Copy This Strategy In 2019

Once upon a time, a fox boasted to a cat one day about how sly and wily he was. "I've got all kinds of tricks," the fox said. "For example, whenever I hear the dogs coming, I know a hundred different ways to escape."

The cat was impressed and humbly said, "Your cleverness is amazing. As for me, I have only one way to escape, and that is to climb up a tree. I know it's not as exciting as all of your ways, but it works for me."

Shortly afterward, the fox and the cat heard a pack of hounds baying nearby.

"They're coming this way!" the cat shrieked. In a flash, she scaled a nearby tree and hid herself in the leaves. The fox stood there trying to decide which of his many tricks to use. Paralyzed with indecision, the fox waited too long to make his move, and the hounds pounced on him.

Key Take-away:

One good plan that works is better than a hundred questionable ones.

Business Application

Founded in 1950, Dunkin' Donuts was still thriving 5 years later, building new donut shops each month. Then the founder, William Rosenberg, expanded into new areas which included:

- a drive-in hamburger chain

- providing food to institutions and stocking vending machines

- fish and chips

He even thought seriously about hats and educational programs.

The diversification soon began to fail. For 5 years, the all-important coffee business was neglected, and profits suffered. Rosenberg's attention was too spread out over too many initiatives to be effective.

But one day, Rosenberg and his partner got back to basics; they sold off all the businesses except coffee- the path that had always worked for them before. Dunkin' Donuts now focused on becoming the best at serving coffee and donuts. By 1984, the company had 1,350 shops around the world. Today it has more than 12,000 in 36 countries.

Final Take-away:

"The most profitable businesses over long periods of time are single-product businesses in the right product." (Peter Drucker)

So, don't be distracted from what you do best.

Key Questions:

- What's your core area of specialty?

- How can you build on your strength?

- What distractions are you currently facing?

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