1: There are two traps CEOs and leadership teams fall into regarding innovation.
Trap #1: “The minute we think we truly understand the customer and can take our attention off discovering what matters, we’re dead,” Panera founder Ron Shaich writes in Know What Matters: Lessons from a Lifetime of Transformations.
“Sooner or later,” Ron notes, “even the most brilliant and innovative concept will fall behind the times and become … continue reading
1: “So tell me this,” the young executive asked, “Is Panera almost as good as Donatos?”
“Is he joking?” Panera Bread CEO Ron Shaich thought to himself.
It was the early 2000s. Ron was sitting in an executive boardroom at McDonald’s headquarters outside Chicago. Ten years earlier, he had purchased the St. Louis Bread Company and renamed it Panera.
On the other side of the table were members of McDonald’s … continue reading
1: In 2017, Panera Bread founder Ron Shaich sold the company for $7.5 billion, one of the largest deals in restaurant history.
What does Ron believe is the “the singular element” that created this enormous amount of value?
The “Concept Essence” document that he and his team created twenty-one years earlier.
What exactly is a Concept Essence?
It “isn’t a business plan,” Ron writes in his book … continue reading
1: “‘Fail fast’ might work when it comes to software,” Panera Bread founder Ron Shaich writes in his powerful book Know What Matters.
“‘Done is better than perfect’ might be an appropriate mantra for Facebook,” Ron observes.
“When speed-to-market is your priority, minimally viable may be sufficient.
“But if we’re trying to build a lasting brand, to create a relationship with our customers for the long term,” he notes, … continue reading
1: Ron Shaich‘s first impression of the company he would sell twenty-four years later for $7.5 billion was not good.
It was 1993. Ron was the CEO of Au Bon Pain. He had gotten up before dawn to visit the St. Louis Bread Company, a bakery that sold sandwiches, baked goods, and pastries, which one day would become Panera Bread.
After making several wrong turns, Ron arrived … continue reading
1: Fledgling entrepreneur and future Panera Bread CEO Ron Shaich realized he had a problem: People don’t eat cookies for breakfast.
Ron was 26 and had just started the Cookie Jar in downtown Boston. The year was 1980.
“Every morning, I watched tens of thousands of potential customers pass me by without a glance,” he writes in his terrific book Know What Matters: Lessons from a Lifetime of Transformations.… continue reading
1: To answer this question, we must step back in time.
“Imagine a world in which our only reliable options for a quick lunch across much of the country were fast-food joints like McDonald’s and Burger King,” Panera Bread Company founder Ron Shaich writes in his powerful book Know What Matters.
If we were born after the year 1990, this reality is likely hard to comprehend.
Because now there’s … continue reading
1: “I learned the most important lesson of my life as my father’s life came to its end,” Ron Shaich writes in his terrific book Know What Matters: Lessons from a Lifetime of Transformations.
The year was 1998. Ron was CEO of Au Bon Pain, a prominent chain of French-inspired bakery-cafés. The following year, the company would change its name to Panera Bread Company.
“Several years after a … continue reading
