2/18/2021 Tip: The Best Thing You Can Build

Today’s Quote

“One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man.”
 ~ Elbert Hubbard

 

Today’s Tip

The best thing you can build in your business are systems.

Most franchise organizations (e.g., Dunkin Donuts, McDonalds) have made significant investments in systems such as systems to serve customers, produce products, handle customer complaints, etc. 

These systems make it easier and less expensive to hire and train employees and better service customers, making it harder for others to compete against them. 

Likewise, I know many companies who have built customized software systems that allow them to perform faster, cheaper, and more consistently than their competitors.

Building systems will make your company much more competitive, profitable and valuable. So, no more waiting — start building your systems today.

 

Today’s Resource

How to grow your business to $1M… $10M… and beyond

Would you like to have a multi-million dollar business?

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I’ve personally followed this plan to build several multi-million dollar businesses…

And I’m handing the entire formula to you on a silver platter.

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Trivia 

Today’s Question: Facing dwindling retail sales, what company decided to pull their products off store shelves and offer them exclusively through home demonstrations?

Previous Question: 79-year-old Stella Liebeck successfully sued which company after suffering burns from spilling hot coffee in her lap in 1992?

Answer: McDonalds

Like most other people, I originally thought this was a frivolous lawsuit. That was until I saw a documentary on it.  Ms. Liebeck had to undergo skin grafts following the third degree burns she received from the hot coffee and filed suit against McDonalds when the company refused to cover her medical expenses.

Ms. Liebeck won the lawsuit, when the jury learned that over 700 prior McDonald’s customers had suffered coffee related burns.

McDonalds clearly should have put systems in place well before the Liebeck incident. Such systems would have prevented this as well as hundreds of other incidents. As soon as the same problem or process repeats itself in your business, figure out how to create systems to allow you to solve the problem or replicate the process as efficiently and effectively as possible.

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