Our topic this Foodie Friday is buffets. Las Vegas is renowned for the lavish and enormous buffets but they can be found almost anywhere across this great land of ours. There are dedicated buffet restaurants, most hotels offer a buffet option for breakfast and many bbq joints offer something similar so you needn’t choose between the 4 or 5 varieties of meat and the 7 or 8 sides they serve. Grab a plate, pile it high, and it’s on!
One could make the argument that a traditional dim sum place is a buffet in reverse. Instead of you going to fill your plate from a variety of choices, the variety of choices are wheeled out to you and you choose as they go by. I don’t put salad bars into the buffet category since by definition they have a more limited focus.
My buffet strategy is to skip the “normal” foods (corn, mashed potatoes, cold cuts, etc.) and to focus on the more indigenous specialty items. I don’t want to fill up on food I could get anywhere while missing whatever makes this experience unique. After all, while I have a healthy appetite, I can’t eat everything, right?
That’s business point today. I remind many of my clients that they need to “step away from the buffet.” When you are a growing company and you have a smart, visionary leadership team, there is a tendency to want to try everything on the buffet table. In business, that means chasing down every apparent opportunity in an effort to grow. The reality is that no early- or mid-stage business can afford to do that. Resources are too precious and the time to get to profitability is ticking away. Stepping away from the buffet means having a business plan that’s focused on whatever problem it is that the business is solving for your market segment and sticking to it. Don’t take that to mean that you can’t adjust based on what you’ve discovering on your journey: you must! But you also can’t keep changing direction as you spot another new hot plate being added to the buffet.
Like a large buffet, business can present an overwhelming number of choices. Our job as managers is to find the best of those choices that align with our business goals. It’s one thing to overeat at breakfast. It’s quite another to run out of resources before reaching sustained profitability. Step away from that buffet!