Word: meyers
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...Danny Meyer has learned a thing or two about business since he opened the Union Square Cafe in New York City in 1985. The downtown eatery has become the cornerstone of one of America's most successful restaurant organizations, a culinary empire that runs the gamut from white tablecloth to outdoor hamburger shack. The common theme, as he explains in his new memoir-cum-business manual, Setting the Table (HarperCollins), is something he calls "enlightened hospitality," an idea he will happily apply to any business endeavor. He serves up quite a bit of advice in his book. A sampling...
...very new business era" says Meyer. "I'm convinced that this is now a hospitality economy, no longer the service era. If you simply have a superior product or deliver on your promises, that's not enough to distinguish your business. There will always be someone else who can do it or make it as well as you. It's how you make your customers feel while using your products that distinguishes you." He points to companies like the Container Store, Timberland and Jet Blue, thriving enterprises that he claims share his philosophical approach to business. "Yes, they have...
...Meyer's business model intentionally inverts classic capitalist priorities. He believes that to be successful you must first meet the needs of employees, then guests, followed by the community, suppliers and finally investors, in that order. "If you are devoted to your staff and can promise them much more than a paycheck, something to believe in," he says, "you will then get the best service for customers, which will in the long run provide the best return to your investors...
...Meyer collects as much information, or dots, as he can about his guests. If a diner is eating at one of his restaurants for the first time, the staff is alerted. If it's a repeat customer, preferences (likes corner table, allergic to shellfish) and any past errors in service (overcooked salmon on 7/16) will have been entered in a database. "The more dots you collect, the more chances you have to make meaningful connections that make people feel good and give you a business edge...
...University expenditures. Endowment funds covered 31 percent of Harvard’s operating costs in fiscal year 2006. The endowment growth comes during a transition period for HMC—three different men headed the University’s investment arm during fiscal year 2006. Longtime chief Jack R. Meyer left his post in September 2005, moving with over 30 of his employees to start-up hedge fund Convexity Capital Management and handing the reins at HMC to interim CEO Peter A. Nadosy ’68. El-Erian took over in February. Since that time, HMC has brought...