Small Customers, Big Profits Big business is attractive, with huge profits for some. But there's something to be said about small business as well, with lower risk and the potential for creativity. Although Big D started out catering only to large orders, the shop sat idle in between orders, and through effective scheduling and transparent pricing, was able to fill in dead times with smaller orders.
Big D found a profit in a market segment that other local screen printers weren't clamoring to fill. Experts believe this was a smart strategy, allowing Big D to spread out risk in their business and offer customized products. But at least one person is critical of the offering, pointing out that the niche has little upside potential, and may hurt the company's efficiency. Succession Planning Family businesses typically have the luxury of passing the torch down to children after parents retire, but in some cases, there are no candidates, or the candidates may not be right for the role.
This presents a challenge when it's time to find a successor, especially if existing employees have assumed that top level promotions would come from within the family.
So the Carlson companies had to put in great effort to find a replacement, looking both internally and outside of the company, ultimately finding an internal candidate who would work well with the family but also offered plenty of experience as an executive in different industries. According to Beverly Behan of Hay's Group, Carlson should be commended for not only making the right decision in not hiring the heir apparent, but for handling the job search in a calm, effective way.
Retiring Employees, Lost Knowledge Another important retirement issue is one of lost knowledge. What happens when retirees leave the office, taking years of experience and know-how right along with them? Businesses lose all of that knowledge, but according to American Express, it doesn't have to be that way. Through a pilot program, AMEX created a workforce transformation group that would allow retiring participants to gradually give up some of their day to day responsibilities.
In return, the employees would spend some of this time mentoring and teaching classes to successors. This resulted in a phased retirement, allowing employees to leave gradually and enjoy more time while still enjoying a portion of their previous salary, and regular benefits.
This also meant that some employees stayed a year or more past traditional retirement age. AMEX believes this program is a success, allowing senior employees to enjoy their last years of work in a reduced capacity, as well as educating the existing workforce for future success.
Consultant David DeLong agrees, citing this program as an example of how job handoffs should really work. Strategic Ad Spending Advertising costs money, which many businesses find themselves short of these days. But forgoing ad spending in favor of better profits can be a mistake.
Experts say that in a slump, one of the best things you can do is adopt or increase your advertising strategy to attract customers.
During a recession, this is especially true, as other businesses may be cutting back on their ad spending, making your voice even more prominent to customers. After seven years of growth, buliding from 30 to locations, Firehouse Subs' growth fizzled, and company leaders realized they had to do something about it. So they returned local advertising fees collected from franchisees, not to put in their pockets, but to take hold of their own local marketing.
Sales fell even more, revealing that this was not a good strategy at the time. Experts commend Firehouse for having the courage to ask franchisees for more money where it was needed, even when times were tough. Tylenol's Scandal In , seven people in Chicago died after taking Tylenol due to an unknown suspect lacing the capsules with cyanide after the products reached the shelves.
Tylenol was successfully reintroduced with tamper resistant packaging, discounts, and sales presentations to the medical community. David vs. Goliath It's tough to be the little guy, especially when one of the big guys becomes your direct competition. Hangers differentiated itself through van delivery service, funny t-shirts and hangers, as well as social networking.
The company also spent time connecting with the community by partnering with local businesses and charities. As a result, Hangers has experienced growth while other local dry cleaners have reported flat or declining revenues. Market Expansion Through Partnership To support new growth, businesses have to expand past their initial customer base, an often daunting task for small businesses. However, partnering with another successful company can help businesses reach a new level. Diagnostic Hybrids, specializing in medical diagnostics, did just that, partnering with Quidel, a market leader in rapid diagnostic tests.
This partnership allowed Diagnostic Hybrids to enjoy a larger market presence, as well as take advantage of better research and development resources. Although Diagnostic Hybrids was acquired by Quidel, key elements of the organization remain, with the same company president, and operation as a separate subsidiary.
Tesco's International Expansion Tesco's move into Korea offers a classic case study of building market share internationally.
The company made some smart moves in their Korean expansion, most notably partnering with Samsung, the leading Korean conglomerate, and embracing the Korean way of life by operating stores as local businesses and community centers. Triumph in Niche Exports Another excellent international case study comes from bike manufacturer Triumph, which lost steam in its British home base three decades ago, but found new life by heading overseas.
In , Triumph sold just 7, bikes in the UK, but 50, worldwide, indicating that an international interest paid off for the company. Triumph's famous factory in Warwickshire closed up shop in , but the Indian factory remained, and these days, the motorcycles have become the country's Harley Davidson.
The company struggles to meet demand in India, with a six month waiting list and a new factory being built. India's middle class has embraced the vehicle as an affordable commodity, even giving them as dowries in weddings. Background Checks for Job Candidates Background checks are an issue faced by many companies, as sensitive information is now more public than ever.
OfficeDrop is no exception, as the company scans paper into digital files, including patient records and minister sermons, most of which require trustworthy employees who can handle documents discreetly. Many companies offer quick, superficial checks, but for OfficeDrop owner Prasad Thammineni, more information was required.
He found a company that would allow research to delve into a number of different sources and perform a more comprehensive search. Other business owners offered somewhat critical opinions of Thammineni's choice, pointing out that instead of Googling to find a background check company, he should have asked his business network who they were using. They also recommended that he take advantage of free resources, including online searches and checking out social media sites to learn more about job candidates.
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The hassle was solved almost instantaneously, implementing leverage and beneficial positive behavior.
The universities often checks whether you have written the assignment by your own and for that they ask you questions from the assignment. The companies do not have to go through the ordeal of finding a deserving candidate who would run the institution successfully. The agency additionally spent time connecting with the community with the aid of partnering with nearby groups and charities.
If the expected demand for lacquer ware exists in the U. Not every incident qualifies for becoming a case study, only the impactful one does. Background Checks for Job Candidates Background checks are an issue faced by many companies, as sensitive information is now more public than ever. However, this option would not find favor with either of the American buyers since they had approached only Nakamura, realizing that he was the best person to meet the order.
Other business owners offered somewhat critical opinions of Thammineni's choice, pointing out that instead of Googling to find a background check company, he should have asked his business network who they were using. The brand became Japan's best known and best selling brand, being synonymous with good quality, middle class and dependability.