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Successful african boss in a conversation with young employee in boardroom. Marketing team of two businessmen discussing strategy in meeting room. Since industry pricing structures can change over time, people businesses should try to influence them to their advantage. Managers also need to ensure that employees’ interests are aligned with a company’s business objectives and their execution. Companies often use surveys and other tools to assess how well they are meeting employees’ personal goals. Too often, however, these tools focus only on traditional HR issues, such as work/life balance, benefits, and training.
For example, at an airline, employee costs are typically about one-and-a-half times the amount of capital costs, despite airlines’ giant equipment purchases. At a minimum, most diversified companies have large units engaged in employee-intensive activities—for instance, sales and customer service—that give those units many of the economic characteristics of a people business. These characteristics are often ignored or unappreciated by top managers. Companies mistakenly focus on capital productivity rather than employee productivity and rely on capital-oriented metrics, such as return on assets and return on equity.
Sharing information, being active on social media, and creating interesting content can all help people get to know who you are and what you do. In their journey, prospective buyers want to know they can trust the company as much as they can trust the individuals they’re dealing with. In Burma , the military regime that took over in 1962 nationalised all foreign businesses, forcing hundreds of thousands of Indians out of the country.
But, as the Gujaratis like to point out, they do the business, not the tech. As there have been gaps in the market during the past millennium, so there will be gaps during the next millennium—and Gujaratis will be there to exploit them. Stripped of most of their money and possessions by Amin, about 27,000 Indian refugees, mostly Gujaratis, arrived in Britain and set about building their fortunes a second time.
Now worth about £70m, he was given a peerage by the Conservative government in 2010. “That’s how we fight prejudice and raise our living standards, through hard work, education and enterprise,” reflects Lord Popat today. Even the Conservatives, many of whom opposed the influx of Ugandan Asians, were eventually forced to acknowledge that the values of Gujaratis like Lord Popat were if anything more Thatcherite than their own. “Ethical business practices based on fair trade and honest dealings gave Gujarati traders a reputation of being trustworthy,” write Achyut Yagnik and Suchitra Sheth, two historians of the region. So when the Portuguese, Dutch and then the British started arriving in India from the 16th century they used Gujaratis as their principal trading partners. The headquarters of the British East India Company was originally at Surat.
This is a great chance to give back to your community during these unprecedented challenges. As small business communities recover, you can be a part of helping them return as prosperous and thriving establishments in your local community. Join SCORE’s volunteer force to be part of helping small businesses start, grow and thrive. Right now, Black entrepreneurs are facing unique barriers to business success.