Research reveals that, before the outbreak of COVID, 2 in 3 businesses had planned on investing in capital in FY21, which asks the question of whether the asset write-off threshold should be extended further. The figure comes from an independent survey of 261 Australian businesses – 88 per cent of which are SMEs – commissioned by Money.com.au, Read More…
Traditional values, old tactics: CEO of Ritchies shares their importance
Fred Harrison, CEO of Ritchies supermarkets
Wed 5 February 2020 - 10:03 amFeatured | Podcasts
In this Dynamic Business podcast episode, we chat with Fred Harrison, who is the CEO of Ritchies supermarkets (mainly based in Victoria). Throughout the interview, we learn about his rather unique story and take away some fantastic ideas and insights from his leadership and strategy.
Ritchies celebrates a 150 year milestone this year, and we ask how the brand has managed to become the longest serving supermarket in Australia.
He has worked at the company for 45 years, starting as a trolley boy at 16, and has climbed up to become the CEO since the 1990s. As Fred explains in the episode, he stepped in to the leadership role in a time of great difficulty for the company and large changes had to be made.
Fred talks a lot about Ritchies’ points of difference in surviving so long, and he is very clear on what these are; a lot of this insight is relevant for smaller businesses to model themselves on or adopt in some way. For example, he recognises they do not compete with Woolworths and Coles on the same scale, but does keep an eye on what they are up to. It was actually in the 90s that the Ritchies leadership team came up with the idea of an incredible ‘give-back’ scheme which saw their bad years come to an end.
A sense of community, hard work and loyalty are key within the Ritchies staff family. There is a theme of traditional values and old business tactics in the episode which is very grounding and refreshing. There are definitely some things that younger businesses and startups can take away from this stable brand that only continues to grow.