Ever eaten at McDonalds? Of course you have! Who hasn’t? Not many around the world are unfamiliar with the golden arches concept of fast food NOW.
Ever eaten at McDonalds in a foreign country? Taste the same? Of course it does! Why is it that no matter where you eat McDonalds you are guaranteed to taste pretty much the same tasting food?
McDonalds have all but guaranteed internatiional success through 3 basic concepts:
- Cashflow- in no way would expansion ever have been possible for the owners of McDonalds had they not had a steady flow of cash running through their business. Managing finances is one of the most important elements in running a profitable business.
- Standard Operating Procedures (S.O.P’s)- If you’ve ever been to McDonalds University you will know that every procedure is followed to the letter. From mopping the floor to cashinh up the tills to rolling out a new franchise, McDonalds have a handbook that is followed religiously
- Leadership- without the right people in the right positions, expansion will fail!
Keep these 3 concepts at the forefront of any expansion process and a company’s chances of success will be greatly increased.
So why if it’s that simple to most people fail in business.
The answer is just as simple. They fall short in one of the following areas
- Their business attitude
- Their work Ethic
- Their student mentality
- Their own self belief
