My dad ran a small construction company in Michigan for decades. By the time he retired, he employed about 20 skilled crafts people. Their work commanded some of the highest prices in the Detroit area, but despite that, he always had more work than they had time to do.
He was in short, extremely successful and very profitable, even during recessions.
His secret ? He paid his employees handsomely and treated them very generously.
It was just so obvious how smart that was, but his competitors often made fun of him over it.
He laughed all the way to the bank.