A recent article highlights the fact that McDonald’s reported a 35 percent increase in profits this quarter. After years of watching profits make a turn for the worst, the business appears to be on the up-and-up. What can small businesses and start ups learn from this business giant’s success?
What Changed for McDonalds?
According to the news article, the thing that turned McDonalds around was taking an already-existing favorite product (breakfast) and making it more readily available (all day long). The take away: if you are already have something great to offer, why spend the time and resources creating something new? Learning a way to give your customers more of what they want is a lot easier.
More Value
Another important lesson that small businesses can learn from McDonalds is the importance of value. As the article states, customers are not always looking for the cheapest product nor the best product; they want “the best for what they can afford.” In other words, providing your customers with more value – i.e. more bang for their buck – is an essential part of business success.
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