Learning from Success Stories

I always make it a habit to get advice from success stories be it from my industry or others – it doesn’t matter as there is always something transferable.

We are in an information age so finding success stories is no longer a case of approaching a stranger and asking for free advice. Online webinars, magazines, TV shows, e-books, audio CDs are easily accessible.

By way of an example let me share some insights I gained from a 15 minute online webinar featuring Gloria Jeans Coffee co-founder Nabi Saleh recently.

On the Secrets of Success at Gloria Jeans

  • Clarity of vision – to be known as the ‘Most loved and respected coffee company in the world’.
  • Having a team of like-minded people all striving for the same goal.
  • Family atmosphere

On the Mistakes of Starbucks

  • Focused too heavily on the shareholders needs not the customers.
  • Franchises were sold to just about anyone – furniture stores, liquor outlets etc
  • The coffee making process was too automated, essentially became coffee at the push of a button.
  • American coffee tastes are quite different to international tastes

On Starting Out

  • You need to have a passion for what you do.
  • Use quality ingredients to produce quality results
  • Sell the benefits e.g. uses better quality beans, different process, better in store ambience creates a better overall product
  • Ensure you separate time to work on your business to provide goals and direction to your team

General points of interest

  • Make the customer experience consistent. Their goal is to have customers no longer say “let’s go to Gloria Jean’s for a coffee” but rather “let’s go to my local” where you will be greeted with “Will you be having the usual today, Tom?”
  • The secret to the retention of younger workers is to provide a clear career path and continual training.

From my perspective this was 15 minutes well spent working on the business rather than in it!

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.