Values Based Success - Business Lessons from Les Schwab
In this month’s episode, RGB Consulting Founder Dr George Marano and I delve into the life of American entrepreneur and business leader Les Schwab. Les Schwab Tire Centers, under the leadership of Les Schwab himself, have set a gold standard in not just the tire industry but in the broader landscape of American business.
Key points include:
What stands out is Schwab's unwavering commitment to exceptional customer service. This wasn't just about meeting expectations; it was about exceeding them, every single time.
This philosophy wasn't just lip service; it was deeply ingrained in every employee, every process, and every decision. The question we need to ask ourselves is, how can we implement this level of commitment in our businesses today? How can we make exceptional service not just a policy but a core value?
Another remarkable aspect of the Les Schwab story is the empowerment of employees. Schwab introduced an innovative profit-sharing model that wasn't just about sharing success; it was about sharing ownership.
Employees at Les Schwab didn't just work for the company; they worked for themselves and each other. This collective ownership created a work environment charged with motivation, responsibility, and a shared drive for excellence. The lesson here for business leaders is profound.
How can we create environments that foster this level of empowerment and accountability? How can profit-sharing models be adapted in our contemporary settings to drive performance and loyalty?
Ethical business practices were the bedrock of Schwab's operations. In a time when shortcuts and quick profits seem tempting, Schwab's dedication to honesty, integrity, and fairness is a beacon for sustainable business practices. This ethical stance wasn't just about internal operations; it extended to how the company interacted with the community.
Schwab believed in being a responsible and contributing member of the community, a value that arguably contributed as much to the company's success as its business strategies.
How do we keep our foundational values intact while steering our companies through the seas of change and innovation?
Peter Esho is an economist and Founder of Esho Capital. He has 20 years of experience in investments and markets.