The story of how Starbucks almost went away, in fact it’s stock price was well below $10 a share, and how it recovered to where it is profitable and how it’s current stock price is at $60, is in one word, fascinating.
This is a great read for any individual or organizational leader to read. The quotes that I have included will just give you a taste of what’s in the book. Also, another word that describes the book is hope. The light had almost gone out at Starbucks.
While my copy is highlighted and dog-eared all over, I have chosen just a few quotes to give you an idea of what’s in the book. In the following quotes I have italicized some key words.
9. “Every time a barista had to tell a customer, ‘Sorry, we’re out of vanilla syrup’ or ‘We didn’t receive our banana shipment so I can’t make your Vivanno,’ the fragile trust between Starbucks and our partners and between Starbucks and our customers fractured.”
10. “Starbucks’ store managers were keys to the company’s transformation. All the cost cuts and innovation meant nothing unless our baristas understood their personal responsibility to connect with customers…” p. 193
11. “…reinforced how much a barista’s job matters given that he or she quite possibly might serve up the only human connection in a customer’s day.” p. 198
12. “I’ve never embraced traditional advertising for Starbucks…our success had been won with millions of daily interactions.” p. 211
13. “In September 2008, Starbucks had parted ways, somewhat painfully, with our primary advertising agency of four years…” p. 211
14. “…the more critical the times, the more important it is…to work together in a non-political, non-emotional, fact-focused way.” p. 221
15. “Although I never stopped believing that Starbucks would emerge from the darkness, I was nonetheless experiencing an emotional roller coaster daily.” p. 222
16. “And while I would not want to constantly battle against the odds, the raw feeling of accomplishing something that others did not think possible, or leading people beyond where they thought they could go, is extremely gratifying.” 302
17. “Never expect a silver bullet…Stick to your values…Find truth in trials and lessons in mistakes…Believe.” p. 309
As you read the book you realize that Howard Schultz put himself through a lot. In other words, he had enough money. He did not have to go back to Starbucks. So why did he do it?
“Quite simply, I love this company and the responsibility that goes with it. Onward…” p. 311
Onward is a candid and compelling story of a remarkable comeback. This book is required reading.