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In my role as a project manager, I recently organised a driving event that finished in Monte Carlo.

The easiest and cheapest option would have been to park outside our hotel and call it a day. Instead, at the suggestion of the president of our company, we rented a parking area from the Hotel de Paris and arranged a Champagne reception in the gardens adjoining Casino Square. This was not cheap - we were in Monte Carlo, after all. We did not charge our 25 guests a penny for it.

What I did not realise at the time was that I had instinctively applied a business principle I would only discover months later, reading Will Guidara's book 'Unreasonable Hospitality'.

In last month's newsletter, I introduced Will Guidara and his philosophy of 'unreasonable hospitality'.

His mission was simple: go beyond what customers expect and make them feel special. To achieve this, he created a dedicated team called the Dream Weavers, whose sole purpose was to organise unforgettable experiences for his guests. One example was sending a Spanish family, whose children had never seen snow before, to Central Park with four sleds for an unforgettable evening.

But how could he justify the expense?

It is not that Will Guidara spends frivolously.

On the contrary, he says that he controls expenses like a 'freaking maniac' (see Expression of the Day below) 95% of the time. However, and here is the key to funding the Dream Weavers, 5% of the time he allows himself to spend foolishly. He believes that this apparently foolish spending actually delivers massive benefits for his business.

He calls this the Rule of 95/5 - and it changed everything.

Guidara's belief in the Rule of 95/5 started long before Eleven Madison Park.

When he was running the casual food operations at MoMA (Museum of Modern Art) in New York, he created a gelato cart for the Sculpture Garden. While he negotiated a very good deal on the gelato itself, he also splurged on beautifully designed, very expensive blue spoons imported from Italy. His boss questioned the cost, but the overall profit and loss statement (P&L) was healthy because he had managed every other part of the budget so tightly.

The spoons were so iconic that some customers even bought a second gelato just to get another spoon.

Guidara argues that the shift from a manufacturing economy to a service economy has created an excellent opportunity.

More people than ever are now in the business of serving customers in some way, and the Rule of 95/5 is available to all of them. You do not need to run a Michelin-starred restaurant in New York to apply it. You simply need the discipline to manage your resources carefully 95% of the time, so that 5% of the time you can do something memorable for your customers. You might even find, like Will has done, that your staff and colleagues become more motivated.

Are you in the service economy? If so, how can you apply the 95/5 rule in your professional or even your personal life?

I have been in business for over 35 years and controlling expenses has always come naturally to me. However, reading this book made me realise that in both my business and personal life, I have been far less good at spending the 5% foolishly. Perhaps the real lesson of the Rule of 95/5 is not about controlling costs - it is about giving yourself permission to be generous.

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Freaking maniac - informal expression - someone who is obsessively intense or extreme about something; used to describe a level of focus or dedication that goes beyond what most people would consider normal

Note: "Freaking" is a mild intensifier used in informal American English to add emphasis. It is a softer alternative to a stronger word that begins with the same letter. You will hear it regularly in podcasts, informal meetings, and casual conversation, but it would be inappropriate in formal business writing or presentations.

Register Warning: This is an informal spoken expression. Guidara uses it in a podcast interview, not in a boardroom presentation or annual report. Understanding when native speakers use informal language is just as important as understanding what it means.

Literal Meaning: "Maniac" comes from the Greek "mania," meaning madness or obsession. Originally a medical term describing mental illness, it evolved in everyday English to describe someone with an extreme, obsessive dedication to something. Used informally, it is rarely negative - "he's a maniac on the tennis court" is usually a compliment.

The Business Insight: Notice that Guidara uses this expression to describe financial discipline, not creativity. The intensity he applies to managing costs is what funds the dream weavers. The maniac and the dream weaver are the same person.

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This newsletter is for informational and educational purposes only and should not be construed as financial advice. The information contained herein is generic and does not take into account your individual financial circumstances. You should always consult with a qualified financial professional before making any investment or financial decisions.

Additionally, the authors and/or publishers of this newsletter may hold investments in securities or other financial instruments mentioned herein. These are included for illustrative purposes only and should not be taken as a recommendation to buy or sell such securities or financial instruments.