The financial crisis of 2008 took no prisoners as businesses large and small reduced personnel, re-visited their business models and found ways to survive in a recession. Some of best small and medium sized businesses failed during the recession but others found ways to thrive. The businesses that succeeded will emerge even stronger when the UK economy stabilizes.
So, why is it that some businesses not only survived but are thinking about expansion while other businesses are laying off workers and cutting back on necessary services? Is it luck? Is it being in the right place at the right time? Or, is it possible that the small business owner and staff did something right?
Chances are good that a combination of positive factors have resulted in profits for some and failure for others. Of course, good products are good products and consumers rally for good products. Apple is the perfect example of a big business that has reaped huge profits in difficult times.
You Can Learn From Apple
Make no mistake about it. Apple is more than a company that sells great products. Apple touches all the bases in terms of new product research and development and in terms of marketing, there may be no better company on the planet. Small and medium businesses can learn a lot by emulating certain large businesses.
What the recession has made abundantly clear is that businesses that succeed are businesses that have top-flight, engaged leaders and a company culture that permeates every fiber of the business. Too many small and medium businesses hear the words “company culture” and feel that their company doesn’t have or need a culture. Whether the manger/owner realizes it or not, every business has a culture in the eyes of the consumer. The difference between a successful business and an unsuccessful business is the culture.
Successful businesspersons build the company culture from the top down and inside-out. The leader wants the culture to be distinguished and most importantly wants to emanate confidence throughout the company. One of the most important aspects of the company culture is customer control, but the culture should be seamless through every department and every employee.
Businesses that operate like teams are moving ahead. Businesses without a team approach do not succeed in today’s competitive marketplaces. Teamwork does not come easily, especially if the business is a bit dysfunctional from the start. Business owners that want to succeed develop a highly tuned culture that puts the customer first. There is no other way for large, small or medium-sized businesses to succeed.