S2E46 - Move Your Restaurant’s Needle: Key Tips to Restaurant Success with Monte Silva

About the episode

Monte Silva, an owner and restaurant executive coach with over 25 years of experience in the hospitality industry, shares his journey from starting as a dishwasher at the age of 15 to eventually transitioning into restaurant management, operations, and coaching. He emphasizes the importance of creating a perfect business model that encompasses exceptional service, hospitality, product, brand, sales growth, profitability, and culture to achieve success in the restaurant industry.

Throughout the episode, Monte and Angelo delve into the common challenges faced by the restaurant industry, such as labor market shifts, supply chain issues, and inflation. They also discuss the significance of valuing employees, considering them as assets rather than liabilities, and setting realistic yet challenging goals to drive top-line revenue.

Monte also introduces his upcoming book, "Shift Happens," which focuses on changing mindsets and beliefs in the restaurant industry. The book, set to be released in August, will be available in 14 languages and offer various formats, including Kindle, audiobook, and journal.

Join us as we explore the world of restaurant success with Monte Silva, and discover valuable insights and strategies to help your business thrive in the ever-changing hospitality industry. Don't forget to check out Monte's podcast, Restaurant Success Club, and his weekly newsletter, Restaurant Success Newsletter, on LinkedIn for more great content!

Takeaways

• Valuing and investing in employees is crucial for creating a positive work culture and retaining talent.
• Shifting focus from percentages to driving top-line revenue can lead to greater profitability.
• Common challenges in the restaurant industry include the labor market, supply chain issues, and inflation.
• Silva's upcoming book, 'Shift Happens,' explores mindset shifts and strategies for success in the new economy. Establish a strong brand and set aggressive but fair goals
• Create attainable yet challenging goals that require effort from the team
• Invest in scalable systems and build a strong team
• Always be proactive in hiring and developing employees
• Invest in growth opportunities
• Create a perfect box with excellent service, a great product, a strong brand, and a positive culture

Timestamps

00:00 - Introduction 01:31 - Getting Started in the Hospitality Industry 03:45 - Transition to Coaching and Founding Monte Silva Coaching 08:56 - Does Establishment Types Matter? 10:37 - Challenges Faced by Restaurant Owners 14:12 - Upcoming Book: 'Shift Happens' 15:17 - Value perception, labor cost, employee retention strategy 19:32 - Focus on results, not just percentages. 23:53 - Advice on prioritizing goals with limited resources 26:17 - Creating Attainable Yet Challenging Goals 28:45 - Investing in Scalable Systems and Building a Strong Team 31:20 - Being Proactive in Hiring and Developing Employees 33:27 - Scaling American diner needs management and training 36:37 - Key to success in restaurant industry: Perfect box 40:05 - What's next to Monte Silva Coaching