Are You Capable of Changing Your Business?
Whether or not you like them, a recent BusinessWeek Insider article about McDonalds contains important lessons on change that can benefit any business person.
In the 70's they added breakfast, playscapes, and drive-thrus. Throughout the 80's and 90's they added menu items and experimented with pizza. Now, they're encouraging their franchisees to stay open around the clock. According to the article, McDonald´s is no longer relying on opening new stores, but rather on generating more income out of existing stores. One franchisee reports a 4.5% increase in revenue since his store began staying open all of the time. Continuing to refine their customer segmentation, they're also considering serving breakfast all day long.
If you´ve been in one of their newly remodeled stores, you've found flat panel TV´s, different types of furniture, and new items on the menu.
This article is relevant to business people because it discusses how McDonalds has changed over the years. I encourage you to read it, then ask yourself if you have the same capability to change your business to stay abreast of customer expectations.
Don't get caught selling buggy whips and chamber pots as the times and technology change.
Regards,
Glenn
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