Back in early 2009, in the depth of recession, an old friend invited me to dinner and I found myself sitting next to Gordon Ramsay.

He was exactly the same as he comes across on his various TV shows: direct, curious, opinionated, funny – an excellent dinner companion.

On top of all that, he had an excellent grasp of business fundamentals, and a lesson he taught me that evening seems highly appropriate for the current times.

I asked him how his restaurants were faring, (at the time he had half a dozen in London alone), and he replied that they were all making more operating profit than before the economic crisis. Intrigued, I asked him how – and he shared his secret sauce.

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