History shows that great business decisions often emerge from times of crisis. In The Greatest Business Decisions of All Time by Verne Harnish, we learn how bold choices reshaped industries and created lasting success. Small businesses can apply these lessons to navigate uncertainty and seize opportunities by focusing on innovation, leadership, and customer-centric strategies.

Learning from History—Great Business Decisions that Defied Crisis
Case Studies of Great Business Decisions That Defied Crisis
1. Apple: The Return of Steve Jobs
When Apple was on the brink of collapse in the late 1990s, the return of Steve Jobs led to a series of revolutionary decisions, including the launch of the iMac, iPod, and iPhone. These products not only revived Apple but also reshaped the technology industry, setting the stage for Apple to become a $2 trillion company.
Lesson for Small Businesses: Invest in innovation and focus on your core strengths. Even during crises, prioritize product or service development to stay competitive. Small businesses can start by identifying their unique value propositions and leveraging customer feedback to innovate.
2. Ford: The $5 Workday
During the economic downturn of the early 20th century, Henry Ford introduced the $5 workday, doubling wages for workers. This decision increased productivity, reduced turnover, and allowed employees to afford Ford’s vehicles, fostering a cycle of economic growth and brand loyalty.
Lesson for Small Businesses: Treat employees as your most valuable asset. Providing fair wages, training opportunities, and fostering loyalty can yield long-term benefits. Studies show that businesses with strong employee engagement see 23% higher profitability.
3. Zappos: Customer-Centric Culture
Zappos’ commitment to exceptional customer service set them apart, even during the 2008 financial crisis. Their decision to prioritize customer satisfaction, such as offering free returns and 24/7 support, led to increased loyalty and growth.
Lesson for Small Businesses: Build strong customer relationships. Delivering exceptional service can secure customer loyalty and drive word-of-mouth referrals, especially during challenging times.
Practical Applications
Focus on your "North Star" goal to maintain direction during uncertainty.
Empower your team to make decisions aligned with company values, fostering a culture of innovation and accountability.
Use data-driven insights to identify and capitalize on new opportunities, such as expanding into underserved markets or launching complementary products.
Key Data
According to Harvard Business Review, businesses that made bold decisions during crises grew 5-10% faster than their competitors post-crisis. Additionally, a Deloitte study found that customer-centric businesses are 60% more profitable than those that do not prioritize customer experience.
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