Truett Cathy, founder of Chick Fil A, tells of the trepidation the company felt in the early 1990’s from then new competitor Boston Market.
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After raising $51.5 million in a 1993 IPO, Boston Market leadership announced plans to grow into a billion dollar company by 2000. That made Chick Fil A understandably nervous and leadership talked about ways to grow to fend off the looming threat.
Truett offered this winning strategy: “If we get better customers will demand we get bigger.”
After brainstorming product and service improvements, Chick Fil A aimed at earning increased growth rather than borrowing money to leverage expansion.
Fast forward to 2000: Boston Market (under a new name) was in bankruptcy and Chick Fil A hit $1 billion in sales.
Get better so customers will demand you get bigger. That’s a great way to grow.
Powerful post. Just goes to show that while having an understanding of your competition is important…the *focus* is best put on the creative plane. And, in creating more value for your customers by making yourself better. Love it. Great article, Mark!!
Great post Mark! It is a fantastic reminder to keep our eyes and ears to the client and the byproduct will be the desired increase in business. It always goes back to the client. Thank you!
Simple but profound reminder that if we focus on improvement inwardly, outward growth and improvement must follow, personally and professionally.