“We are not in the coffee business serving people, but we are in people business serving coffee” this is one of my favourite quotes
Recently, I delved into a captivating 3-hour interview with Howard Schultz the founder of Starbucks
What stood out was not just the anecdotes about this iconic brand but Schultz's profound personal journey and unwavering passion for the company he founded four decades ago.
Here are some key takeaways for companies in the retail sector:
✅”Maintain Your Soul"
“Ubiquity is an enemy of Starbucks. We have to be defined by the experience in the store, not by the number of stores. Providing intimacy and preventing commoditization of the experience is our daily challenge."
✅ Focus on #People
Schultz emphasized building a performance-driven company through a human-centric lens. Investing in employees translates to customer care, ultimately benefiting shareholders.
“I really want to build a different kind of company. And how do I do that in a way that provides respect and dignity because I was so imprinted with how my father felt disrespected, devalued and kind of vilified as a uneducated, blue collar veteran working in a series of jobs that he just never made it.”
empty words?
Before the IPO the company
gave 14% of everyone's base pay in the form of stock options
By the way the employee turnover is 50% of what it is industry-wide.
✅ Succession Challenges
Transitioning leadership isn't easy. Founder-led companies often lose entrepreneurial spirit and strategic edge post-founder departure.
Schultz transitioned from being the CEO to someone else three different times: “When Founder leaves, companies lose not only the extent of the entrepreneurial DNA, but they lose the ability to be on offense”
✅ Balancing Technology and Experience
Prioritizing the experiential aspect over transactions is crucial. Technology should enhance, not dilute, the Starbucks experience. “we cannot continue to allow the mobile app to be a runaway train that is going to consistently dilute the integrity of the experience of Starbucks.
We're not in the transaction business.
We have to execute transactions, but that has to go through the lens of being an #experience business, an experience place”
✅ Finding Investors? Not an easy task
in early 80's Schulz was raising money for launching his own chain of coffe bar called "il giornale" later on rebranded Starbucks: he talked to 242 investors, 217 of which said no;
among them
🥁 ... Lavazza (the italian coffee company)
⏭️
Today Starbucks has +39 k stores in 80 countries and a turnover of 36 billions…
Lavazza Group 3.1 billion
Try again mr Lavazza you'll be luckier 🍀
Schultz's story is a testament to the power of people-first leadership, maintaining authenticity in a global expansion, and the delicate balance between tradition and innovation in the retail sector.
Check out the interview for more insights. #Retail #Leadership #Starbucks #CompanyCulture #passion4retail
--
3 mesiMenos corazones y más atención al cliente que es desastrosa. Nsdie contesta dudas ni reclamaciones. No tenéis teléfono y los emails parece que no los lee nadie