Businesses come and go. That is the bitter truth, ladies and gentlemen. Some businesses, if they are lucky, stand out the test of time and eventually grow into a multi-billion dollar industry. One example of such a business would be the McDonald’s Corporation. The origins of the humble burger drive-in restaurant was actually made into a movie that starred Michael Keaton in 2016 called The Founder. You may also see department goals.
The humble story begins with Ray Kroc as a traveling salesman selling milkshake mixers in 1954, not attaining much success. His opportunity arrives after an unusual order of eight mixers from a drive-in in San Bernardino, which happens to be McDonald’s—a highly famous walk-up restaurant with quick service, good food, disposable packaging, and a family-friendly atmosphere. You may also see smart goals.
He meets with the two McDonald brothers, named Maurice “Mac” and Richard “Dick” McDonald during his workplace tour of the area with the brothers elaborating the high-quality food and lightning-fast service are the foundations of their diner. After hearing the story on how they founded the establishment, Ray convinces the McDonald brothers to franchise the restaurant with an idea in mind as to its success it will bring in the future. Doubtful at first, they decide to trust Mr. Kroc on his instincts after Mac persuaded Dick that this will bring their dream into fruition. You may also see corporate goals.
However, despite his success in putting up several franchises in numerous states, Ray begins to encounter financial problems as his franchise profits are extremely limited due to his contract. He meets Harry Sonneborn, who is a financial consultant for Tastee-Freez, requesting to review his books as he realizes that there seems to be a problem if he is not earning as much as he needs to.
The financial consultant comes to a conclusion that the true profit opportunity is giving real estate to the franchisees of the restaurant, providing him with not only a steady revenue stream, but also granting Ray the needed leverage over his franchisees and the McDonald brothers. He then incorporates a new company named Franchise Realty Corporation, which starts to bring in new investors. You may also see performance goals.
To make the long story short, he renames Franchise Realty Corporation into McDonald’s Corporation, and insists to be released from his contract. Reluctantly, both brothers agree to a $2.7 million total sum payment, their ownership of their original restaurant in San Bernardino, and a one percent royalty every year (The brothers never got their one percent annual royalty as it was just through a handshake deal which could have earned them $100 million a year).
In the men’s restroom, Dick asked Ray on why he had to take over the business when he could have stolen the idea and recreated it for himself. He answered that the true value of McDonald’s is the name itself, which embodies an American culture in its own way, compared to his Czech Slavic-sounding family name, Kroc. You may also see Goals and objectives in the workplace.
Even though there are many lessons that can be taken from the motion picture, it just goes to show that if you are lagging behind the times and unable to envision the future lying in wait for the company, then expect that your business will be heading nowhere or it will just simply wither away like most. Which brings us to this question: How do you then make certain that the company you have been running for stays alive and kicking for as long as it takes? Simple make goals. You may also see work goals.
Having goals are one way that help determine the company’s future, whether it grows or dies. The difference between Ray Kroc and the McDonald brothers on their vision of McDonalds was enormous. Kroc believed in the success the restaurant would bring him in the years to come, and he took every possible risk in making it so.
From bringing in more investors to franchise the restaurant, to managing his expenses without cutting too many corners (milkshake powder and terminating his contract with the McDonalds brothers), he did everything that they could not as the brothers saw a limited vision to their restaurant and was content with just managing the one (giving up on finding managers for the rest of their franchises). With that in mind, here are some examples of long-term business goals:
Who does not love earning more? The whole point of setting up a business in the first place was for you, the proprietor or shareholder to enjoy the fruits your business is reaping. But what good would that do if it is dying? There are countless of expenses a business can incur (taxes, employee paycheck, utility bills, land rental, etc…). Set a target as to how much your business would wish to earn over the next few months.
If Taco Bell is earning at least $100,000 a month, set a new monthly quota of earning $150,000. Just as you try to obtain that quota, think of ways and means as to how you can achieve it without spending too much for it. Actions speak more than words, after all. You may also see team goals.
Picture me this scenario: Pretend that you have a family of your own and its dinner time. Your wife and kids ask you where to get dinner tonight after a long day at work or at school. If your answer is Chipotle or Kentucy Fried Chicken, it means those two have established a name for themselves that consumers would normally go to when they are hungry as they are considered trusted by the public for its good quality food, the ambiance, the exceptional service and it is not too expensive.
For new restaurants, if the public enjoys and likes your food for the first time around, then you are making progress. But do not stop there. Continue promoting your restaurant through social media, on television, newspapers, radio, any form of medium available (bloggers, journalists, reporters). Make sure that the next time they come in your restaurant, they are bringing their friends, their families, their relatives, their colleagues, their supervisors, their friends of friends, their enemies, then the word-of-mouth has spread to the masses making your brand, a trusted and recognizable one. You may also see life goals.
First impressions count. So be sure not to screw it up. Just as positive word-of-mouth can spread, so do negative ones too. Make it to a point that the service and food delivered by the restaurant is not substandard and everything is done with perfection and skill. You may also see leadership goals.
A contributing factor to a business’s success also lies on how the company’s social media site is being managed. While it is important to gain as many followers as you can, it is just as crucial as to the content the company posts online on its social media page. There are numerous ways to gain followers online such as promoting online contests (e.g. Most clothing companies such as Uniqlo conduct a follow-back-sharing-picture-while-tagging-people style of competition as an easy way to gain more followers online). Content is king while presentation is queen. Have you heard of that? If your company makes use of advertising, make sure that your ads appeal to the public senses not only in terms of content, but as to how they are being designed as well. You may also see job goals.
Search engine optimization (SEO), sounds familiar? Well, according to Wikipedia, this is the process of affecting the online visibility of a website or a web page in a web search engine’s unpaid results—often referred to as “natural”, “organic”, or “earned” results. Basically, the website that most often appears on Google’s Search Result list, the more visitors it will receive from the search engine’s users which eventually becomes customers.
SEO is often underestimated as a long-term goal as the people do not realize that almost all information that you need to know is right there in Google. If people need to know what kind of products you cater and they do not have the time to actually visit the physical store, that is where SEO comes in handy. You may also see employee goals.
This may seem like a short-term goal thing, but it is not. Sure, it may cost more. But promotional events and sponsorship are one way of getting the people to know what you do and what you sell. Nothing can ever be expected. You will never know when a major stakeholder partakes in that event and will like your product which will eventually lead to them buying your product for future use. You may also see personal goals.
Let me repeat, engaging in a business is and will always be a risk. So, unless you are ready to commit to the art of business into making it work for your company, then this post will have served its purpose. You may also see mentoring goals.