Scaling from 1 Unit to $2.5 Billion in Sales | Andrew K. Smith of Savory Fund

Restaurant Rocket Fuel

Andrew Smith, the managing director and co-founder of Savory Fund, shares his journey in the restaurant industry and how he helps small local concepts scale and grow. He emphasizes the importance of focusing on the underbelly of a business, which includes leadership, systems, and people. Marketing should be inside-out, with a strong emphasis on executing a great customer experience. Loyalty programs and providing value to customers are key marketing strategies. Andrew also discusses the challenges and trends in the restaurant industry and the need for constant adaptation and pivoting.
Keywords
restaurant industry, scaling, growth, underbelly, leadership, systems, people, marketing, customer experience, loyalty programs, value, challenges, trends, adaptation, pivoting
Takeaways
Focus on the underbelly of your business, including leadership, systems, and people, to create a strong foundation for growth and success.
Marketing should be inside-out, with a strong emphasis on executing a great customer experience.
Loyalty programs and providing value to customers are effective marketing strategies.
Be prepared to adapt and pivot in response to challenges and trends in the restaurant industry.
The future of the restaurant industry is bright, and there are opportunities for growth and success.
Sound Bites
"That is the dumbest idea I've ever heard."
"Marketing for us is really inside out."
"People don't necessarily want cheap. They want value."
Chapters
00:00 - Introduction to Andrew Smith and Savory Fund
01:46 - Andrew's Background and the Story Behind Savory Fund
06:36 - Helping Brands Scale and Grow
11:00 - Confirming What Works in Marketing
13:41 - Navigating Changes and Challenges in the Restaurant Industry
22:01 - Conclusion and How to Follow Andrew Smith