Jim Cramer recently had an insightful interview with the CEO of Panera Bread.
Great lessons here that we’ve talked about in previous blogs. You can click these links and revisit:
Don’t cut the price, build the brand!
Give yourself a raise by improving operations!
Plus a fine example of how a well-run organization can actually prosper in a downturn! Because Panera Bread is in a good cash position, they’ll be in a better spot to acquire the locations they want at good prices and grow at a deliberate pace. They’ll have an eager labor pool to draw from, too, so they can add the best quality team members to take care of their customers as they expand.
Nobody likes a downturn, but they are going to happen, they’re beyond our control, so our best action is to have strategies available in advance that let us capitalize on them.