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SMART Goal-Setting for Bar Owners To Boost Profitability & Drive Results
Manage episode 403576937 series 3445410
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Ready to shake up the bar scene with some expert guidance on goal-setting? Let's raise the bar on your business's performance with the SMART goal framework – Specific, Measurable, Achievable, Relevant, and Time-bound. This episode isn't just a lesson in terminology; it's a crafted cocktail of strategies that can lead to a staggering increase in profitability. We zero in on the importance of clear and strategic objectives, demonstrating the difference between aimlessly mixing drinks and concocting a recipe for success. From understanding the power of specificity to breaking down a colossal goal like a 50% profit boost into manageable sips, we're distilling the essence of effective goal implementation in the bar industry.
Pouring into the details, we tackle the topic of increasing draft beer yields – a common pain point for bar owners. Together, we navigate the nuances of setting relevant and time-sensitive goals. And for those among us with a tendency to procrastinate, we highlight the importance of deadline-driven targets. By the end, you'll have a clear map to tap into your bar's full potential and avoid any spillage of profits.
Lastly, we reveal why visualizing your victories isn't just for athletes. In the high-energy world of bars, keeping your team's motivation on high is as crucial as the perfect pour. Learn how to transform your goal-setting into an engaging, team-wide spectacle with tactics like poster boards and creative tracking systems. We celebrate each win, big or small, propelling our collective spirits to new heights. So, let's get ready to clink glasses to your bar's success, as we guide you through setting goals that will not only measure up but exceed your wildest expectations. Cheers to that!
Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group
Thank you to our show sponsors, SpotOn and Starfish. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.
**We are a SpotOn affiliate and earn commissions from the link above.
A podcast for bar, pub, tavern, nightclub, and restaurant owners, managers, and hospitality professionals, covering essential topics like bar inventory, marketing strategies, restaurant financials, and hospitality profits to help increase bar profits and overall success in the hospitality industry.
Chapters
1. Intro (00:00:00)
2. The Value of Goal Setting (00:04:38)
3. What are SMART Goals? (00:11:38)
4. Reaching your Goal (00:28:16)
5. Final Thoughts (00:33:33)
87 episodes
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