Businessman and restaurateur Jon Taffer Net Worth In 2024 of $14 million dollars.
Who knew that managing a bar could teach so many business lessons?
Jon Taffer, who won awards for his hospitality expertise, knew it early on in his career.
Jon Taffer is well known for his role as the host of Paramount’s Bar Rescue. He also pioneered the NFL Sunday Ticket concept. He has his own consulting company, Taffer Dynamics, Inc.
Through his TV show, he helps bars, restaurants, and similar businesses to succeed and increase profits.
Many of his fortunes have come from buying and selling various bars and restaurants.
Taffer’s business insights do not only apply to Irish pubs and local nightlife, despite the book being a guide to opening and running a bar or restaurant.
In terms of best business practices, Taffer says, “We make people happy when we do a good job.”
He says, “We make them smile, laugh, and have a good time. Any business that does that is doing it right.”
Content Outline
10 Lessons About Running A Business To Learn From Jon Taffer
The 10 lessons in Taffer’s upcoming book will help you get your business off the ground, whether you’re setting up a storefront, an advertising agency or an app company:
1. The sale begins as soon as a customer enters your store.
Customers will only return if they have a pleasant experience, whether your selling space is online or offline.
Taffer writes that the goal of every business communication process is to create a positive response from the customer every time. Regardless of what a business does, its success largely depends on the reaction of its customers.”
Creating great products and presenting them well – onscreen, in-store, at events, etc. – will help you beat the competition who sells similar products.
2. Consider your business’ lifetime value.
Taffer doesn’t aim to create something that’s one of a kind with every bar he renovates on Bar Rescue. The goal is to build brand loyalty.
Fewer than 50 percent of customers return to a new eatery the first time they visit because it is outside their habit cycle. After a third visit, there is a 70 percent chance that they’ll return. Therefore, you shouldn’t just strive to make a great first impression, but also to make a great third impression.
“This is why business transactions require a high standard, consistency, and, to a great extent, predictability,” says Taffer.
3. Find out what makes you money.
Taffer shows how to manipulate reactions to your advantage, since everyone is in the business of reactions.
According to him, most people are motivated by one of four motivations: money, pride, ego, and fear.
Develop your marketing language based on one of these motivators. Describe how your product calms a fear, such as an insurance policy. Make sure to tell people how good it makes them feel when you’re selling an indulgence.
4. Treat difficult clients as if they were family members.
You can always entertain those difficult, needy customers, but try to cultivate a new patience by acting as you would with a difficult relative.
All of Taffer’s success in customer satisfaction is owed to his mother, who made sure everything was done the right way.
I had to learn to understand, predict, and react appropriately to her shifting energy and moods if I wanted the best results for us.”
Hold your tongue around tough clients to better handle them, just as you would not hit your grandmother during dinner.
5. Don’t hire for experience, hire for attitude.
Your company will benefit more from a candidate with the right attitude than an experienced misfit with a good resume and LinkedIn profile.
According to Taffer, defining the ideal personality for a position (extroverted, supportive, resourceful) is the key to recruiting, followed by writing an attractive job posting that lets potential candidates know what the position is like.
Those who feel they fit the description will be eager to apply for jobs that seem like a good match, says Taffer. Ads should not be weak. Be assertive.”
6. Avoid coddling your weakest employees.
Taffer notes that a common characteristic of bad business is that managers coddle their weakest employees and hope they will do better one day.
He says this is a mistake. Essentially, Taffer believes that businesses should be run like sports teams, with winning players rewarded and weaker players encouraged to improve.
According to Taffer, teams work together with clear objectives that force individuals to perform or leave.
“If the batter strikes out every time, the team will use various coercive techniques to get him to try harder and do better,” Taffer writes. “The weakest players must be eliminated. The coach cannot afford to keep them.”
7. Training your team, not teach it.
Training is behavior modification that takes too long, says Taffer. “Teaching is demonstrating how to do something but then encouraging your employees to bring their own personalities to the process.
” This small shift in management perspective will not only help entrepreneurs loosen their grip on every aspect of their companies, but it will also lead to a happier workforce.
If you allow your employees to be themselves and contribute ideas, Taffer writes, you might learn something from them.
8. Reduce the number of options on your “menu.”
How often have you been overwhelmed by the amount of drinks available at a bar? Any business owner should avoid overwhelming their customers with options.
The restaurant consultant suggested businesses simplify the selection, offer variations of the same product rather than listing them separately (for example, have a single listing for chicken wings showing they come in three different flavors rather than three separate listings), bundle offerings into packages and rotate in new products like limited-edition specials.
This also encourages clients to return to see what’s new, participate in promotions, and attend special events
.
9. Be aware of your target demographic at all times.
Prior to opening a business, entrepreneurs should conduct research on their target audience, and those considerations should continue as their business grows.
It is simply a matter of design and delivery for an upscale bar customer to respond positively to a mailing that resembles an invitation that looks more formal and exclusive.
This is the same offer as the original one.
Whether you’re sending daily Tweets or viral Vines or occasional e-newsletters and holiday greetings, make sure your tone appeals to your target customer and preserves your brand.
10. Be realistic in your innovation to serve your audience.
You don’t want to lose all your clients by trying to be the next Apple or Google.
As Taffer writes, “I prefer innovation while listening to customers, not the other way around.” I am not opposed to new ideas, but I need them to protect and maximize my investments.
Make sure you do not come up with weird, quirky ideas that will isolate a segment of your client base.
In the startup world, don’t let others pressure you to venture too far from the comfort zone that made you successful in the first place.
In Taffer’s opinion, innovation that exceeds expectations can narrow or reduce your market, while it should constantly expand.
What advice would you give to someone starting a business? We’d love to hear your thoughts.
