Now forgive me for a moment, restaurant owners
'cause I'm about to go off on a rant here about your competitive advantage
and how important it is.
I'll explain more, right now.
Hey everybody! My name's Ryan Gromfin.
I'm an author, speaker, chef, restaurateur.
I'm the founder of TheRestaurantBoss dot com
as well as ClickBacon dot com.
And like I said, I'm about to go off on a rant here
but stick around, trust me, this is a good one.
What's your competitive advantage?
And don't tell me, "We serve great food at great prices".
Great food at great prices, you're going out of business.
Because you can't serve great food at great prices.
You can serve great food but then you have to charge for it
otherwise, you're not going to make any money
or you can serve at great prices
and be very competitive but that's a very different game.
The people who play the game
of, "We serve the best quality food at such great prices",
you're either not making enough money because you're not charging enough
or you're not serving as good of a food
as you think you are serving as good of a food,
whatever that means.
This is what I mean about competitive advantage.
Let's talk about In-N-Out for a second.
Maybe you've been In-N-Out, maybe you haven't,
maybe you've heard of them,
if you live in the United States,
you've heard of them, maybe you haven't,
if you haven't, look up In-N-Out.
But I'm gonna put a menu up for In-N-Out in a second,
here on the screen and you're gonna see something.
They serve one thing and one thing, actually three things.
They serve hamburgers, french fries, sodas and milkshakes.
Four things, sorry.
But really, they serve hamburgers that's the business they're in.
They don't even offer bacon on their hamburgers,
it is such a simple menu.
But because of that simple menu,
they're able to be very, very, very efficient.
Now, let me explain what I mean by that.
I talked to my clients all the time and I use this example
and I say,
"Do you think you can make a better hamburger than In-N-Out?"
and they go,
"Oh yeah, we do all the time. Like our burgers way better than In-N-Out."
Right.
Great!
I say so,
why doesn't anyone compete with In-N-Out?
Why don't you and I go out and open up a restaurant?
If we serve better, if we can make a better hamburger
than In-N-Out,
let's go do it. Right.
No one can compete with In-N-Out.
The numbers In-N-Out does are insane
compared to other burger restaurants
and the reason In-N-Out has almost no competition,
they have a few but I'm not going to get into it.
But at the level they're at, they have no competition,
the reason is,
we could make a better burger than In-N-Out.
In-N-Out, if you're watching this, we could make a better burger than you
but I don't think you care and here's why.
I cannot make a better burger than In-N-Out.
Serve it, the speed they do, with the freshness they do,
in the quality of a location that they do,
with the build-outs that they do it,
with the wonderful staff that they have
and still make money.
No way!
I mean, maybe if I got a hundred million dollar investment
from some investment bankers
and we spend a year or two years burning through cash like crazy
and trying to figure out this concept
and work out our entire distribution channels
from start to finish
and then we're gonna lose money for 10 years
because we need multiple locations to make this work.
But listen to me again.
It is not the burger that In-N-Out sells and it is not the price they sell it for.
It is the fact that they can do what they can do
at the prices they can do it
and still make money.
See, we could serve a better burger than In-N-Out
but we can't do it
with the quality of location, the quality of staff, the build-out,
the speed, the freshness
and still make money.
We could do it and charge a dollar more
and maybe make money.
But why is someone gonna come pay our dollar more
when they could go to In-N-Out
for a dollar or less and get the same thing.
So, there's really two things to learn here.
What is your competitive advantage?
Why are people going to eat at your restaurant?
And why is it going to be harder and harder and harder for competition
to come into your world?
You've got to think about that.
What is it?
Do you own a process?
Do you have a process for doing something
that no one else has figured out?
Right.
Is it efficiency?
Is it quality?
Is it creativity?
I have a client.
Their competitive advantage is simply creativity.
Everybody copies what he does
but he's always one year ahead of them.
He comes up with something, runs it for six or seven months,
then someone copies it,
then he comes up with something new
and something new
and something new and something new,
so everyone's copying him.
He's always innovating.
He doesn't care that they copy, that's great.
He's always innovating that's his competitive advantage.
What's yours?
I have more things to talk about here but this video is already going long,
so I think next week I'm gonna do a follow-up on it
and give you another example
that might help clarify this a little more
but competitive advantage.
Have a wonderful day.
I hope you enjoyed this week's training
and I look forward to bringing you another one
just like it, next week.
I want to thank you for watching that video.
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right now, very quick.
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