There are good reasons that a business lasts for many years….for the most part they make good products…..have good service….and contribute to the community.
Alpenrose Dairy is celebrating 100 years in business and certainly has a strong presence in the community with an extensive layout of Little League ball fields….a Velodome cycling track…..and midget sprint racing track.
And of course dairy products.
From The jsonline:
Portiillo’s….a Chicago-based Hot Dog and Italian Beef restaurant is opening its first 1950’s themed diner in Wisconsin.
There are key elements in any successful business….Dick Portillo said he focused on three things he had learned in the Marines to grow the business:
- the value of teamwork
- the value of organization
- the value of training
Another key element that creates success: “legendary food and legendary service….not surprisingly created a very large and loyal customer base”.
The icing on the cake for Portillo’s was that it was sold to Berkshire Partners….certainly an astute investor in strong businesses.
From Business Insider: http://www.businessinsider.com/why-chipotle-is-struggling-to-win-back-customers-2016-7
The mistake in Chipotie’s recent decline was placing too much focus on food and not enough connection on customers.
Businesses that reach a success level often lose sight of he customer.
A key observation:
“Malone said he doesn’t have concrete data, but before the outbreaks, he’d personally observed minimal interaction between customers and servers, almost no managerial supervision, and employees unfazed by long wait times.”
When a company loses focus on the customer….it also loses focus on the business.
A new retail business has opened. That’s good for Muskegon.
Its name from a marketing and recognition perspective seems to be weak….“Blended” (to mix together) being the key word.
The intent of the owners is to have many different styles of product. Yet blended means to mix everything together to make something quite different.
Naming a business is important because it identifies the brand….the name should create a positive image. Using a weak word certainly doesn’t do that.
New Business Categories
“Great enduring companies don’t just develop products. They continuously create, design and dominate entirely new categories of business.”
From Knowledge @ Wharton:
“An enduring company like Corning has long-standing, trust-based relationships, and those relationships are a fantastic way to gain market insights — as long as the leadership is listening for different instead of better.”
Kodak like Corning an icon business….yet Kodak was unable to develop new business categories….instead relying on photo film.
Often companies like Corning while very successful are overlooked….however, not every new invention/product comes out of Silicon Valley!
Mary Barra – GM
Mary Barra is the respected CEO of General Motors. Here are her four key lessons for business school graduates (and any business school alumni):
- Leaders Listen
- Leaders Care
- Leaders Inspire
- Leaders Work
From Stanford Business: http://tinyurl.com/hpdw92h
These lessons are often repeated by others….what makes them effective is when they come from well regarded leaders/managers/CEOs.
I recently heard a presentation where the presenter had not mastered good speaking skills. While the content was satisfactory the use of filler phrases impacted on the overall presentation.
For many people public speaking is a major challenge.
Toastmasters is a great organization for mastering public speaking. The ability to communicate and convey ideas is just as important as understanding accounting principles.