Statistics tell us that businesses younger than 5 years have a staggering (and rather worrying) 80% chance of failing. That number drops significantly after year 7. Our beloved Tolbos has been a premier stop-over, eatery, shop and general social venue for tourists and locals for almost 30 years, however that gives me little comfort in today’s ever changing world of instant gratification and consumer culture.
As business owners in this modern age, we can no longer sit back and hope that things will always be “well” like people used to do “back in the day”. There is always the looming possibility that larger (or other) players in an industry can muscle you right out of your game (think larger national brands killing the independent corner shop, or the national pizza or burger chains who stifle local businesses).
I was thinking about this very scenario the other day and how sad it can be for a community when a national brand moves in. “But surely a national brand moving into your neighborhood is a good thing that will attract even more visitors?” -I hear you say. I am not so sure. Most of the profit made by “Mr & Ms local business” is pumped back into the local economy. Sure, the national brands provide employment, but then so do the independent businesses. The (big) difference is that most of the profit the national brands make are “shipped out” straight to head office and does not make it’s way back into the local town’s economy.
I also see the trend where people actually prefer to see fewer of the national brands when they are on holiday or exploring – after all, they are traveling to experience something new, not go to the same coffee shop they do in the city.
These are just a few of the reasons why we keep innovating, reshuffling, refreshing. We keep praying and we keep our faith. We have a passion. They say a change is as good as a holiday, and to a certain extent I must agree. We have only recently re-branded and renovated, and already we find ourselves regularly moving things around, improving efficiencies and processes and we keep on carving away at being better and better, for our customers and for ourselves day after day.
Did you enjoy reading that?
Click Like below and/ or share this story with your friends: