Turning PROBLEMS into PROFITS...A True Case Study from a FAMOUS ENTREPRENEUR!
The Challenges of Today's Marketplace can often be overcome by hearing of those who've created BIG SUCCESS from BIG PROBLEMS...
You might be expecting a CAR STORY here, but if you’ll read on for a couple of minutes you might just get INSPIRED to do something BIG in your business.
I was watching the History channel (as I often do, since I LOVE history and learning great lessons from it) and I happened upon a Captain of Enterprise who faced a series of challenges in starting and growing his business…FASCINATING!
When Dave Thomas left KFC (yep, that one) and started a one store hamburger stand that would grow into a THOUSAND LOCATIONS just a few years later he was facing a series of PROBLEMS/CHALLENGES one after another.
How to compete or position his business in a saturated burger market that had several years head start.
Deciding on FRESH v. FROZEN meat, a square patty that hung off the bun, knowing he had to CHARGE MORE to cover the cost and make a profit.
What to do with the FRESH BURGERS that didn’t get sold every day.
He RAISED his prices to make a BETTER burger and turned the unsold FRESH burger meat into…CHILI!
Wendy’s CHILI!
No other fast food franchise was doing it, not McDonalds or KFC or… and it helped propel his young business into record profits and over a THOUSAND locations.
Why do I share this story?
It always fascinates me when I hear of entrepreneurs who have successfully changed PROBLEMS into PROFITS.
There’s a lot more to this story but one of the things I’ve spoken about and written about for years is TAKING IDEAS FROM OTHER INDUSTRIES and implementing them into YOUR INDUSTRY!
I’m not saying sell burgers or chili at your dealership, I’m saying look for IDEAS and listen for CLUES and THINK DIFFERENTLY on how you can do what’s NOT BEING DONE by the masses who do what you do.
When faced with INVENTORY issues (or LACK of INVENTORY issues) dealers in this NOW ECONOMY had to find NEW WAYS to solve this problem…or be like so many who just complain about it.
Here are FOUR QUESTIONS that may help
WHAT are we DOING? (How are we doing OUR THING)
WHAT SHOULD we be DOING? (How could we CHANGE HOW we’re doing it)
WHAT SHOULD we be DOING NEXT?
What Should we NOT BE DOING?
These are some great fundamental questions to begin the REINVENTING process or helping you and your business BECOME MORE RESILIENT when problems/challenges arise…as they always will.
I have a great friend who is a second generation INDEPENDENT DEALER. His dealerships (3) are VERY DIFFERENT from the majority of dealers, large or small. I once commented that buying a car from him was like buying a car at DISNEYLAND. It’s “The Show” in so many ways. He is a serial entrepreneur and has adapted over the years adopting a variety of IDEAS that he turned into BIG SUCCESS and GREATER PROFITS.
So…Where do YOU get your NEXT BIG IDEA? What’s the NEXT GREAT QUESTION that could make a big difference in your business?
Buy a bowl of chili from WENDY’S and think it over. PROBLEMS can be turned into GREATER PROFITS. History confirms it.