Decisions can make or break you. The same holds true even for the most well-known companies. Because of miscalculations and mistakes, some brands that were once household names are now only a part of the past. For others, one choice was all it took to redefine their business for the better completely.
Let’s take a look at a few monumental decisions that organizations made in the past.
Ford Doubles Workers’ Wages
Ford Motor Company is undeniably a recognizable name. From commercial vehicles under the Ford brand to luxury vehicles under Lincoln, it’s gone far since its incorporation in 1903.
The company owes a great deal of its success to its brilliant namesake founder, Henry Ford. 11 years after its incorporation, Ford decided to offer wages at $5 a day. It was twice as high as what his competitors were giving their workers.
Ford believed that his workers were crucial to the growth of the company. Higher wages ensure a stable workforce. Factory jobs are often monotonous and high-pressure. Higher compensation would make people more willing to work in such a setting.
GE Puts UP Crotonville
They say you have to break a few eggs to make an omelet. For General Electrics, breaking a few eggs meant letting go of over 100,000 employees and investing millions into Crotonville. No, that isn’t a new suburban neighborhood. Crotonville is GE’s executive campus. Think of it as a corporate university.
In Crotonville, the company gave further training and education to the remaining employees. This training included technical skills as well as lessons in management. It was GE’s idea that it had to invest in its employees. Not only so they could serve the company well, but for personal growth as well.
Many employees who have trained in Crotonville have gone on to become leaders in their own respective companies and other established organizations. The campus was able to hone a generation of leaders, with GE’s values and beliefs. Today, most of GE’s recruitment is made inside, taking in people from Crotonville.
Steve Jobs Returns To Apple
Often, going back to an ex is a bad idea. Sometimes, it can be the best choice you ever made. This was the case when technology juggernaut Apple Inc. decided to bring back Steve Jobs.
It’s hard to imagine that there was ever a time before his passing where he wasn’t your spectacled, turtleneck-wearing, blue-jeans-loving CEO. Many will agree that Jobs was the face, life, and blood of the company.
Apple’s board had the same thought in mind when it realized its error in firing Jobs in 1985. The board made him CEO in 1997, returning to the company he founded with Steve Wozniak. Everything after that was history, and the tech giant continues to dominate the market with its innovatively designed gadgets.
Netflix Focuses On Streaming
Shocking news: Netflix wasn’t always your favorite streaming platform. Before, people watched movies on DVDs. A trip to rental places was always on a family’s to-do list before the weekend. Netflix went the extra mile and delivered disks right to your doorstep. In 2007, they celebrated delivering its billionth DVD.
But alas, time changes everything. Even the DVD could not survive time and would eventually dwindle in sales. Video on demand and video streaming was now the new trend. Netflix was smart enough to anticipate this before the decline of the DVD even started. Besides being a DVD delivery service, they already started to offer streaming services before many of its other competitors.
Today, Netflix has indeed become a household name. The company now earns roughly $950 million per month from its subscriptions alone. That’ll give them a reason to celebrate with some Netflix and chill.
When it comes to business decisions, its effects aren’t always seen overnight. In many of the cases we discussed, people made decisions for the company’s long-term success. It is then essential to always look at the bigger picture, and to have incredible foresight for things is a significant advantage. It will not only set you on the path of success but also let you stand out from the rest of the corporate world.