FULL COMP: The Voice of the Restaurant Industry Revolution

Who doesn’t love a great mashup? To get a read on where diners currently stand, the Yelp team released a survey to thousands of users. Cornell University analyzed that data and today we review their findings with Professor and Associate Dean Alex Susskind. His specialization centers around the strategic and operational elements of the industry but Alex is more than a theorist. He came up through the ranks of the hospitality industry and that’s where our conversation begins.
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Click here to book time on my personal calendar.
Click here to download our Restaurant Recovery Guide.
Want to streamline your front-of-house operations and increase sales? Head over to http://restaurants.yelp.com/fullcomppodcast to claim your free page and learn more about these powerful tools for your business.
SHOW NOTES

Professor and Associate Dean of Academic Affairs at the School of Hotel Administration
Been at Cornell University for 22 years
Started as a dishwasher at 14 years old
Managed restaurants and worked in the kitchen
Covid 19 highlighted issues in our industry
We have a very cashflow reliant business
Removing cashflow shows inefficiencies in the model
94cents of every dollar made by restaurants on average goes back into the economy
Collapse of our industry would have a huge impact on the rest of the economy
Hospitality supports agriculture, wine, distribution, consumer goods, etc
Largest employer nationwide
Damages to the agriculture sector show the fragility of the food system
Maine’s fruit distribution closed broadline operations
Now is a great time to address the foundational issues of the business
Mending wage structures
Increasing prices
Larger chains are making changes
Typically prioritized shareholders
Starting to fix structural issues
Will make it easier for independent restaurants to do the same
Raising prices may turn away customers
Pivoting the restaurant structure
Find a way that will create a transaction that will keep your guests on side
Consumers are moving to a convenience model
E.g takeout
Yelp’s diner’s survey shows diners want clear communication
How best to handle guest complaints
Communicating with customers is changing
Technology in restaurants is increasingly important
Walk-ins are still necessary post-Covid
Reservations culture will continue
Hunger is spontaneous so restaurants will need a system to allow walk-ins
Cornell University study claims that the optimal model for restaurants post-Covid is ⅓ bodega, ⅓ takeout, ⅓ dine in
Good survival strategy for many businesses
Margins may be slimmer but efficiency could increase
Selling 6 pack of beer requires less labor than serving 6 beers
Struggles for surviving businesses post-Covid
Guest safety
Employee safety
Changing regulations
Quickest restaurant closures will be those who should not have been in business in the first place
Operators who lack passion
Operators who treat staff badly
How will Cornell help prep new hospitality leaders

Show Notes

Who doesn’t love a great mashup? To get a read on where diners currently stand, the Yelp team released a survey to thousands of users. Cornell University analyzed that data and today we review their findings with Professor and Associate Dean Alex Susskind. His specialization centers around the strategic and operational elements of the industry but Alex is more than a theorist. He came up through the ranks of the hospitality industry and that’s where our conversation begins.

Click to sign up for our weekly newsletter.

Click here to book time on my personal calendar.

Click here to download our Restaurant Recovery Guide.

Want to streamline your front-of-house operations and increase sales? Head over to http://restaurants.yelp.com/fullcomppodcast to claim your free page and learn more about these powerful tools for your business.

SHOW NOTES

  • Professor and Associate Dean of Academic Affairs at the School of Hotel Administration
  • Been at Cornell University for 22 years
  • Started as a dishwasher at 14 years old
  • Managed restaurants and worked in the kitchen
  • Covid 19 highlighted issues in our industry
  • We have a very cashflow reliant business
  • Removing cashflow shows inefficiencies in the model
  • 94cents of every dollar made by restaurants on average goes back into the economy
  • Collapse of our industry would have a huge impact on the rest of the economy
  • Hospitality supports agriculture, wine, distribution, consumer goods, etc
  • Largest employer nationwide
  • Damages to the agriculture sector show the fragility of the food system
  • Maine’s fruit distribution closed broadline operations
  • Now is a great time to address the foundational issues of the business
  • Mending wage structures
  • Increasing prices
  • Larger chains are making changes
  • Typically prioritized shareholders
  • Starting to fix structural issues
  • Will make it easier for independent restaurants to do the same
  • Raising prices may turn away customers
  • Pivoting the restaurant structure
  • Find a way that will create a transaction that will keep your guests on side
  • Consumers are moving to a convenience model
  • E.g takeout
  • Yelp’s diner’s survey shows diners want clear communication
  • How best to handle guest complaints
  • Communicating with customers is changing
  • Technology in restaurants is increasingly important
  • Walk-ins are still necessary post-Covid
  • Reservations culture will continue
  • Hunger is spontaneous so restaurants will need a system to allow walk-ins
  • Cornell University study claims that the optimal model for restaurants post-Covid is ⅓ bodega, ⅓ takeout, ⅓ dine in
  • Good survival strategy for many businesses
  • Margins may be slimmer but efficiency could increase
  • Selling 6 pack of beer requires less labor than serving 6 beers
  • Struggles for surviving businesses post-Covid
  • Guest safety
  • Employee safety
  • Changing regulations
  • Quickest restaurant closures will be those who should not have been in business in the first place
  • Operators who lack passion
  • Operators who treat staff badly
  • How will Cornell help prep new hospitality leaders

What is FULL COMP: The Voice of the Restaurant Industry Revolution?

What if I told you that the difference between struggling and thriving in the restaurant industry is just one conversation away?

I’m Josh Kopel, a Michelin-awarded restaurateur who’s spent decades building blockbuster brands across every tier of dining. I know the challenges you’re facing—because I’ve been there. That’s why I created FULL COMP.

Every week, I go one-on-one with the smartest minds in the game: restaurateurs, chefs, and industry insiders who’ve cracked the code. Together, we unpack their biggest wins, hardest lessons, and the strategies that changed everything.

No fluff, no filler—just actionable insights to help you boost profits, build your brand, and create the kind of restaurant you’ve always dreamed of.

So, if you’re ready to stop spinning your wheels and start seeing results, hit subscribe.