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Key Ingredients You Need For Success

 6.10

Five ingredients for business success that you can learn from Starbucks

Starbucks is one of the most successful and recognized brands in America.  No company has opened 5 stores a day for 365 days a year.  Starbucks didn’t become a success overnight It took years of learning and pivoting the company to become a well recognized brand and growth machine.  My favorite insight is  #4 where everything matters.  Starbucks just doesn’t focus on making great coffee they focus on the whole customer experience from the moment you set foot in the door.  It’s a buying experience at Starbucks from the music they choose to play to how a barista interacts with the customer.

Change your thinking to focusing on all the details to make more money.

This is referring to solid processes and procedures in daily operations – “retail is detail.” Starbucks puts an emphasis on consistency, even in the minute details. They take the mentality of nothing is trivial and our customers notice everything.

Starbucks focuses on finding ways to deliver existing products and services in ways that make the brand more significant to the customer – more than just a transaction, they focus on the whole buying experience. Starbucks focuses on creating a “felt sense” about the business

You can take these five principles and apply them to anything you have going on in your own life.  Using insight #5 Embrace resistance, for example, when you hit resistance while you are working towards your goal that means you need to change.  At this point you should be getting feedback that something isn’t working for you.  If I’m investing and I have lost money for the past two month that means something isn’t working in my strategy and I need to take this opportunity to learn what is wrong with my strategy.  Then I apply this feedback and pivot my strategy so I can go back to making money.  Encountering resistance helps you grow.

See how encountering resistance and 4 other insights learned from Starbucks can help you grow.

 

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About Shaun Archer Tatum Shaun works in corporate finance in New York City. He has done financial consulting for several start-ups and has worked at several Fortune 500 companies. He has contributed several finance/investing articles on Seeking Alpha which have been published on Yahoo! Finance.

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