Building a business is tough, and it requires hard work and determination. However, surviving as a company is even harder. There are almost 28 million small businesses in the US, but only a few of them will last 15 years, and even fewer will last longer. So, how do businesses, such as JO Morgan Chase and Colgate, last for centuries?
Here are the top qualities the will make your company as strong as them:
A good company invests in their people – talent, ability, managerial skills – and keep them. These companies saw potential in people when others didn’t and did their best to keep them. However, this isn’t enough. To last centuries, the employees must also invest in the business – not financially – but with respect, belief, loyalty, trust, courage, gratitude, and commitment. These traits, once ingrained in your company culture, will spread to new employees, thus creating a solid foundation for your company for decades to come.
Good businessmen understand that in order to live, they must make the business about the customers and not themselves. Customers are the lifeblood of any business, and if a community creates partnerships and relationships with your business, then you have a rock solid base that can produce tremendous returns based on trust and dependability.
Centennial companies are financially stable, able to take on dips and dives in the economy without going red. Financial stability is not just measured by how much their assets are priced but also by their flexibility to adapt to any change in market conditions, new technology, competition, and any other factors without crumbling to the pressure.
A great company is strong from the inside out. There should be no weak link among the departments that composes your business. Marketing and sales – the major source of revenue for any company – is much more efficient if your company need not be concerned with reinventing itself, rebuilding a broken reputation, or regaining market awareness every two or three years.
Finally, a strong company requires great leadership. As the person who leads, everything else is dependent on the decisions you make. Your own culture will define your company values, and those company values will be ingrained in your company for years to come. Then whoever was chosen to replace you at the end of your journey will replicate your deeds, and so on and so forth.