We spoke earlier this week about a Midwestern retailer that walks its talk. Their corporate culture is directly shaped by the values of the owning family. So – the family gets the deep satisfaction of knowing they are part of a company that is living the family’s values. How about financial results?
Well, the company enjoys unbroken, significant growth and profitability.
The company is a preferred employer in every town where it opens a location. It enjoys a turnover rate well below the industry average, with vastly reduced employment expenses related to recruitment and training. As a result, its long-tenured co-workers get to know their patrons pretty well, which leads to fantastic customer loyalty and repeat visits.
When it goes out to borrow, banks and other financial institutions are tripping over themselves to be the first to loan them money for their continuous capital improvements and growth projects.
They have been awarded the top Mystery Shopper award in their industry, three out the past four years.
There are loads more examples of the awards and recognition, significant return to owners on their investment, and co-worker pride to share with you, but blogs are supposed to be short and sweet.
Has this one example of an exemplary family business culture inspired you? There are many paths to exemplary family business culture. Your path will be unique to your family, your location, your products and services. The important thing will be – to pay attention to your culture, and your unique expression of excellence within that culture. It is a proven path to excellence!