It’s not just the best business advice… It’s some of the best life advice. Starbucks did exactly the opposite of this advice from 2000 to 2008.
It nearly sent them broke.
So how did Starbucks come back? With the leadership of Howard Schultz. The original founder of the popular coffee chain returned to the helm in 2008. Soon after, he navigated Starbucks back into smooth waters.
How did Schultz do it?
He did what Buffett does.
When Starbucks stopped investing in and adequately training its baristas, Schultz shut the stores down and gave them the training they needed.
When Starbucks began cutting costs and pre-packaging off-premise, Schultz put a stop to this. They delivered all beans whole and freshly ground in-store.
When Starbucks put a dollar in the investors’ pockets over a dollar into the stores, Schultz began pouring this money right back into the outlets. They upgraded everything.
What did he do?
Schultz brought back honesty and integrity to Starbucks.
In the words of Warren Buffett.
It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you will do things differently.Warren Buffet
There may be times when you can make a quick buck from compromising your integrity, but at what cost? Not only will you no longer know who you are, but neither will those around you, whether it is customers, family or friends.
Integrity and honesty above all. Remember, you’re building a life, not just a business.Published in