ Are you hiring the right people—or just filling seats?
✔️ Do you have a business growth plan in place?
✔️ Are you building a business that could one day run without you?
If you answered no to any of those, it’s time to take action.
🚀 Need help getting your restaurant bookkeeping or business finances in order? Book a Free Financial Check-In today.
Join me every Tuesday for Taming the Chaos of Entrepreneurship, a live LinkedIn/Facebook series where I sit down with entrepreneurs and business owners who have faced the same hurdles—and come out stronger on the other side.
