If you want to rest but can’t get that hustle mentality out of your system why not try watching The Founder (just cancel out the greedy stuff Ray Kroc did) and you might find these few business lessons in between just like we did. (Warning: Spoilers ahead)
Be a GAME CHANGER!
In the movie, it showed how most of the drive ins restaurants fell short of standards and customer satisfaction because of the long wait and below average customer service. Dic and Mac acknowledged this and went ahead with a differentiated themselves by knowing what the competition lacked and what can they do about it so they formulated the speedee system which was revolutionary game changer.
Application: Always try to think of ways how your business could standout, be unique and different. Because there could be many milk tea businesses how can yours stand out, in eCOM where many sellers actually sell the same products how who can yours be different. It can be your customer service, operational efficiency, ambiance of the restaurant or whatever that can set you apart from .
Planning and Operational Efficiency is KEY!
Dick and Mac managed to stand out by carefully planning how they will execute their speedee system to perfection, even going through the lengths of going out in a tennis court drawing out layouts of the restaurant and doing walkthroughs just to see if there are any flaws to the process and the layout.
Application: Many of the business owners of today unfortunately dismiss the planning phase saying everything will be ironed out in time. However what many don’t see that although learning from your mistakes is a good thing it is quite costly! It will cost you time, effort and most of all money. For eCOM sellers pick and pack system isn’t as simple as it looks (na kunin mo lang ang item tapos pack mo na) this should be a science there should be a good layout of products even a map where the products is placed this way di na maliligaw yung picker saan kukunin yung item mapa baguhan man yan o beterano na, a fool and dumb proofing system where there would be catalogs with pictures available for the pickers so that they would not pick the wrong item , a standardize packaging system laying out per product how much bubble wrap will be used or what size of pouch all of this will result to savings in time effort and cost. This may be time consuming but trust us when we say it will all be worth it.
Get a FINANCE PERSON involved!
One thing that shocked Ray in the movie was that despite already having launched numerous franchise he still did not have any capital to expand this was because of a bad deal in the contract (we’ll touch on this also). He was already down and out and debtors was already on his tails. Good thing he came across Harry Sonneborn, a Vice President of Finance in his company, who just took a peek of his books and listened how he operates and then voila the advice that will change Ray’s life and the world of franchising forever!
Application: A million or ten million pesos worth of sales won’t mean anything if you don’t take time or even know how to read your finances. But what if you are too busy with operations and don’t have time to read the numbers? Easy, outsource! You don’t have to do everything and it is better to have a trained eye to read, understand and interpret the financials for you. Because like it or not, business is not always having about guts (or kutob), decisions should be made objectively and this done by understanding the numbers.
There are still more lessons in this movie but we will leave it up to you to find out and when you do pleas share it by leaving it in our comment box below or in our Facebook page.
Wania and Partners offers business consultancy services which we give full accounting and managerial reports and advice to help your business grow a notch higher. Contact us for more details on how to avail our services.