Many thought it was a rumor to get publicity. Social media posts went crazy speculating why IHOP would make this move. Why change the “p” (for “pancakes”) to “b” (most likely for “breakfast”)?
It earned the chain loads of unpaid publicity before we learned the “b” stood for “burger.” Yes, IHOP/IHOB is introducing a series of gourmet burgers to build a lunch and dinner business.
In this rebranding rollout, the letter “b” could possibly stand for “brilliant” as in “brilliant strategy.”
Here’s why: IHOP leaders saw an opportunity to grow their business strategically. Without disrupting their core business (breakfast), they have chosen to disrupt their competitors’ businesses. Yes, they’re taking a (small) risk, but I hope it works out for them. Only time will tell.
- You have too many decision makers. Either nothing gets done or something doesn’t get done soon enough.
Solution: Streamline the decision-making process. If you don’t, you’ll spin your wheels, fail to make progress, and miss opportunities.
- You are too focused on the moment and miss opportunities that come and go.
Solution: On a regular schedule, identify and evaluate possible opportunities, then choose and act.
- You’re afraid to change. Taking a risk doesn’t feel comfortable.
Solution: Get comfortable with the uncomfortable. If you stand still, your business will quickly become irrelevant.
- You aren’t a strong strategic thinker-unless you work on it and assume the responsibility.
Solution: Take time to develop strategic thinking skills and surround yourself with people who are opportunity thinkers.
- You get complacent with today’s results and don’t recognize when better results are possible.
Solution: Set high goals and challenge your team to achieve them. The results will follow.