McDonald’s is one of the few chains that has continued to thrive despite the economic recession. While other big corporations have lost their handle on success, McDonald’s has supersized theirs with what they call a “Plan to Win” strategy that has helped them experience continued growth for a number of years. In his article on Bnet, Stuart Cross reveals three factors that help McDonalds achieve what has been impossible for many other big businesses during this economic downturn: supersized success. Many small businesses could learn from their McExample by ensuring their practices have the following three characteristics:
1. Operating Excellence
Who hasn’t experienced lunch hour at McDonalds? My family’s most recent trip found us in a line that seemed to promise an especially long wait considering the three hungry children bouncing around my back seat. But it wasn’t long before that long line split into two, and at the start of line #2 I was met by a happy employee, outfitted with a simple walkie talkie, ready to take my order. This particular McDonalds wasn’t equipped with two ordering kiosks like some you may find in bigger cities, but that didn’t stop management from minimizing our wait with this backup plan.
While once a jingle for a commercial, McDonalds maintains operational excellence by “keeping their eyes on the fries.” From the CEO, to franchise owners, to suppliers, to employees, everyone member of the McDonalds team is programmed to function at top efficiency and effectiveness. And while other franchises may lack this characteristic, most consumers think first of McDonalds when they think of “fast” food.
Speaking of those same three children bouncing in my back seat, they each recognized those golden arches from a very young age. We didn’t frequent McDonalds very often, but I quickly realized that their branding efforts-from TV commercials to billboards to jingles aired on the radio-had already made quite the impression on these toddlers. Years in business has taught McDonalds how to market their services to the right demographic, maintaining a solid brand that appeals to just the right consumers.
You can always order the old standbys: Big Mac, Filet O’ Fish, Quarter Pounder, french fries. But McDonalds realized that as times changed, their menu would have to change as well. Not only have they added a latte line that rivals Starbucks, but their menu also includes specialty salads and sandwiches that appeal to a wider consumer base. This agility has enabled them to broaden their appeal while still servicing those that prefer the options that first launched McDonalds to success in 1940.
So how does your business measure up? While you may not be running a fast food franchise, could your practice benefit by improving operational excellence, distinctiveness and agility? Learn from McDonalds and supersize your success by making these three characteristics your new “Plan to Win” strategy.
Improve Your Agility by Adding Tax Preparation to Your Menu!
Practically every adult and small business in the nation is required by law to submit a tax return. And the growing complexity of tax laws drives many of them to professional tax preparers who are better equipped to complete these returns. You increase the agility of your accounting practice by adding this lucrative service to your offerings. Not only will it enhance your appeal to current and prospective clients, but it will significantly increase your profitability as you will be able to charge $100/hour preparing tax returns.
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ResourceCross, Stuart. “The McSecrets of their McSuccess.” 11 August 2009. Bnet.com