Image is critical in both business and politics. Consumers and voters are looking for someone they can trust and endorse. I see a vast dichotomy between the response of Toyota Motor Corp and President Obama when it comes to responding to the public.
I applaud Toyota for there response to the recent mechanical problems with their cars. It must be costing the company billions of dollars to stop selling cars until the accelerator problem is corrected. They are even compensating their dealers to help cover losses during this time. As a loyal Toyota owner, I am comforted and proud of there response. Too few companies are willing to face major problems head-on and take the losses to protect their customers. I think Toyota’s stock prices will again rise because of their bold decision to protect their customers.
President Obama has taken a different approach in passing his healthcare package. Numerous polls have indicated that the majority of voters are not happy with these bills. The leaders of the House and Senate have said this bill will not pass at this time. But the President is not willing to accept that it is time to start over. He believes the bill must pass no matter what.
As a businessperson, do you see yourself in either of these examples? Are you willing to protect your brand and image even if it cost you profits for the majority of the year? Or are you convinced that your products and services will still sell even though your customers and dealers are saying there must be changes?
The majority of small businesses do not have the resources to survive a crisis like Toyota is experiencing, so they would be forced to file bankruptcy. I believe our President is already facing political bankruptcy because of his unwillingness to make the changes voters are demanding.
Businesses will either listen to their customers and dealers or face their demise. A wise friend has said, “Blessed are the flexible, for they shall not break.”
Ken Bear Cole
A Second Look Business Consulting LLC
