There are so many business lessons from General Motors that it is almost impossible to list them all.  If you have a family or entrepreneurial business you could be asking: how does any lesson from GM apply to me?

The answer is:  The business lessons coming from GM do apply to small and medium sized businesses.

Although the scale of your business may be many times smaller, the business lessons are the same.  All we heard for years is that GM was too big to fail.  And I think many of us believed that till it all came tumbling down.

Over the years GM just wasn’t paying attention to their business.  The corporation ruled the auto world with their influence.  Yet they made cars people didn’t want.  They gave concessions to union workers they couldn’t afford.  The competition was breathing down their neck.  GM really didn’t take any of it too seriously.

No one should really be shocked that GM ended up in bankruptcy.  During these recessionary times although your company may not be as big or as powerful as GM and your company may even be holding its own and doing well, you need to pay attention to your business so you don’t set yourself up for future failure.

Review your products and services to make sure you are giving your customer what they want.  Don’t underestimate the competition.  The competitors want your business and they are going to work hard to take it away from you.  Each month analyze your profit-and-loss statements and be aware of what the information is really telling you.  Know what the bottom line is in your business.  And take nothing for granted.

Every day in business stands on its own.  Pay attention to your customers, your employees, and your way of doing business or you’ll find yourself in the same situation as GM.