Boosting Hospitality Business Profitability with Tim Kummerfeld from Foodie Coaches and Rich McLeod from Loaded
In the recent webinar hosted by Loaded, Tim Kummerfeld, CEO and founder of Foodie Coaches, shared invaluable insights tailored for those in the hospitality industry. This session marked the first webinar of 2024, setting a high bar for practical advice and strategic guidance for hospitality businesses aiming to enhance their profitability.
Tim’s journey is not that of a typical accountant. From a pizza delivery guy to an owner of two accounting firms, and eventually finding his passion in the hospitality sector, Tim has a unique perspective on the business. His initial love for hospitality began during his university days, which later evolved into a specialized coaching service through Foodie Coaches, designed to address common financial pitfalls in the hospitality industry.
One of the key takeaways from the webinar was Tim’s emphasis on the importance of understanding and managing financial details, from food costs and labor to upselling techniques. He debunked common myths such as the overemphasis on cutting labor costs, pointing out that strategies should instead focus on comprehensive financial management and operational efficiency.
Tim also highlighted the significance of having robust systems and processes in place. According to him, the success of a manager and consequently the business heavily depends on the foundation laid out by the business owner. Great managers thrive in structured environments where they are supported and empowered by the owners, which in turn leads to better operational outcomes.
Moreover, engaging in a candid Q&A session, Tim addressed various concerns from participants. He offered specific advice on topics ranging from enhancing customer service to practical tips on stock management and menu optimization to reduce waste. His approach to tackling common industry challenges by fostering a positive culture and being proactive was particularly enlightening.
Tim’s discussion extended beyond mere profitability, touching upon the human elements of running a hospitality business. He advocated for treating customers as house guests, which resonates deeply within the hospitality mindset. This customer-centric approach not only enhances the dining experience but also builds a loyal customer base.
The webinar wasn’t just about sharing knowledge; it was about inspiring action. Tim’s call to action for the audience wasn’t just to listen, but to implement the strategies discussed and to make a significant impact on their businesses.
For those who missed the live session or wish to delve deeper into the insights shared by Tim Kummerfeld, watching the full video on YouTube is highly recommended. It’s an opportunity to grasp the nuances of managing a profitable hospitality business directly from an industry expert. Check out the full video HERE and start transforming your business today!
In the recent webinar hosted by Loaded, Tim Kummerfeld, CEO and founder of Foodie Coaches, shared invaluable insights tailored for those in the hospitality industry. This session marked the first webinar of 2024, setting a high bar for practical advice and strategic guidance for hospitality businesses aiming to enhance their profitability.
Tim’s journey is not that of a typical accountant. From a pizza delivery guy to an owner of two accounting firms, and eventually finding his passion in the hospitality sector, Tim has a unique perspective on the business. His initial love for hospitality began during his university days, which later evolved into a specialized coaching service through Foodie Coaches, designed to address common financial pitfalls in the hospitality industry.
One of the key takeaways from the webinar was Tim’s emphasis on the importance of understanding and managing financial details, from food costs and labor to upselling techniques. He debunked common myths such as the overemphasis on cutting labor costs, pointing out that strategies should instead focus on comprehensive financial management and operational efficiency.
Tim also highlighted the significance of having robust systems and processes in place. According to him, the success of a manager and consequently the business heavily depends on the foundation laid out by the business owner. Great managers thrive in structured environments where they are supported and empowered by the owners, which in turn leads to better operational outcomes.
Moreover, engaging in a candid Q&A session, Tim addressed various concerns from participants. He offered specific advice on topics ranging from enhancing customer service to practical tips on stock management and menu optimization to reduce waste. His approach to tackling common industry challenges by fostering a positive culture and being proactive was particularly enlightening.
Tim’s discussion extended beyond mere profitability, touching upon the human elements of running a hospitality business. He advocated for treating customers as house guests, which resonates deeply within the hospitality mindset. This customer-centric approach not only enhances the dining experience but also builds a loyal customer base.
The webinar wasn’t just about sharing knowledge; it was about inspiring action. Tim’s call to action for the audience wasn’t just to listen, but to implement the strategies discussed and to make a significant impact on their businesses.
For those who missed the live session or wish to delve deeper into the insights shared by Tim Kummerfeld, watching the full video on YouTube is highly recommended. It’s an opportunity to grasp the nuances of managing a profitable hospitality business directly from an industry expert. Check out the full video HERE and start transforming your business today!
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