WHAT IN THE WORLD IS RESTAURANT FRACTIONAL MANAGER?
Hi there! Andrey here. I'm excited to share that I've recently added fractional manager services to my offerings. I've also partnered with a team of hospitality professionals who specialize in providing these services. This week, I wanted to delve deeper into this topic and hopefully offer your company another option to consider amidst the unprecedented staff challenges we're currently facing.
In an increasingly competitive landscape, hospitality businesses, ranging from small and mid-market companies to community pillar organizations, are constantly seeking ways to gain a competitive edge, reduce costs, and drive revenue growth. On top of that we are witnessing so many new challenges since Pandemic, including supply chain issues, unprecedented staffing problems, inflation and more.
As we navigate this difficult landscape for restaurants, hotels, concert arenas and other hospitality businesses, I wanted to explore opportunities of using Fractional Managers and Executives in the Restaurant and Hospitality industry.
Fractional service providers is a growing trend that offers a range of benefits and solutions for a variety of industries, but most of those services are limited to digital marketing, graphic and web design, accounting and few others. When it comes to the Hospitality, I don't see too many options.
Understanding Fractional Service Providers:
Fractional service providers (FSPs) are experienced professionals with a number of years in their field. These experts have often transitioned from the traditional hospitality world to become entrepreneurs or have retired early while still desiring to contribute their skills and knowledge. FSPs bring a wealth of experience to the table, offering their services on a part-time basis to hospitality businesses. Their fractional roles span across key areas such as Finance and Accounting, Digital and Traditional Marketing with focus on Hospitality, Menu Development, Wine list development and others.
The Value of Fractional Manager Services:
Small and mid-market hospitality businesses may not have the resources or prefer not to hire full-time professionals with extensive experience for a single project. Fractional manager provide an opportunity to access top-tier talent without the financial burden of a full-time hire. By engaging fractional managers, businesses can benefit from their specialized expertise on a part-time or project basis, allowing them to scale their operations without breaking the bank.
2. Enhanced Team Performance:
Fractional managers not only fill specific management roles but also collaborate with existing teams, adding value by staying up-to-date with industry trends, new regulations, and emerging technologies. Their fresh perspective can challenge the status quo, leading to increased efficiency, reduced costs, and improved operational effectiveness. By asking critical questions and offering alternative perspectives, fractional managers contribute to a more dynamic and agile team environment.
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Additionally, fractional managers can alleviate the workload of full-time managers, allowing them to focus on running the floor, engaging with customers and employees and providing the best service possible. By taking on specific responsibilities and providing guidance in their areas of expertise, fractional managers can lighten the workload of existing managers, leading to reduced stress and burnout. This, in turn, can contribute to a healthier work environment and help mitigate turnover by creating a more sustainable and balanced workload for the full-time team. The support provided by fractional managers can enhance manager satisfaction and retention, fostering a more stable and motivated workforce. Just imagine: if floor restaurant manager doesn't have to worry about time-consuming work of calculating food cost for a new dish, going through pages and pages of customer feedback in search of potential service improvements. Instead, they will simply get neat reports on the latest market trends or completed recipe development or full analysis of their customer feedback with suggested strategies on improvement. Perhaps, that manager will work 7-8 hours instead of 10-12, which is very typical right now. How will it affect morale and effectiveness or your team?
3. Tailored Solutions for Specific Challenges:
Fractional manager services are particularly valuable in addressing specific challenges faced by hospitality businesses. For example, a small restaurant owner struggling with operational efficiency can engage a fractional operations manager to assess the situation, provide recommendations, and develop a milestone-driven plan. Similarly, a mid-market restaurant chain CEO facing revenue stagnation can leverage a fractional leader to evaluate menus, identify upselling opportunities via menu engineering or staff training, create an actionable plan, partner with current management and deliver astonishing results. These targeted solutions help businesses overcome obstacles and achieve their goals without incurring the expense of hiring full-time managers or executives.
Building Strong Partnerships:
Fractional manager services require clear communication and realistic expectations. Business leaders should establish regular progress reports and define deliverables within specific timelines. Additionally, discussing the scope of services and time commitments is crucial to aligning expectations. A reputable FSP will proactively engage in these conversations to ensure mutual understanding and success.
Looking Ahead:
As the hospitality industry continues to evolve, fractional manager services are poised to play an increasingly vital role. With digital transformation shaping the landscape, FSPs can leverage technology to drive operational efficiencies and enhance guest experiences. Collaborative partnerships between FSPs and internal teams will foster knowledge exchange and long-term capabilities. Niche specializations, such as sustainability and technology implementation, will also emerge to meet evolving industry demands.
Conclusion:
Fractional manager services are revolutionizing the hospitality industry by providing access to experienced professionals on a part-time or project basis. The flexible nature of these engagements allows businesses to tap into specialized expertise, reduce costs, and drive growth. With fractional managers as trusted advisors, hospitality businesses can navigate challenges, optimize operations, and build a stronger future. By embracing this innovative approach, the industry can unlock new opportunities and elevate guest experiences while maintaining financial sustainability.
If you would like to learn how I can help your organization, please send me a message on LInkedIn, e-mail me at [email protected] or leave a message via contact form on www.andreykolchurin.com