“If you can run a restaurant successfully, you can literally run any other kind of business,” explains Al Peters, Founder of Wave Function. Al’s professional journey has taken him through different industries as a founder, investor and advisor, in the healthcare, clinical research, technology, manufacturing and energy sectors. Over the past several years, Al has invested in the hospitality industry in a number of different restaurants in New Bedford, Massachusetts, where Wave Function is headquartered.
“There’s front of the house (FOH) and back of the house (BOH) processes in hospitality,” Al says. “Mastering both is key, and startups can apply these concepts when they’re designing their own workflows to build their companies.” For technology startups looking to grow, examining these distinct but collaborative environments provides invaluable insights.
Customer Centric Product Design (FOH Inspiration)
Just as the ambiance, menu, and customer service are critical to a restaurant’s FOH, user experience (UX) and user interface (UI) is at the heart of any tech product. Startups should prioritize these elements, ensuring their product or service is as welcoming and intuitive as a well-run restaurant is for its patrons. This means investing in research and design to make sure the product meets the market's tastes and preferences.
Iterative Improvements (BOH Processes)
Restaurants constantly refine their recipes and presentation based on feedback and changing customer preferences. Tech startups should similarly embrace an iterative process for product development, frequently updating, and refining software through agile methodologies, responding to user feedback, and adapting to market trends.
Scalable Systems (BOH Efficiency)
A successful restaurant's kitchen is a model of efficiency and scalability. As technology startups grow, they'll need to ensure their infrastructure can handle increased demand without sacrificing performance, just as a restaurant's kitchen must maintain food quality during both slow and busy times.
Inventory Management (BOH Resource Optimization)
In a restaurant's BOH, careful management of ingredients is vital to avoid wastage and loss. For tech startups, this translates to prudent resource management and optimization, from cloud storage to workforce deployment. Maintaining an appropriate level of operational support (which does not always mean lean) ensures resources are available for critical tasks and growth opportunities. This is a delicate balance to achieve, and just one of the factors that makes startup life so exciting, and simultaneously, so volatile.
Cross-Functional Teams (Integrated FOH and BOH)
In top-performing restaurants, the FOH and BOH staff work seamlessly together, despite their different roles. Tech startups must foster a similar cross-functional collaboration, with teams like development, sales, marketing, and customer support fluidly sharing insights and aligning on objectives.
Training and Adaptation (Staff Development)
Waitstaff and chefs undergo continual training to improve their skills; likewise, continuous learning should be embedded into the culture of a tech startup. The capacity to learn and adapt to new technologies or business practices rapidly can be the difference between stagnation and growth.
Revenue Management (FOH Sales Techniques)
Just as a restaurant's FOH staff are trained to upsell and optimize table turnover without compromising customer satisfaction, tech startups must develop efficient sales funnels and customer success strategies that maximize revenue without detracting from the user experience.
Crisis Management (Dealing with Unexpected FOH and BOH Events)
Restaurants are adept at handling crises - from a dropped dish to a delayed order. Tech startups should equally be prepared for unforeseen challenges, with robust contingency plans and a culture that promotes calm and logical problem-solving.
By observing these restaurant principles, technology startups can build an environment conducive to both immediate satisfaction and sustainable growth, continually refining their offerings to meet the palates of an ever-evolving marketplace.
Al’s New Bedford hospitality portfolio currently includes Cork Wine & Tapas, Rose Alley Ale House, and The Profile Tavern, located in East Freetown, MA.
“It’s amazing how many lessons from the hospitality industry can be translated to other businesses,” says Al. “For startups, it’s all about being agile and building seamless workflows to ensure scalable success. That’s what we’re committed to at Wave Function.”
About WaveFx
At WaveFx we understand the founder’s journey because we’ve experienced it; in technology, health care, energy, manufacturing and hospitality. We provide strategic support and flexible funding to purpose-driven founders who are changing the world. We value listening as the pathway to holistic growth, rooted in learning, purpose and values. We offer a comprehensive suite of solutions to build efficient, resilient workflows and business systems that focus on the intentional directional management of actions and objectives.
Ours is a community approach. Let's build something incredible. Together.
Learn more at www.wavefx.com or by contacting al@wavefx.com.
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