Restaurants Telling Me To F-Off

30 June 2011

restaurant credit cardSure, strong title. Yeah, maybe I am over dramatic, but let me paint a picture for you. I walk into a mid-grade restaurant. You know the type. The type of restaurant you go for a quick snack, or maybe a few beers with your buddies. Not a night club were there is a high chance of people getting drunk and making poor decisions. You might sit around the bar or outside on a patio. Then after being all friendly with the server and placing your order for your first round of drinks the server says “could I get a card to hold”? The server wants to hold on to your credit card to make sure you do not run out without paying the bill. I am never mad at the server I am sure it is a restaurant policy. By doing that, the restaurant management is telling me: “We don’t trust you to pay your bill, we need insurance”. I translate that to the restaurant telling me to “F-off”. Imagine you walk into some sort of shopping store and someone greeted you and said “Let me see your wallet, I want to make sure you can really buy something here”. I would call that pretty insulting. Restaurants are doing the same thing. They are insulting you. I know the restaurant takes the risk of serving you food before you pay. I am asking the restaurant to take all the risk here. Yes, I am sure people dine and dash every year at almost every restaurant. However, I am rather certain that the percentage of people that pay vs. those who try to steal is very inbalanced. I would think I would go as far as estimating that less then 1% of the customers try to steal from the restaurant. A restaurant is telling us ‘we would rather say “we don’t trust you”’ to 99% of their customers instead of just taking the loss on less than 1%. Sounds like greed and not caring about the customer.
 
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Why Don't People Think In Terms Of ROI?

2 December 2011

Something that bugs me is entrepreneurs who are starting a company or making an investment but do not think in terms of return on investment, or ROI. Simply put, ROI is an estimate: if you invest a dollar how much will that dollar grow to? Typically you calculate your ROI as a percentage. Lets say I invest a dollar today and 5 years from now that dollar is worth $1.20. That means you got a 20% return over 5 years (or 3.71% per year). roi image Also, for the record this rant is not in relationship to the Mark Zuckerbergs, Bill Gates, or Steve Jobs of the world. These guys all started companies when they had no financial worries. The only risk was failing and going back to college. I am speaking the commoners, those who already have jobs. Those who already have a family. Those who already have a mortgage and a car payment. I am speaking to the people who buy rental properties, start web companies at night, or quit their job to go all in on a ice cream shop -not kids in dorm rooms (many of us missed that boat)
 
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