I guess business culture is the framework that sets our decision
making. It is the set of rules that each of us use to decide a whole range of
longer term issues about direction, investment, and liaisons with customers and
other businesses. In my informative years of retailing I had a number of
mentors and they taught me some basic rules -
1. Thing big - don't let small thinking restrict
your opportunities. When I selected my first shop location I was tempted to go
for a comparative back-water with cheaper rent so I could hone my skills
without the threat of high overheads. My mentor convinced me to go for a
mainstream shop location. At that time it was Chapel St. Prahran (how things
have changed) and that was a great decision. You need to give your idea every
chance of success.
2. Be fiercely independent - that might sound a
little contradictory coming from a mentor but I guess he was saying - take
responsibility and make your own choices. Making your own choices and taking
control over your destiny is scary but incredibly empowering. It is true that
you can't always do everything you would like to do, we don't live in a cocoon,
but testing the boundaries and finding a way through can be very productive.
Independence is sometimes described as the essence of small business
entrepreneurship.
3. Respect those around you - in retailing we have
relationships with a whole range of people - customers, fellow traders,
landlords, bureaucracies, and the list goes on. Respecting their rights is
crucial if we want to maintain productive relationships. Customers are number
one on our priority list but even landlords have a right to make a profit.
4. Embrace change - recent experience shows us that
this is absolutely essential. The rate of change in retailing, especially since
the global financial crisis, has been incredible. Being flexible, adjusting to
new situations, and constantly looking for solutions, is all part of modern
retailing.
I am sure there are many other special aspects to business
culture and I'll let you fill in the gaps. In the meantime here is my shortlist
of advice.
1. Be independent - Blaming others for our retail
woes has little value. It is our destiny that we control and our individual
actions that will ensure prosperity.
2. Embrace
change - retailing is going through a revolution as customer attitudes and
actions turn our traditional way of shopping upside down. Clinging on to the
past has little relevance here. Fortunately there are many ways of discovering
and experimenting with new ideas.
3. Respect - change and uncertainty bring friction
with those around us. Essentially we are all looking for the same things and
respect helps put us on the same journey.
4. Entrepreneurship - entrepreneurship is described
as running a business using initiative and problem-solving in an inherently
risky environment. If that appeals to you then QVM is probably the right place
to be. If that doesn't appeal to you then...................
I have been fortunate. I am heading towards the end of my retailing career
at QVM and I have reaped many rewards. I have experienced the highs and lows and
I can assure you that the current low will be followed by a high. Current
retailing conditions will test your business culture but isn't that the true
nature of entrepreneurship?
by Greg Smith
