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Lots of today’s great family businesses started by making the product, selling it and distributing it. Just like that.
In the knowledge world it is an entirely different paradigm that will take these businesses to the next phase of growth. I was working with a third generation meat and butchery business last week where they have several elements to the group.
When dad was given his chance by his father some 35 years ago the only piece of advice he was given was: “You stay on the knives son”. It was very much about how many animals you killed each week, preparing the cuts and putting them on the slab for customers.
In those days 85% of the cost of the product was raw materials and labour. If you purchase a Marks and Spencer precooked, frozen lamb mousaka today, 85% of the cost is in the research and development, the process and the packaging.
Staying “on the knives” for the Managing Director today would be one of the fastest ways of cutting out any prospect for future growth.
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