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What It Takes to Run a Restaurant in the Digital Economy
This story isn’t about starting a business, but refreshing a business and remaining relevant.
People are amazed when they hear that I am also a restaurant owner.
The reactions are always very positive. This is no surprise. Everyone loves to talk about restaurants and food. Wherever I give presentations, the conversation quickly turns to dishes, courses, and recipes as soon as the word “restaurant” comes out.
Owning and running a restaurant appears to be very appealing. Yes, people acknowledge that it’s not for everyone. And they are right. It can be exhausting and nerve-racking. But owning a restaurant can also be extremely satisfying and rewarding. The ever-increasing popularity of cooking shows and TV programs about restaurants helps feed people’s imagination and dreams, as well as their stomachs.
So last week, I gave a dinner presentation about the future of banks and fintech.
I was explaining the digitization of everything and the importance of platforms, data, and algorithms. I emphasized the need to respond to fast-changing customer demands. Banks better be ready for the digital economy. It was a serious conversation.
You can perhaps guess what happened next. Some participants — the audience were mostly financial advisors — challenged the urgency of going digital and one of them referred to the restaurant-business.
Restaurant owners don’t pay too much attention to digital talk, which, according to the questioner, is only relevant to tech companies. In his view, we shouldn’t exaggerate the scale and urgency of change. More mature industries will not be significantly affected, he claimed. And the restaurant industry is proof of this.
I was thrilled with this remark. Because nothing could be further from the truth.
Believe me when I say that restaurants cannot ignore the digital economy: technological developments, stakeholder engagement, and online communication have become extremely important.
I don’t say that restaurants that don’t “go digital” will be gone tomorrow. Yet, I dare to predict that growth will mainly come from digital…
