No one can deny how successful today’s business giants are. Apple, Marvel, and Sbarro are three acclaimed brands that most small and medium-sized business owners look up to. These three companies managed to stay in the business for many years. But did you know that these companies either filed or almost fell into bankruptcy? It took these brands more than simply hiring the best bankruptcy attorney to come back stronger and experience even bigger success.
Are currently having business financial issues? Know that you are not alone. You are even lucky for managing to keep your business despite the crisis.
If you need a bit of inspiration to keep your company, then we encourage you to continue reading. The lessons you can learn from these giant corporations can motivate you to keep going. Remember that only those who don’t quit and perseveres can last long in the business world.
Apple: From Near Bankruptcy to More Than $2 Million Net Worth
In 1997, Apple was crumbling. That is until Steve Job returned to Apple and made it possible for the brand to turn around. One lesson we can learn from this is the need to refocus when needed.
According to Walter Isaacson, the author of Steve job’s best-selling autobiography, Jobs made his team members stop everything they are doing and focus on four things only. This included consumer, pro, desktop, and portable. In a nutshell, Jobs made his team focus on what he knows will help the company from the brink of death.
Jobs led his team to put their focus on the things that they believe matters the most. Luckily, he was right. Canceling everything else that will not make it to the final cut was worth it.
Focusing on your priorities will help you get a better picture of your company. There is a need to figure out where you want your company to be headed. The more focused you are in building and growing your business, the better your chances of building something great.
Marvel Entertainment: From Comic Books to Blockbuster Machine
In 2000, Marvel recruited Peter Cuneo to move the company out of bankruptcy. By then, the company only has $3 million. It went from having 1,650 to 250 employees.
But thanks to Cuneo’s financial expertise and risky intervention, Marvel became today’s household movie brand. Flash-forward to the present, the company continues to create box office hits. This is even if Walt Disney Company bought the company way back in 2009.
According to Cuneo, he was able to revive Marvel Entertainment with the help of his six basic principles. One principle worth noting was that one should business owners should shun prejudice. If you don’t remove prejudice within your organization, you could be missing the best talents you can ever worth within the industry.
Cuneo attributes Marvel’s success due to the diversity that exists within the company. The moment Marvel started hiring people without looking at their age, race, culture, religion or sexual orientation, the company’s success plummeted. This only goes to show how a diverse workforce can help bring a company more successful.
Sbarro: Serving Hot Pizza from a New Business Model
Sbarro is known as the go-to mall pizza shop. But over the years, the pizza company already underwent a couple of bankruptcy filings. Despite the Chapter 11s, Sbarro chose to step back and revitalize the company instead of rolling and dying.
Thanks to Sbarro’s supportive investors, the company is still up and running but in a different light. There are many changes that occurred. This includes the change of business model and improved consumer experience.
Small business owners can learn from the roller coaster experience of the pizza chain. This shows that one has two choices when a company is on the brink of bankruptcy. That is to merely accept the company’s faith or find yourself a supportive network that can help you rebuild the business again.
Sbarro continues to serve quality comfort food even mid-pandemic. The company sees growth thanks to the abundance of impulse pizza buyers mid-crisis. Sbarro now plans on offering premium quality pizza in convenience stores as part of their new business model.
This only goes to show that sometimes, it takes guts to scrap your old business model. Embracing a new business model is never easy. But if this can better cater to consumer’s needs, then this can be the best decision one can make for a successful comeback.
These are three well-established businesses we almost lost during their darkest times. But thankfully, their leaders were able to make the right decisions at the right time. Now, we still get to enjoy premium quality pizza from Sbarro, enjoy blockbuster movies from Marvel and enjoy high-quality gadgets from Apple. We can learn a thing or two on how to run a brand from the success stories of these business giants. If there is one universal lesson, that is to never easily give up on your company.