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Tag Archives: Restaurant Value

CHEFS – VALUE and the TOP LINE DRIVE the BOTTOM LINE

23 Saturday Jan 2021

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chefs, culinary, RESTAURANT PROFIT, Restaurant Top Line, Restaurant Value, restaurants

In the restaurant business there are really only two ways to view profit:  a very small amount of profit balanced by very significant volume, or a significant amount of profit on far less volume.  How you approach the design of your restaurant in this regard will determine nearly everything else.  How you approach profit will determine what your physical plant will look like, the scope of sophistication in your kitchen, who your vendors will be, how many employees you will hire and the depth of their experience, where you advertise and how much you invest in that, your table top appointments, and even your hours of operation.  So, if you are in the process of ideation with regard to a restaurant – then start with one simple question:  “How do I want to measure profit?”

In those restaurants where profit is measured in terms of smaller numbers with significant volume then concerns such as food cost percentage are of paramount importance.  When profit is measured in more significant profit from fewer sales then I will make a statement that may cause many chefs scratch their heads in disbelief: “Food cost percentage is far less relevant – it’s all about contribution margin.”  In both cases it is sales (the top line) that sets the stage for success.

So what is contribution margin?  Simply stated it is what a menu item contributes to the financial success of a restaurant.   This can be direct (the menu item itself contributes working funds) or indirect (because the item is present on the menu – other items are more likely to sell).  So let’s look at this through an example or two:

Chicken Saltimbocca vs. Beef Tenderloin with Wild Mushroom Demi Glace. 

The Chicken breast (6 ounce flattened) may cost in the neighborhood of $3, the additional slice of Prosciutto, Provolone Cheese, and sauce reduction another $1.50, and complementary vegetable/starch combination another $.75 for a total plate cost (not actual costs, but fair estimates) equals around $5.25.  The baseline formula for determining selling price using an acceptable food cost percent of 30% would be:

SELLING PRICE SP) = PLATE COST (PC)/FOOD COST %(FC%)

SP = $5.25 / .30

SP = $17.50

The available funds left (contribution) = $17.50 – $5.25 or $12.25

________________________________________________________________________________________
The Beef Tenderloin might look something like this:

Beef Tenderloin (trimmed) (8 oz.) at around $18/pound = $9.00, the wild mushroom demi from stock to finished reduction around $1.25, mélange of wild mushrooms (chanterelles and morels) at approximately $2.00, and a standard vegetable/starch combination at $.75 for a total plate cost of around $13.00.  If we use the same baseline formula for determining selling price:

SP = $13.00 / .30

SP =    $43.33

The available funds left (contribution) = $43.33 – 13.00 or $30.33

Now the first question is:  Can you sell this steak at $43 or does this exceed what the market will bear?

If we chose to use 50% as the desired FC% then the result would be:

SP = $13.00 / .50

SP = $26.00 (A price that guests would be more willing to swallow)

The available funds left (contribution) would be $13 or $.75 greater than chicken at 30%.  But now the contribution potential goes even further if we consider general psychology and human behavior. 

1.         It would not be a stretch to consider that a steak person is different than a chicken person (behavior considerations are generalized).  The steak person may very well be less “price sensitive” and more willing to listen to recommendations by the server for adding appetizers, desserts, and even a nice bottle of wine.  The chicken person might be of the same mindset, but could be considered more cost conscious and a tougher sell.  So, in this example  – even though the steak (at a 50% cost) falls outside of the norm for food cost percentage, it stands to contribute more in terms of available gross profit as well as the ability to encourage ancillary sales of other items. 

If, in fact, you understand that the success of a restaurant leans on the ability to generate sales, then it becomes obvious that getting all wrapped up in food cost percentage pales in comparison to driving the “top line”. 

2.         The “soft issues” that go beyond measurement of dollars and cents point to a more robust overall “dining experience” when a guest is able to enjoy a broader spectrum of dishes and complementary beverages.   When the “experience” is driven by turning tables to reach a desired volume then something will likely be missing.  It should always be the restaurateur’s goal to encourage return business and ambassadorship when happy guests recommend what you have to offer to others.

Now, what about those operations that rely on a smaller amount of profit enhanced by some serious volume – can they create an experience that is worthy of a return?  Absolutely!  But, in this case you need to rely on the uniqueness of an atmosphere that also encourages shorter dine in times, signature items that create excitement and buzz (think Chick fill-A chicken sandwich), systems throughout the operation that are geared for speed (think about the order/delivery system at Panera), and the ability to maintain a high level of volume.

In the higher profit/lower volume model there will be a requirement for higher levels of skill from both front and the back of the house, a greater understanding of ingredients and their source, cost appropriate table top items (more expensive china, flatware, and glassware), and a level of finesse that rises to the level of the menu pricing.

At a time when pandemic restrictions dramatically impact typical top line initiatives for both methods of measuring profit, it is easy to see just how challenged restaurants are to find a profit scenario that works.

BRING VALUE INTO THE FORMULA

The magic of a great restaurant and one that yields profit potential for the operation lies in those factors that go beyond costs and selling price determination.  These are the elements of a food experience that create “value”.  Every restaurant should embrace, as part of its goal structure, a feeling among its customers of: “That was well worth what I spent.”  Whether it is a $5.00 quick service meal or a $100 fine dining evening – there is always room to create experiences and in turn – great value.  The most common components of the value approach are:

  • UNIQUE, MEMORABLE FLAVORS

It may very well be that one item or a few signature menu choices that just knock people’s socks off.  Excitement around flavor is one of the most compelling reasons to support a restaurant.  People come from all over the country to New Orleans with a clear commitment to stand in line at Café du Monde for their beignets.

  • A SPECIAL LOCATION

Those restaurants that are fortunate enough to physically sit in proximity to a breathtaking view, a center of exciting activity, or in a community of other restaurants will always enjoy a steady flow of value seeking customers.  The Union Oyster House in the middle of Quincy Market – Boston; The Slanted Door on the edge of San Francisco Bay; or Spiaggia overlooking Chicago’s Magnificent Mile and a view of Lake Michigan are all prime examples of locations that create an experience for diners.

  • BEAUTIFUL FOOD PRESENTATIONS

A chef knows that he or she has succeeded in engaging a guest and creating visual value when the presentation of a plate of food causes the table to stop, focus on the beauty before them, and pull out their cell phones to take a few pictures to remember.

  • TRUST IN CONSISTENCY

Those restaurants that consistently create food flavors that are expected, presentations that are anticipated, and service that lives up to previous experiences will always be viewed as a place that offers special value.

  • REAL SERVICE

There certainly is value in proper technical service, but it will always be those restaurants that offer that warm sincerity, the welcoming attitudes, and those friendly connections with guests that build the most important reasons to return.

  • COMMUNITY RELEVANCE

Finally, when a restaurant is engaged with a community, supportive of neighborhood efforts and causes, and there to make a difference  – true value becomes incredibly obvious.  Why would guests patronize any other operations when yours is part of the neighborhood family?  This is value.

In the end, creating compelling reasons for guests to patronize your restaurant is complex, but it can be narrowed down to building value.  Building value will always lead to healthy top lines (sales) for restaurants.

PLAN BETTER – TRAIN HARDER

Create Value Experiences

Harvest America Ventures, LLC

www.harvestamericacues.com  BLOG

Check out CAFÉ Talks Podcast

Interviews with some of the most interesting and

influential contributors to the culinary experience.

https://cafetalks.libsyn.com/

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HEY CHEF – IT’S ALL ABOUT VALUE

23 Sunday Apr 2017

Posted by harvestamericacues.com in Uncategorized

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chefs, cooks, kitchen, Restaurant Value, restaurants

quail-valley

I spend the majority of time with this blog talking about the kitchen environment, the great people who work in restaurants, the unique characteristics of serious cooks, and the challenges that these individuals face, but quite possibly not enough time referring to what makes a restaurant successful. Success can be measured in many ways, but most would agree that a major factor must be profitability. Profitable restaurants stay in business, provide opportunities for those who work in them, and make an impact on the guests who patronize them. Unprofitable restaurants suffer from a short life span. So what does it take and what is the role of the chef in creating a profitable restaurant?

Plain and simple – here it is: the chef’s job is to create value. Making great tasting food, hiring the right people, treating everyone with respect, building terrific relationships with vendors and growers, controlling costs, and building a brand are all components of this responsibility for becoming a “value creator”. Ultimately everything comes down to one simple question posed to every guest: “Was the dining experience worth it?” If we (those who make a career out of restaurant work) do not face this simple question head on, then we will come to grips with the issue of survival.

Look at another substantial industry that failed to understand this value challenge and is now facing the consequences – retail. Amazon grew out of a void that initially was perceived by Jeff Bezos even before the customer realized it. In fact, Amazon failed to make a penny in profit for more than it’s first decade in operation. Bezos asked the simple question: “Is the current retail experience worth it and how can I build a business with a simple focus on value creation.” A decade ago, and for generations before, the retail experience meant traveling to a store, scheduling your buying time around the hours of operation that the retailer wanted, relying totally on the recommendations of the sales person to attest to the quality of a product, remaining anonymous to the business, and paying the list price for anything on the shelves. Bezos threw out all of those standards and built a business that was 24/7, easy to access, required no travel, portrayed the product quality through past customer recommendations, removed the cost of delivery by creating customer membership (Amazon Prime), discounted items whenever possible, and never limited what a customer could access. The retail industry failed to see it coming, avoided any change to their value statement, stuck to their age-old formula for doing business, and suddenly found itself obsolete.

Stores Closing at Epic Rate (CNN):

http://money.cnn.com/2017/04/22/news/credit-suisse-retail/index.html

If restaurants and chefs in particular, fail to understand the “value creator” requirement – are they destined to repeat the mistakes of the retail industry? There are early entry innovators who seem to be somewhat insignificant now, but who may represent an early swing in reliance on the restaurant experience. Remember, there are only a few core reasons why people take the time and effort to patronize restaurants:

  • Convenience
  • A lack of understanding how to cook
  • The Ability to Interact with others
  • Access to something different
  • A reward
  • Fair price-to-experience connection

If restaurants fail to comprehend the basic premise of their existence then are they on the path to obsolescence? Think about the “Blue Apron” model and how many of the aforementioned reasons for dining out apply to this business reality:

  • Convenience: Delivered fresh to your door
  • A Lack of Understanding How to Cook: Comes with detailed instructions and support materials on-line
  • Interaction with Others: Focus is on interaction with family using cooking as the source of entertainment
  • Access to Something Different: The delivered package includes items that many customers may never experience otherwise and would be unlikely to purchase in their own grocery store
  • A Reward: The packaging and the experience of learning to cook create a sense of engagement and pride – a reward
  • Fair Price-to-Experience Connection: Far less expensive that driving to a restaurant and facing a series of unknowns

How many of your personal restaurant experiences have hit all of these marks? Does the Blue Ribbon model offer opportunities for restaurants to improve? Will restaurants heed the warning?

Value should not be solely focused on price (although price does tend to override many other factors) but rather on addressing those needs that customers have – the real reasons that they choose to dine out. Value should not be relegated to just a handful of restaurants that “do it right”, but more appropriately should be the primary focus of every restaurant with a desire to survive and even thrive. Here are some thoughts on what chefs and restaurants can and should do in the process of creating value.

[]         MENUS THAT MAKE SENSE

The best restaurant experience comes from the connection of courses (the sum of the parts is greater than the value of each individual part). To this end, menus should be designed so that they not only reflect the core philosophy and core concept of the restaurant, but that flow and connect. In other words, the appetizer list should have a connection to the entrees and the entrees to the dessert selection. Consider flavor balance, nutrition, textures, colors, and even tradition when building these menus. Another approach that is frequently seen on contemporary menus today is the “small plate” section. This allows for mixing and matching and experimentation outside of the “menu flow” norm.

Service staff should be comfortable explaining connections and upselling a ‘la carte components to create this connection that makes sense.

[]         CONSISTENTLY GREAT TASTING FOOD

A lack of consistency (predictability) is the demise of many restaurants. One of the reasons that chain restaurants have a greater tendency to survive and thrive is that their menus are driven by the requirement for consistency. Whether through standardized recipes and training, or consolidation of cooking at commissary operations, the intent is that every guest, no matter which operation they patronize, will experience the same product – flavor, texture, temperature, and presentation. This consistency must be the expectation of any restaurant. Guests want to know that the great dish they had last Tuesday will be just as great a month from now.

[]         ATTENTION TO DETAIL

Every detail in the restaurant experience must be addressed. It is the responsibility of the operation and the operators to ensure that this is so. Cleanliness, lighting, sound, comfort, interaction with service staff, portion sizes, flavor, presentation, drink quality, etc. must be viewed every day through the eyes of a guest. Chefs and restaurant managers must pay attention to everything – all of the time.

[]         INGREDIENT QUALITY THAT is DIFFICULT for the GUEST to FIND ELSEWHERE

If a customer can buy the same quality ingredients at their local supermarket or

farm stand, then the opportunity exists for them to prepare a similar dish at home.

Note that with the right cookbook, the right piece of equipment, and a commitment

to the effort required, with these ingredients a customer could replicate the dining

experience at home.

Chefs need to build special relationships with vendors, farmers, and other producers

to ensure that they have access to quality that is not easily accessed by the end-user.

Even Eric Ripert will admit that one of the reasons that Le Bernadin is viewed as the

best seafood restaurant in America is due to his access to extraordinary ingredients.

[]         FOCUSED, KNOWLEDGEABLE, AND CARING STAFF

Front and back-of-the house, restaurants are all about well trained, caring,

exceptional staff members who understand the product, the way that it should be

prepared and served, and making sure that every guest is treated as if they are the

most important person in the restaurant at any given moment.

[]         REAL SERVICE WITHOUT LIMITATIONS

To put it simply – the answer to the guest should always begin with “yes”. Real

service goes way beyond the delivery of product; it must include a sense of

obligation to exceed customer needs and expectations.

[]         FOCUS ON USER-FRIENDLY

How can you make the dining experience as easy to navigate as possible?

Technology can play a role providing more detailed information about ingredients,

sources, preparations, allergy alerts, and complementary items including

wine pairings and other alcoholic beverages. Websites access to on-line

reservations are a must along with rewards that encourage repeat use and loyalty.

[]         FLEXIBILITY

Menus are designed to meet the flavor designs of the chef – I get that, but in the end,

if a guest wants to vary, to some degree, and you have the ingredients on hand, then

the answer should be yes (with a caveat).

[]         LOOK TO THE OUTLIERS FOR THE NEXT TREND

Food Trucks: Bringing the concept to the guest rather than the opposite seems to have great appeal today. Reflecting on convenience, this is at business model that should cause all restaurants to re-think parts of their concept.

Food Emporiums: Enormously popular destinations like Eataly and Todd English’s Food Court in the Plaza Hotel are able to offer the food destination environment, multiple concepts that allow guests to graze, food education, and loads of visual stimulation. The days of traditional dining are changing and every chef and restaurateur needs to pay attention.

Grocery Super Stores: Wegman’s, Whole Foods, Publix, and a variety of other non-traditional grocery stores have entered the restaurant segment offering similar dining options to that of Eataly with the opportunity to learn, shop for ingredients, and book your next restaurant gathering at the same time. Some are even heavily involved in catering off premise.

Pop up Restaurants: Not locking a restaurant into a single focused concept, bringing in guest chefs to test the waters, creating a bit of intrigue and surprise have increased interest in restaurants as a location for the different and unusual. How can your operation build in a sense of surprise?

Value is certainly something that can be interpreted in a variety of ways, but as has

been proven in other industries – it is this perception of value that builds loyalty and

ambassadorship among patrons. It may very well be time for chefs and

restaurateurs to look outside of their own traditional ways of conducting business

and learn from others mistakes, trials, and unforeseen wins. The key question will

always remain: “Is your restaurant experience worth the price?”

“Value, worth implying intrinsic excellence or desirability. Value is that quality of anything which renders it desirable or useful.”

-Webster’s Dictionary

PLAN BETTER – TRAIN HARDER

Harvest America Ventures, LLC

http://www.harvestamericaventures.com

Restaurant Consulting and Training

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THE CONFUSION OVER RESTAURANT VALUE

18 Tuesday Feb 2014

Tags

Restaurant Management, restaurant pricing, Restaurant Value

THE CONFUSION OVER RESTAURANT VALUE

There is a difference between the following two statements: “that was an expensive meal” and “that meal wasn’t worth the money I spent”. The difference lies in the true definition of the term: value. The amount of money that a person spends for a meal becomes most relevant when value is not present. This also is a separate issue from the economic profile of the consumer because within every socio-economic group there is a disparity of restaurant value. Restaurateurs must be cognizant of the socio-economic group that they are focusing on as potential customers and the definition of value that is appropriate to that group.

Value takes into consideration so many different variables that make the whole process of building a successful restaurant. These variables include atmosphere, location, table top appointments, service, wine and food education offered, the talent in the kitchen, the detail of presentations, the source and quality of ingredients used, various forms of entertainment, the reputation of the restaurant, restaurant accolades, and even the other guests who patronize the operation. The amount of money spent by guests must equate to the package of variables offered and the perception that those guests have about the experience.

Quick service restaurants define value in terms of price and speed of service. Most would agree that the meals served here are “worth the money spent” even if many would still say that they are not fond of the experience. It would be rare to hear a person say that a meal in a quick service restaurant was too expensive. It becomes far more complicated when one looks at full-service and especially fine dining restaurant operations. In these situations the restaurateur must spend a considerable amount of time and effort in creating a “dining experience” that warrants the price charged. This is the process of creating a different sense of value.

The process of building value experiences must focus on all of the details that build up to the presentation of the check; this applies to many businesses outside of the restaurant business as well. What is most interesting is that “the experience” includes components within and outside of the provider’s immediate control. The value experience of a vacation at Disney World begins way before the guest actually arrives in Orlando. The Disney experience begins when the guest makes a decision to travel to Florida, the process of booking a flight, drawing money from their account at the bank, booking a hotel room, watching the weather channel for the forecast during their stay, the rental of a car in Orlando, traffic on the highway to the park, parking of the car, etc. Notice that many of these “points of experience” are beyond the control of Disney, yet they impact on the overall guest perception of value. Once the guest arrives at Disney World, he or she is in the hands of the provider and the experience can be controlled, but what about all of those events leading up to the day of contact? This is why companies like Disney look for ways to control those points either through partnerships or acquisitions. It is the same with restaurants that charge a higher tariff for their experience. The restaurant “event” begins with the reservation on the phone or on-line and continues to evolve from that point. Value perception has been well established before the guest even walks up to the host-stand for their table.

At this point the restaurateur must constantly work on ways to maintain or change the perception of value. It is never enough to charge high prices because the operator buys the best raw materials. Somehow the restaurant must relay that information and demonstrate “why” this is important to the experience. It is not enough to charge high prices because the restaurant hires the most talented staff unless the operator demonstrates “why” this has value to the guest. It is not enough to charge more for your wine simply because the operator uses only Riedl glassware unless the reason why this is important is apparent to the guest. Value must always be apparent if it is to have a positive impact on the perceptions of the guest.

If a guest emphasizes how expensive a restaurant experience is or was without qualifying “but it was worth it”, the restaurateur or chef has failed at their job. Guests within a socio-economic group will return time and time again and pay the price that you deem essential, if they perceive that value exists. Value trumps price more often than not. A Mercedes may not be affordable to every socio-economic group, but most would agree that the quality of the automobile is exceptional and after driving or even riding in one, the value experience is apparent. For those who are in the socio-economic group that could afford a Mercedes, the expense is easily justified. This would not be the case if they felt that perceived value was not there. The same rule applies within any and every socio-economic group and the goods that they intend to purchase.

Here lies the kicker: value is universal and the relative quality of a product or service today is the price of admission regardless of the socio-economic group that a business is approaching. Consumers have a much higher expectation of relative value than ever before. Restaurants cannot simply use the age-old adage: “you get what you pay for”. No, everyone wants and expects value whether it is $3.00 for a quick service “value meal” or $100 for a price fix menu at a fine dining establishment.

Define who your targeted socio-economic group is, research their ceiling for pricing, determine how you will create a value experience for that group and then ensure that you can consistently provide it. Price will be well received if you work from this premise.

PLAN BETTER – TRAIN HARDER
Harvest America Ventures, LLC
Restaurant Consulting
http://www.harvestamericaventures.com

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RESTAURANTS MUST CREATE VALUE BEFORE SELLING PRICES

02 Thursday Jan 2014

Tags

Cafe Boulud, restaurant pricing, Restaurant Value, restaurants, Shake Shack

RESTAURANTS MUST CREATE VALUE BEFORE SELLING PRICES

Why should people spend their hard earned money in your restaurant? How many chefs and restaurateurs have ever stopped to seriously ask this question? Build it and they will come may work in “Field of Dreams” but has little merit when contemplating the build out of a restaurant.

It is never wise to assume that just because you can cook others will flock to purchase what you make. There is so much more involved when one is trying to establish a viable business with staying power. Your intent should always be to create a restaurant that will still be earning money 20 years down the road. To do this requires that the chef/entrepreneur have answers to that first question: “why should people spend their hard earned money in your restaurant?”

The answer to the question of the day revolves around the value that you are able to create. Will the meal be worth the money spent? Before you rent or buy a piece of property, before you determine the ambience of the dining room, before you layout your kitchen and purchase any equipment, before the menu is planned, before you hire a single employee and certainly before you establish your pricing structure, this question must be answered.

Interestingly enough, there is little difference between a low priced, quick service restaurant and a fine dining establishment with extensive wine selections when it comes to determining value. Value is not exclusively reflected in how much is charged, it is totally drawn from the perception of worth. Let’s take on two current examples that I find most interesting: Danny Meyer’s Shake Shack and Café Boulud.

For those not familiar with the concept, Danny Meyer – New York City Restaurateur extraordinaire and owner of such landmarks as Gramercy Tavern and the Union Square Café, opened a burger, hot dog, fries and milk shake joint a few years back – probably more on a whim than anything else. The concept was simple: make great burgers, hot dogs, fries and shakes like they use to be and see what happens. This was built in stark contrast to his empire of exceptional fine dining operations in the city so it drew a lot of interest and questions. The result was a to-go concept that was instantly and insanely successful. This was in 2004 – now Shake Shack can be found in 11 locations in NYC, six other states, the District of Columbia and four other countries.

Danny Meyer’s Shake Shack Food Philosophy is simple and to the point:

“Good Ingredients
100% all-natural Angus beef, vegetarian fed, humanely raised and source verified. No hormones or antibiotics – EVER. We pride ourselves on sourcing incredible ingredients from like-minded artisanal producers.”

He goes further to describe what I would refer to as their real “value statement”:

“We stand for something good in everything we do, which also means thoughtful and sustainable design of every Shack, community support through donations and programming, and hand-picked music played in each Shack (because a burger tastes a little better with good tunes).”

In other words: to support Shake Shack is to support your community. This is a bond that allows the restaurant to be a member of the community family and an integral part of each resident’s life. This is a powerful value statement that trumps selling price.

A personal experience with this concept that stands out was a business trip to NYC with a colleague when we decided we had to try out Shake Shack (this was after dinner the previous evening at Café Boulud – quite a change of pace). We arrived at the location on 8th avenue only to find a line about ½ block long. The restaurant was full and they were only letting a few people in at a time to control the crowds. Directly across the street was a McDonald’s that was completely empty. After about 30 minutes we were allowed in and ordered our burgers and fries. The smell was intoxicating (It was reminiscent of burgers on your grill during the month of July), the staff was friendly, the music was spot on for the environment, people were laughing, and the kitchen was full tilt. Our burgers were fresh and sufficiently greasy like they should be, the buns were toasted, the fries were crisp and we stood in a corner (no place to sit) and thoroughly enjoyed the “experience” of Danny’s Shake Shack. Wow!

I have no recollection of the price of that meal, just the “value” received. The previous nights dinner at Café Boulud was extraordinary. Unlike Shake Shack, this was impeccable dining with world class service, a simple but elegant dining room, breathtaking food flavors and presentations and a tour of the kitchen afterwards with Chef Gavin Kaysen that was awe inspiring. Once again, I have no recollection of the price (likely multiple times more expensive than Shake Shack) but only have fond memories of the “experience” still after nearly two years.

Value is not price, but price becomes relevant more and more as the value experience is diminished. Why would people spend their hard earned money in Shake Shack? They would and do because the product, the service, the community involvement, the food philosophy and the name are synonymous with value. Why would people spend their hard earned money at Café Boulud? They would and do because this is an exceptional example of every detail being viewed as important by the owner, the chef and the dining room attendants. In both cases, the experience continues long after the exchange of money for product and service.

Restaurants can create value by looking at those things that are important to consumers and those things that are lacking in the marketplace. It may be product, service, attention to detail, food sourcing, commitment to community, presentation or entertainment. Whatever value statement you make, please ensure that it does not solely focus on price. Without value, price becomes of consummate importance to consumers. With exceptional value, price will be the first thing forgotten. Ask the question and find the answers: “why should people spend their hard earned money in this restaurant”. What is your VALUE STATEMENT?

For more information about Shake Shack, visit their website at:
http://www.shakeshack.com
For more information about Cafe Boulud, visit their website at:
http://www.cafeboulud.com/nyc/

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