“The second is ‘resource reserves’ which means having sufficient resources to deal with shocks whether that’s money, materials, knowledge or connections, and ensuring these are available when needed. The third is ‘shared values’ which is everyone believing in the same ideas and principles. They tend to agree on what is right and important and are able to take active, collective steps to move forward.
Few SMEs have the time to sit around shooting the breeze about how to build these qualities into their operations manual and Smith emphasises it’s about more than just talk. In a nutshell, if a business is living its values there’s a good chance it has already built up component credits with staff, customers and other stakeholders.
This turned out to be exactly the case at Glenisk, where managing director Vincent Cleary says he was “blown away” by how employees, business contacts and the wider community rallied around in the company’s time of need. Local businesses offered practical help such as office space , staff came in to help with the site clean-up, and contractors and suppliers worked long hours over the Christmas period to get the business back up and running.
“The generosity we experienced and the letters received from thousands of customers – some with money inside from kids and pensioners – was incredibly heartening,” Cleary says. “Nearly all of our employees had come to work the morning after the fire and were all standing around looking shell-shocked. I suddenly realised that this was their life as much as it was mine and that we had to get ourselves together fast.
Smith says that when a company has heritage, a network of relationships and a brand all built up over time, those involved are likely to be determined to fight for what they have and it’s this that builds commercial fortitude.