Mediocre Business Owners Go Broke – Excellent Ones Get Rich
You MUST have a standard of excellence in business – not just a standard of mediocrity, like most business owners.
The truth is that mediocrity makes you broke. Excellence makes you rich. Want to get rich? Go for excellence.
Ray Kroc’s Obsession With Cleanliness
Think of McDonalds and their standard of excellence. No, I’m not talking about the quality of their food… I’m talking about cleanliness. Ray Kroc was OBSESSED with cleanliness. There are many horror stories from old employees of McDonald’s who were scolded for not keeping up with Ray’s standards for cleanliness.
Why did Ray Kroc obsess about cleanliness? Because it was a standard he knew was important to his customers – and he knew he could deliver it to his customers. He knew customers would pay more money and visit his restaurants more often if they were cleaner than his competitors. Was it his only standard? Of course not! But it was an important standard.
What are your standards?
Where in your business are your standards lacking?
What standards do your customers actually VALUE (and are willing to pay for)?
How can you give your customers more value in the areas that they want it?
Will your customers pay for that extra value? (Maybe, maybe not – either way, add more value if you want to get rich).
You have to be SO GOOD that your customers say, “I’d be crazy to do business with anyone else.”
Excellence creates raving fan customers.
Raving fans buy more (leading to a higher lifetime value of your customers and a higher ROI on your marketing).
Raving fans talk more (more word of mouth marketing, faster growth, less refunds)
Success and Motivation Podcast
I just recorded a podcast of me explaining this in more detail – and how you can apply it to your business NOW to increase your profits and say goodbye to mediocrity – once and for all. Click play below to listen to it.
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