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Jim Taylor

Jim is the creator of Benchmark Sixty – A one-of-a-kind, restaurant financial optimization platform designed for restaurateurs to dramatically increase their profit margins by understanding data, implementing benchmarks, and using metrics to improve productivity. This signature platform has helped multiple restaurants start on the right foot, land on their feet, or position for strong growth moving forward. Jim’s business goals are focused mostly on doing what he can to improve the overall state of hospitality. Visit Jim at  www.benchmarksixty.com

The innovation that the restaurant industry needs, Jim Taylor.

Tell us a little something about your business...

The restaurant industry is stuck doing things the way that it always has. The way it has always been done continues to be the go to strategy for so many owners and operators.

If you consider most industries, there is constant innovation happening, in likely every category. Tech, finance, HR and operations all work together in order to ensure the business is moving forward with the times. Not so much in restaurants. Tech is coming, with the dramatic increase in third party ordering due to the pandemic, or platforms to increase reservations and foot traffic. HR is doing it’s best but having challenges keeping up with current trends like working from home, and flexible scheduling.

Food and beverage innovation has and always will be one of the things that keep the industry alive. People will always want to visit the new hot spot, or try the best new food. Innovation in this area is a constant in restaurants and always will be.

Where our industry falls behind is in operations. Restaurateurs are doing things the same way now, as they did 20, 30, or 40 years ago. Doing things by hand or by “feel”, working harder to “figure it out”, and expecting the new generation of restaurant operators to do the same.

We aim to change this. To make the career and life of the restaurateur better moving forward than it has been in the past. Despite the current labor and inflation challenges.

We aim to do that through eductaion, through teaching restaurateurs how to use the informaiton in front of them, and how to use it to make clear, concise, educated decisions that will yield higher proftis, better execution, and long term results.

When was your lightbulb moment?

My “lightbulb” moment came when I was still in operations, working with one of Canada’s leading casual fine dining concepts in an executive leadership position. I was working on a project aiming to re-create the typical restaurant profit model to combat the increases in the minimum wage across the country.

The moment, or thought, occurred when we realized that the way that the industry had been measuring things like labor cost, cost of goods, and general business efficiency had been in many ways a guessing game for a very long time. This consistently left restaurateurs with little to no control over their results and had them setting targets that were either not achievable or not realistic based on how their own business was actually operating.

So we dug deeper. We looked at data differently. We tried to find ways to measure differently.

Ultimately we came out with a strategy to measure and leverage restaurant business productivity and output. (Think lean business model or six sigma.) In a data-driven, accurate way. Removing all of the variables out of our control, leaving us with tangible, manageable, and actionable strategies that could change the restaurant profit model forever.

What are your three words of advice?

Find a coach.

The restuarant industry is driven by creators. Incredible chefs, passionate hosts, and people who want to serve others. This doesn’t necessarily make them effective at running a business though. The failure rate in the restaurant business is over 80%, and I believe that this is largely in part due to the fact that restaurateurs often try to be everything. They try to be chef, manager, accountant, and designer all at the same time. Accept what you arent good at, and find people to support you in what you are good at. The investment will pay for itself in spades over time.

Three words of advice...

Find A Coach.

Jim is the creator of Benchmark Sixty – A one-of-a-kind, restaurant financial optimization platform designed for restaurateurs to dramatically increase their profit margins by understanding data, implementing benchmarks, and using metrics to improve productivity. This signature platform has helped multiple restaurants start on the right foot, land on their feet, or position for strong growth moving forward. Jim’s business goals are focused mostly on doing what he can to improve the overall state of hospitality. Visit Jim at  www.benchmarksixty.com

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