What You Don’t Know CAN Hurt You... by Restaurant Expert Witness, Howard Cannon

In the restaurant trade, each day that you don’t learn general business and industry knowledge brings you one day closer to losing your business. Learning is a required part of the job, and complacency about learning the technical skills and absorbing industry information is dangerous. More aggressive owners can take advantage of what they know, and exploit your weaknesses. Use the following strategies to increase your restaurant knowledge:

Attend industry seminars: Industry specific trade shows and seminars are continually held across the country. Spend a few bucks and attend some of them... many are free! Dates, location and subject matter are listed in many of the industry magazines.

Conduct personal research on the restaurant industry: There is an immense amount of information on every facet of restaurant ownership and management. The National Restaurant Association and your own state Restaurant Association are great places to begin your research.

Read trade magazines and books: There are many restaurant-specific publications that cover broad concepts such as accounting and marketing.

Get information from food and beverage distributors and suppliers: Pick up the phone book and call a few in your area. Since you are a potential customer, these businesses have a vested interest in helping you be successful.

Take industry specific and general business classes: Research local colleges or universities that provide individual courses in business or the restaurant industry.

Work in a restaurant that is similar to the one you want to open: This will not only give you an opportunity to develop the skills needed to perform every position, but will also give you a clearer understanding of the time, hard work and commitment the restaurant business requires for you to be successful. It’s better to learn you that don’t have the commitment and drive as an employee than when your own capital is at stake.

Know all you can about your customers... and your competitors’ customers: Knowing more about the people you deal with is critical in a business that undeniably relies on the human element.

Seek guidance from reputable lawyers, accountants and restaurant industry experts: Again, if these professionals want to gain your business, they’ll help you get started.

Conduct a feasibility study before buying or building a restaurant. Will your idea work? A feasibility study tests the components of your business concept to help you understand if the idea will work or not. Feasibility studies are conducted by a hired professional.

Join local associations and network with other business owners and restaurant operators: Every city has many networking opportunities sponsored by the local chamber of commerce or other civic groups.

Compare your performance to industry and segment averages and educate yourself on how others optimize performance.

Once you dig into all of these resources, you’ll see all kinds of industry information pouring out. Remember that the restaurant business changes at the speed of light. Just when you think you know everything, something new comes into the picture. To be successful, you must always continue to learn.

Howard Cannon is America's most visible Restaurant Expert Witness. He has experience in State and Federal expert witness cases for both Plaintiffs and Defendants.