Dear Onelife Networx,
I am a business owner of a fast-food restaurant in Manila. I have seven employees. We've been operating the restaurant for almost ten years already. However, profit is not so promising. In fact, most of the income I generate from the restaurant is not enough to support my family. This is also the reason why I am still keeping my regular job. I am also working as a branch manager of a medium sized bank. I am not really involved in the operations of my restaurant. But as an owner, I am not immune to the day to day problems of the business. And honestly, It sometimes affect my performance in my day job. Though I only visit the restaurant after my work since I leave the management of my restaurant to our Executive Chef. But sometimes, I still need to check on the restaurant during my office hours.
My wife once told me to sell the restaurant while it's still in the black. Though profit is already becoming thin and we have to drop our mark-up because of competition. Lately, I realize that my business is no longer serving its purpose. I realized that I can survive financially without it as long as I keep my employment in the bank. However, I feel guilty because all of my employees are happy working in this restaurant. In fact, all of the current seven employees of the restaurant are the original employees when we started the business. Hoping for your advice.
What is your life's purpose? To help others or to become rich? If your goal is just to earn money and become rich, I suggest you sell your restaurant. Besides, what's the point of having a business if this will not give you reasonable profit at the end of the day. A business, as defined by society, must generate profit for it to be considered successful. Let me ask you Mr. Jonathan, is this also your way measuring the success of your business? If yes, dispose your business as soon as possible. But if you are not a profit-centered person and if you believe that your business is an instrument in helping others thru the employment opportunities your restaurant is offering society, then keeping your restaurant is the best option. However, if you plan to keep the business, try to involve your employees in keeping this restaurant financially healthy. They are part of the business, your employees should not just be loyal, but they must also be productive and must contribute something to the success of the restaurant. Remember, you hired your employees to help you in your business. If your employees are not helping you, maybe its time to let them go. Helping your employees should be one of your priority as a business owner. However, some employees are abusive, lazy, and have no concern in the survival and success of your business. Most of these employees are just after their pay check and benefits they can reap from the company. If your employees have these symptoms, these employees do not deserve your generosity.