What makes a company excellent?
What makes them survive, and even thrive during the ups and downs of the business cycle?
According to a March 29, 2022 article by Sean Silverthorne in Harvard Business School's Working Knowledge, five qualities help a company thrive over time:
1. The businesses are often run by families. - Many new business startups, receive their capital from friends and family.
2. Values guide decisions. In India, for example, they have a strong set of value-based businesses' because reputation is an important part of many business's longevity.
3. Companies innovate to have a positive impact on society. Leaders who leave legacies, head organizations that make creating public good a priority. The drive to use business to improve society comes from a moral compass and a calling to do what's right.
4. Business leaders strive for inclusivity and gender equality. Having a diverse workforce with plenty of female mentors helps the organization develop a more inclusive culture.
5. They fight corruption, even if they aren't always successful. Developing a reputation for playing by the rules and not paying bribes tends to send a signal that corruption will not be tolerated.
Leaders need to develop the right mindset and be willing to look at the long game instead of trying to focus on immediate gratification. By focusing on leaving an organizational legacy, many companies can not only benefit from the profitability of today but also set the organization on the path to use their products or services to improve society.
Please watch the short video below to learn more ways to leave a business legacy. Also, please leave me a comment about your thoughts on how companies can build longevity through their business model.
Author & Motivational Speaker
Terry is a sought after speaker who believes in the power of a story to motivate, inspire, and help others lead their uncommon and extraordinary lives. By combining his eleven-year cancer journey with his diverse business, athletic coaching, and hostage negotiating expertise, he delivers compelling yet relatable presentations for conferences, on-line events, panels, meetings, and seminars.