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Increasing Value

Don’t Be Afraid to Change

By June 21, 2024No Comments

I read an article on how numerous restaurants are ditching QR code menus and at least going hybrid. It seems a lot of people don’t like using their phones, worry about privacy, the font is too small, and establishments have found the average order is less because people don’t scroll through the whole menu.

Or, what about if you don’t have a phone with you, like I did recently (left it on my desk)? Yes, they had menus.

The point of this is, don’t worry about sunk costs if something isn’t working. I’ve seen too many businesses that decide to do something, it doesn’t work, and they try to fight through it versus cutting their losses. I recall a few deals where the buyer got a great deal on a business where the seller was “in too deep.” One in particular later said, “I knew it was a good business, but I didn’t know how lucrative it could be.”

When it works, keep doing it over and over. When it doesn’t work, get out and build on your strengths.