It's surprising how many business owners in the hospitality industry underestimate the power of retaining customers, considering how important they are to success. In pursuing growth, they overlook the goldmine that customer loyalty represents. They fail to realize that it's about more than maintaining current profits. Keeping customers coming back is one of the most critical factors in securing the future sustainability and growth of the business.

Before I get into practical strategies for retention, let's start with an attitude: Realize that you're not serving or selling to "customers" but to "guests," a term you should use when you think or talk about them and when you speak with them. It's not just feel-good marketing puffery; there's a fundamental difference between the two personas. A customer buys my product or service in a purely transactional act that may or may not be repeated. A guest is someone I open my home to and treat like family; it's a relationship that I work to cultivate with the expectation that it will continue.

Ignore or mistreat guests, and they'll let everyone know what a bad experience they had. This can be even more damaging if you're in a franchise business like we are at Ford's Garage restaurants, where a bad experience at one location can tarnish the reputation of the entire franchise. Consistency is vital in franchising, and ensuring a uniform guest experience across locations is paramount. Individual locations may reflect their markets' unique preferences in the menu and other features, but the one thing that must be replicated everywhere is exceptional customer service. Every guest everywhere wants to feel they were well taken care of, even if the business made a mistake (that was fixed, of course).

Disappointed guests don't just stay away from your business; they can also keep others away, a problem that's grown exponentially with the popularity of online reviews. So, it's undeniably better for your bottom line to nurture loyalty. The Harvard Business Review reports that it's 5-25 times more expensive to attract new guests than to retain existing ones, and increasing retention rates by just 5% can increase profits by a surprising 25-95%.

Winning back a lost guest isn't impossible, but in the face of those odds, it requires a proactive and sincere approach. It starts with understanding why the customer left in the first place, addressing any issues or concerns they had and demonstrating tangible improvements. Personalized offers or incentives can also help rekindle their interest.

Given all that, why not put your energy into keeping the guests you already have?

The critical risk area for losing a guest varies, depending on the industry and the individual guest's experience, but three main touch points offer opportunities to reinforce loyalty. Just remember that they can also drive guests away if not done right.

1. Before the Visit: Establish community bonds and make a name for yourself.

Expand your presence (in the neighborhood and guests' minds) by co-sponsoring events with local businesses, celebrating community happenings and partnering with schools and youth groups. For example, a guest favorite for Ford's Garage is our Burgers of Fame, which names hamburgers for beloved local personalities. Engaging with the community not only enhances brand visibility but also builds trust and loyalty, driving guest retention.

2. During the Visit: Make guests feel welcome and appreciated.

Greet them warmly, recognize returning guests and their preferences, and provide responsive service to all. Creating a welcoming and personalized experience can leave a lasting impression on guests, fostering loyalty and repeat business. Treat them like your mom, dad, brother or sister.

3. After and Between Visits: Invite them back with meaningful outreach.

Keep the relationship going after the guest leaves. Ask for feedback with surveys (not too detailed), send a thank-you note or gift for a significant purchase, and make loyalty programs worth joining with special offers with genuine value. Demonstrating appreciation and actively seeking feedback shows guests that their satisfaction matters, fostering a sense of loyalty and goodwill.

Deliver exceptional service at all timesIf a business could do just one thing to keep guests coming back, it should prioritize delivering consistently exceptional customer service and maintaining product quality. Never reduce costs with anything they touch and see; most of all, don't skimp on anything affecting product quality. Every interaction with a guest is an opportunity to strengthen the relationship and reinforce their loyalty to the brand.

While price, product quality, and convenience undoubtedly influence customer decisions, customer service often emerges as the linchpin of retention. Good service can mitigate the impact of shortcomings in other areas, but poor service can be a severe blow even if other areas are satisfactory. Guests are willing to pay a premium for exceptional hospitality, and it's often the distinguishing factor between competing businesses.

Businesses prioritizing guest satisfaction and loyalty are better positioned to weather competitive pressures, achieve sustainable growth and thrive in the long run. It's not just about keeping guests happy; it's about building lasting relationships that drive mutual value and success. Provide a fantastic guest experience with a quality product and an entertainment component — I call it "eatertainment" in the restaurant industry – and you'll win.



​Source: ​https://www.entrepreneur.com
​Image Credit: Photo by Thirdman

Entrepreneurship burnout is real. A recent study from Small Biz Silver Lining confirms that 75% of small business owners are concerned about their mental health. The thrill of being your own boss and having complete control over decision-making can often wind up being the very thing that causes the stress. For entrepreneurs who have scaled their business to include a substantial operating budget, clients and staff, the decision to step down or sell a business outright can feel overwhelming.

While selling might seem like the most straightforward option, it's not always the best fit for every situation. Fortunately, there are several alternatives to consider that provide flexible solutions tailored to your specific needs and goals. In this article, we'll explore five alternatives to help entrepreneurs alleviate some of the stressors of business ownership.

1. Succession planning

Rather than selling your business to an external buyer, you might consider passing the torch to a successor from within your organization. Succession planning involves identifying and grooming a capable individual, whether a family member, a trusted employee or a partner, to take over the reins of your business. This approach allows for a smoother transition of ownership, as the successor is likely already familiar with the company's operations, culture and clientele. This route provides an opportunity to preserve your legacy and ensure continuity for employees and stakeholders. However, succession planning requires careful preparation, open communication and a commitment to mentorship and training to set the successor up for success.

2. Exploring partnerships and joint ventures

Another alternative to selling your business outright is to explore partnerships or joint ventures with other businesses or investors. Collaborating with strategic partners can offer access to additional resources, expertise and market opportunities while retaining a stake in the business. Whether it's a joint marketing initiative, a co-branded product line or a shared distribution network, partnerships can help drive growth and diversification without relinquishing full ownership. However, it's essential to enter into partnerships with clear agreements and shared goals to ensure alignment and mitigate potential conflicts down the line.

3. Franchising your business model

Franchising presents a viable alternative for entrepreneurs looking to expand their business without shouldering the full weight of ownership. Of course, this will not apply to all businesses; restaurants, gyms, travel, automotive and home repair businesses are well suited for franchising. By franchising your business model, you can grant individuals or groups the right to operate under your brand name and business model in exchange for franchise fees and royalties. Franchising offers scalability and rapid expansion potential while leveraging the efforts and investments of franchisees. It also allows you to maintain control over brand standards and quality assurance while tapping into new markets and territories.

However, franchising requires careful planning, legal compliance, and ongoing support to ensure consistency and success across multiple locations. One of our clients is the CEO of a major gym across the United States. He has used franchising as a way to 10x the business. In fact, while the Bureau of Labor Statistics reports that 20% of independent businesses close after two years, FranNet found that 92% of franchisees were still going strong after two years.

4. Transitioning to employee ownership

Transitioning ownership to your employees through an Employee Stock Ownership Plan (ESOP) is another alternative worth considering. ESOPs enable employees to acquire ownership shares in the company, typically through a trust, providing them with a vested interest in the business's success. This approach fosters a sense of ownership, loyalty and alignment of interests among employees while providing a viable exit strategy for the owner. ESOPs offer tax advantages for both the business and its employees and can be structured to facilitate gradual ownership transition over time. According to NCEO, the median job tenure of employee-owners is 5.1 years, 46% more than for those without an ESOP. However, implementing an ESOP requires a lot of planning and the company needs a consistent cash flow. Not a lot of companies go this route yet, with the right company, it has tremendous benefits.

5. Diversifying revenue streams

Diversifying your revenue streams and building passive income streams can provide ongoing financial stability and flexibility. This could involve expanding into complementary markets or industries, developing new products or services or investing in income-generating assets such as real estate or stocks. Building passive income streams can provide additional financial security while allowing you to retain ownership and control of your business. One of our clients had the opportunity to buy a building next to theirs. He got it at a reasonable price, converted it to a storage facility and provided an excellent alternative cash flow to the company.

Founders today have many options to alleviate the stress of entrepreneurship. Exploring alternatives such as succession planning, partnerships, franchising, employee ownership and passive income can provide viable alternatives tailored to your unique circumstances and objectives. Each alternative comes with its own benefits, challenges and considerations, so it's essential to weigh your options carefully and seek professional advice when necessary. By considering these alternatives, you can make an informed decision that aligns with your long-term goals and aspirations for yourself and your business.



Source: https://www.entrepreneur.com​
​Image Credit: Amina Filkins

​There's no shortage of examples of successful solopreneurs who have forged their own path to grow ground-breaking businesses. They're often held up as people who value autonomy and control and who approach business building like it's a hero's journey.

But I believe our culture has blown the "solo" part of solopreneurship out of proportion, leading many would-be entrepreneurs and creators to feel like they have to go it alone. And while solopreneurs are solely responsible for making decisions about their businesses, it doesn't mean they have toil away independently on every aspect of it. Doing so can actually be detrimental.

Many successful entrepreneurs find ways to involve others for support and guidance and to create a shared journey. Through my work with creators, many of whom are solopreneurs, I've seen how this approach can be transformational. For example, for many years, my company has hosted an event in which women of color within the creator economy have shared their experiences. We found that creating space for these solopreneurs led to record-breaking attendance. It's all part of a larger movement that has seen solopreneurs come together in real life and on virtual platforms to leverage the power of community and collaboration.

As a solopreneur, you are part of something bigger

The growing number of solopreneurs has effectively changed the face of our economy. Today more than 80% of American small business owners operate without any staff. For some, this works well.

But I've noticed that many creators, for example, go into their journey with the mistaken belief that if they can't figure it out on their own, they're not cut out for entrepreneurship. The reality is that stoically resisting help or not seeking out support or community can lead to loneliness, burnout and even depression.

Working with others is powerful, and many brands are tapping into this movement and finding ways to facilitate inspiration and connection by bringing their communities together – whether it's around e-commerce, crowdfunding, fitness or other aspects of life and business. The cliche really is true: we may go faster alone, but we often go farther together. Embracing a community-based approach can lead to tangible benefits.

The power of finding your people (and places)

Broadening your definition of solopreneurship isn't just about finding people to work with though. It can also be about uncovering solutions you didn't know existed, getting access to information or guidance from people who have been there, or even just having a place to go when you need a break from your home office. Here are a few of the ways I've seen individuals take a collaborative approach to solopreneurship – and reap the benefits:

Choosing tech platforms that offer community

We've all experienced the rise of online communities – public and private – but consider the unifying force of tech tools that support people in achieving specific goals. Whether it's launching a course or implementing a payment system, you'll find people rallied around platforms offering concrete solutions. Choose your platforms wisely, and you'll end up with more than just tools; you may find new colleagues, collaborators and a wealth of shared expertise.

Working from a coworking space

Anyone who's ever worked from home – or launched a business from their basement – understands the value of a good coworking space. Beyond situating you among peers, they offer rich gathering spaces for solopreneurs who want to network, learn, and enjoy the creative energy of others. Research has shown that people thrive in coworking spaces thanks to the collective boost in productivity and creativity – and that they can also be a great antidote to burnout.

Attending in-person conferences and events

Ever since Covid put a pause on live events, it's been tough for many of us to get back into the swing of it. But there are benefits to immersing yourself in a room full of strangers – particularly the opportunity to forge deeper connections. Sharing new experiences with other people in person can lead to the kinds of bonds you just don't get over Zoom (and making that in-person investment can open up other ways to maximize your returns there, too.)

Teaming up with a partner

Collabs are still having their moment, but they can be more than just a trendy way to build an audience. I get genuinely excited when I see solopreneurs I follow come together because I've seen how great collaborations can effectively fill business gaps. Plus, good partnerships can also uncover new opportunities, boost revenue and even fuel innovation. Sure, there can be risks to collaborations too, but as long as you stay true to your goals and your brand, you stand to benefit.

Finding a mentor

Much like peers, mentors offer business advice based on their lived experience, but they also bring the wisdom of seniority. But if the intimidation factor of approaching a mentor is holding you back, you can always start more informally. Many solopreneurs give back to their communities by sharing their learnings through courses or live events. Start by following people you admire and see what it can lead to.

However you choose to expand your definition of solopreneurship, keep in mind that inviting others into your journey doesn't negate your success; at the end of the day, the buck still stops with you. By piecing together a new narrative about the realities of solopreneurship, we can start to normalize the idea that creators and entrepreneurs don't need to walk this road alone. And sometimes, just knowing that help – and a shoulder to lean on – is out there can go a long way toward boosting resilience, capacity, and the determination to keep going.



Source: ​https://www.entrepreneur.com
​Image Credit: Darlene Alderson

The ongoing debate between online and offline marketing strategies has been a topic of discussion for years. According to Statista, both traditional and digital marketing are popular in the global business environment, with approximate annual spending of $306.8 billion and $616 billion, respectively. The question arises: which option is better?

The good news is that you don't have to choose between online (pay-per-click, online display advertising and social media advertising) and offline (broadcast and newspaper ads, collateral, direct mail and coupon programs) marketing. Depending on your goals and target audience, your strategy can easily have both tactics. In essence, a great marketing plan is an integrated marketing plan.

Think of them not as rivals for your budget but as complementary tools. When used together, they can improve your brand, attract more customers, and enhance your profitability. Many companies are already mixing it up — using social media to promote in-person events and traditional media to direct customers to digital platforms. This kind of synergy makes for a stronger overall marketing strategy, doesn't it?

Before we discuss integrating two types of marketing channels, let's examine their advantages.

Online marketing is dynamic and cost-effective. You can target your ads precisely and get instant insights that help you reach more people more efficiently. You can adjust your strategies in real-time for better results, making it a perfect option for any business size. Plus, tracking engagement and conversions online is straightforward, giving you a clear picture of your campaign's success.

Traditional marketing has a broad reach and can make a lasting impression. Thanks to the extended exposure of print and broadcast ads, it's excellent for building deep connections with your audience. This approach is superb for enhancing brand awareness, as it communicates your brand's values and identity effectively beyond the constraints of the short-lived online ad spaces. Here are five rules when blending offline and online marketing tactics.

Rule #1. Set shared objectives

Blend online and offline campaigns with a shared goal to make a strong impact and provide a better experience for your audience. Start by highlighting a common objective, like increasing awareness or driving sales for a specific product. At the same time, run online and offline promotions, ensuring consistency across both channels. For example, if you're promoting a product, ensure offline ads guide consumers to the same landing pages and QR codes as digital ads. This maintains a cohesive message and allows for easy tracking and comparison of campaign performance, helping you refine your marketing strategy effectively.

Rule #2. Use online engagement results to drive offline campaigns

Boost your brand's connection with your audience by using your most popular social media image in your upcoming print campaign. This smart move ensures a cohesive brand experience, seamlessly linking online and offline interactions. Choosing an image that already resonates with your target audience strengthens brand recognition and creates a unified identity. Ensure the selected image aligns with your brand's messaging and values for a consistent visual appeal.

Rule #3. Motivate offline clients to visit your digital page and vice-versa

Build a connection between your physical and online presence that is simple and effective. Encourage in-store customers to join online activities, like surveys or signing up for newsletters and exclusive online promotions. On the flip side, create special in-store offers and highlight them on your website to attract online visitors to your physical store. This two-way strategy motivates customers to engage and quickly integrates both online and offline aspects of your business, providing a better experience for your audience.

Rule #4. Get that all-important user-generated content

Improve audience engagement by blending traditional and digital methods. Make your audience participate in a direct mail campaign by taking selfies and sharing them on social media with specific hashtags. This allows you to track the campaign's success easily.

Rule #5. Design matters. Period.

Design is a huge factor in shaping and reinforcing brand identity. Whether your ad appears online or offline, consistent design elements like color, font, and placement are essential in conveying a unified brand story. When these design elements align across all channels, it enhances brand recognition and makes a lasting impression. A cohesive design strategy ensures that regardless of where your audience encounters your brand, they receive a consistent visual experience, contributing to better recall and establishing a solid and memorable brand presence.

Finding the right balance between online and offline marketing campaigns can be challenging, but the effort is undoubtedly worthwhile. Integrating online and offline strategies uses insights to build improved customer experiences, ultimately yielding positive results. Combine the strengths of both approaches, and you will create a synergy to make an impactful marketing strategy that resonates with your target audience.



Source: https://www.entrepreneur.com
​Image Credit: Canva Studio