Shawn Parr: How To Find Your Next $140 Million
Business strategist Andrea Kates believes a team needs clear metrics of success in order to move forward.
I recently spent the day with author Andrea Kates, who was challenged to connect the relevance of the working philosophy found in her best-selling book, Find Your Next, with real solutions that can help move businesses forward.
Working with the executive team of a national restaurant chain on this particular day, Kates asked herself, “Which single metric could they focus on to yield the most growth for the company?”
Her conclusion was that of all the metrics and contributing factors, it all boiled down to a dogged pursuit of increasing guest frequency. She learned that an increase of one visit per year per guest would lead to more than $140 million in revenue. Kates’s analysis convinced her that “increasing guest frequency by one visit per year” could become a rallying cry for operators throughout the country, with initiatives designed to move that needle over the next 12 months.