6/2/2021 Tip: Why Dunkin Donuts is So Successful

Today’s Quote

“Response is one of the five keys of successful direct marketing. And if you have that, the other four don’t matter.”
~ Dean Rieck

 

Today’s Tip

Not too long ago, a new Dunkin Donuts opened up near me so I made a trip there.

And I was thrilled to see a red book on the counter. 

What was the title of the book? 

The title read: “Manager’s Red Book: Systems Log/Product Handling.”

I’d estimate it was 500+ pages long

So, why am I pointing this out? Because this is Dunkin Donuts’ operations manuals. These are the books that allow Dunkin Donuts to operate 9,700 locations in 31 countries, with consistency.

Imagine that…having a set of operations policies that allow you to set up shop, hire people, train people, provide customer service, create products, etc. in nearly 10,000 places, that operate WITHOUT your involvement.

That’s entrepreneurial heaven!!!

The key is this – setting up operational systems allows companies to effectively grow. They allow you to perform with precision and consistency. They allow you to better train new employees. And perhaps most importantly, they allow your business to grow without you.

So you can 1) stop fighting daily fires, 2) actually take some time off, 3) focus on the big strategic issues that will build real value in your business, and 4) create a business that someone wants to buy for a lot of money. Since nobody wants to buy a business that will fall apart when you decide to leave.

 

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company <—- 

 

Trivia

Today’s Question: In 2006, USA Today listed which advertising icon as #1 on their list of “Imaginary Luminaries: the 101 most influential people who never lived?” 

Previous Question: If you have to name one person associated with the Bangladeshi micro-financing institution ‘Grameen Bank’, who would it be?

Answer: The Nobel Peace Prize winner Muhammed Yunus.

The word “Grameen” is derived from the word “gram” and means “rural” or “village” in Bangla language. This bank’s system is based on the idea that the poor have skills that are under-utilized.

Microfunding has grown in popularity lately because of the minimal risk of investing very small amounts, and because of the borrowers’ dedicated and high rate of repayment. 

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