How To Stay In Business For 100 Years

100-years

When you're building a business you are usually thinking short term but what if you could build a business that could last 100 years? Here are lessons on how to stay in business for 100 years, based on research into companies with over a century of dividend. 


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This list of 11 key factors shows the importance of culture as an absolute overarching factor, above strategy.

The common denominator in the companies was a focus on values (not product or service) and people (not capital and technology).

  1. Keep your organisation flat and seek direct contact with front line staff

  2. Use the collective wisdom of your staff and your customers

  3. Give everybody a piece of the action

  4. Emerge managers in all aspects of the business

  5. Constantly focus and communicate the values of the company

  6. Keep debt low

  7. Visit clients when you are not selling

  8. All senior managers visit and talk to customers

  9. Sales people report the anecdotes, stories and the unexpected

  10. Define what you will NOT do

  11. Act as a steward

If you want to build a business that lasts, there may be no better place to look for inspiration than your own immune system. In this TedTalk strategist Martin Reeves shares startling statistics about shrinking corporate life spans and explains how executives can apply six principles from living organisms to build resilient businesses that flourish in the face of change.

 

Over to you now. What do you think of these 11 key factors? Are you doing these things in your business? Tell us your thoughts in the comments below

 

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Friday, 23 August 2019
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