” In the beginning, I didn’t understand the importance of having a good manager so I tried to do everything myself”
Morenike Okebu is a passionate, enthusiastic, determined professional, driven by the desire to deliver first class service to her clients and customers. She has undergone extensive training in management and business development, She is currently the Group Managing Director of Foodworths Group of Companies.
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From the passion of eating out and exploring various culinary experiences, the seed was planted. A successful lawyer, with a growing family, frustrated with some policies and limitations impeding her litigation career. She decided to follow her bliss, in addition to other businesses she runs, she is a restauranteur. She brings a fresh approach to running and operating a restaurant and to anyone just about to start, this is a must listen to
Morenike saw an opportunity in an existing brand she believed in and she felt strongly that she can contribute towards its success. This podcast is an important one for me for three reasons that come to mind
- She leveraged opportunities and bought into and existing brand that was yet to launch, becoming part of the founding story.
- Shortly after the restaurant launched, covid crisis hit. So you can imagine the momentum loss especially for a young restaurant and the challenges it comes with
- Through the crisis challenges, she saw new opportunities and new business models created
Lessons.
1. Procurement is one of the key areas that determines your profit margin.
2. A manager with experience is really key for the business to have balance.
3. People eat with their eyes before they eat with their mouth so the food has to be really good and appealing.
4. You need to get your pricing right.
5. Have an idea of what your yield is going to give you.
6. Know your top selling items and make sure your stock is tight on them.
7. Have enough cash reserved and good structure in place.
Time Stamps
——————————————————————————————————————
[00:00: 35] Intro.
[00:00:50] Guest intro.
[00:01:45] 5 years ago.
[00:02:40] Another opportunity.
[00:03:33] Investment.
[00:30:58] Biggest challenge.
[00:08:17] Work balance.
[00:12:15] Important KPI
[00:14:38] Most demand.
[00:25:13] Hiring process.
[00:33:17] Costing.
[00:44:20] Biggest amount of theft.
[00:58:18] Outro
Recommended book
The E- Myth by Machael E. Geber.
