McDonalds is one of the most successful small businesses in the world. Started by two brothers, the business has now grown to be worth billions of dollars. (https://www.macrotrends.net/ stocks/charts/MCD/mcdonalds/net-worth) What can we learn as health practitioners, from this business giant?
1. Set up strong business systems
One of key factors contributing to McDonald’s success is their emphasis on business operations. From the very earliest days, they found the most efficient methods for business. We should aim to do the same.
Strong systems in your business saves you money, time and energy. It allows you to grow your business on a solid foundation. And when it eventually comes time to move on, your business is worth more if you’re able to sell the way you do business to the prospective buyer, not just what you do. That’s the key to McDonald’s franchises.
Consider if there are systems you need to improve in your business
2. Where do you place your value?
McDonalds has shifted the narrative when it comes to value in business. Traditionally, the value would be seen in the product or service you provide. For Mcdonalds, this would be in their food. For you, it might be in your therapy sessions or another healthcare service.
But McDonalds doesn’t ultimately place their business value in their food. It’s in the model they use for their business. A business model able to function separately from the skills of individual people. They’ve created a model that is able to be started anywhere in the world, by anyone.
Does your business fall to pieces when you go on holiday? Or no one else knows how to use the HICAPS terminal? It’s probably time to look at your business model. Your business should be able to function well, without you.
If this is the case, you the risk of becoming too essential to the operations of the business. What happens if you get sick, or need to take a holiday? It’s unsustainable and you’ll likely burn out if the business model stays as it is.
Instead, learn what you need to and make changes. Ensure your business functions, regardless of if you are there. When your business runs this way, you can enjoy greater freedom and likely more business growth.
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