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FULL OF KNOWLEDGE BLOG ONSEN® / Useful fun facts

Discover the secrets of long-lasting companies!

5 grudnia 2024
longevity in business, company succession, how to run a business
Contents
Foundations of a long-lasting business
Embracing innovation
Tradition as a business model
According to statistics, the average lifespan of companies listed on the S&P 500 in the USA has dramatically decreased from 67 years to 15 years over the last 80 years. Meanwhile, in the UK, as many as 76% of companies have disappeared from the FTSE 100 list over the past 30 years. However, there are brands that have survived for over 100 years and show no intention of ending their journey. These companies continue to thrive remarkably, defying the test of time.
space, the universe, the space industry, spacecraft

Foundations of a long-lasting business

The foundation of a long-lasting business is a stable core built on a mission. Brands that have endured for centuries have a clearly defined mission that goes beyond financial profits. Their actions are focused on shaping society and influencing future generations, rather than pursuing short-term goals. A good example is Eton College, which has long emphasized the education of children from less affluent families. Another example is NASA, whose work is broadly aimed at serving humanity and is recognized worldwide. It is this commitment to social engagement that gives these organizations their depth and resilience, attracting talent and loyalty.

Another pillar is long-term leadership, an inherent characteristic of century-old companies. Long tenures of leaders, as seen at Eton College, where housemasters are appointed for 13-year terms, ensure continuity in management and organizational stability. This allows for the transmission of knowledge and values across generations of leaders. Such leadership fosters coherence and the pursuit of long-term goals aligned with the concept of the infinite game.

Equally important are humility and legacy, qualities that are increasingly rare in today’s world. Centenarian brands reject ego-driven leaders in favor of individuals who are humble and focused on legacy. This approach helps maintain continuity, fostering a focus on long-term business growth. A fitting example is the All Blacks, New Zealand’s rugby team, known for promoting values such as humility and team spirit. These qualities are the key to their lasting success.
symphony orchestra, ballet, art

Embracing innovation

To build a stable business, collaboration with external experts is crucial. While having a loyal and competent team is beneficial, over time, it can create an echo chamber. Therefore, it's essential to have solid foundations but also remain open to fresh ideas. For example, British Cycling collaborates with experts from various fields, including ballet coaches and McLaren engineers, to improve their training methods. This kind of unconventional openness to innovation allows them to stay ahead in their domain.

In business, it's important to integrate novelties within the framework of tradition. Long-lasting companies excel at incorporating new ideas into traditional ways of operation in a manner that doesn't disrupt their existing organizational culture. One example is NASA, which, despite its historical role in space exploration, continuously seeks innovative technological solutions. To achieve this, it collaborates with diverse scientific institutions, expanding its mission into new areas.

Similarly, as seen with the Royal Academy of Music, running a business that lasts at least a century requires being open to public evaluation, meaning not shying away from honest feedback. This approach increases accountability and motivation for continuous improvement. The Royal Academy of Music regularly broadcasts its performances, inviting the audience to provide feedback, which encourages musicians to keep evolving.
innovative business, Polish company, building brand image

Tradition as a business model

Properly understood tradition means balancing the old with the new, a balance that must always be carefully maintained. Tackling the challenges of modernity while preserving proven methods and following core values is the key to a brand's longevity, a key that opens many doors. Organizations that achieve century-long sustainability do so by preserving their original values while adapting to the changing world, striking a balance between stability and innovation.

Of course, this requires learning from the history that the organization already possesses. When making strategic decisions, prudent century-old organizations draw on their history, learning from their experiences, but also continuously planning for the future, anticipating changes, and preparing for new challenges. This approach allows them to not only survive but to thrive over centuries.

Such an approach enables the creation of a healthy balance between tradition and innovation. A consistent pursuit of excellence, openness to change, and nurturing the traditions and values that define the brand’s uniqueness form the solid foundation upon which century-old organizations build their enduring success.

Century-old organizations offer valuable lessons for modern businesses and institutions striving to maintain long-term sustainability in a rapidly changing world. Their experiences can serve as a compass for leaders in the decades to come.

We also encourage you to explore other articles on the best sleep and health blog, as well as the Encyclopedia of Healthy Sleep prepared by the ONSEN® team of specialists. For those who care about spine health, we recommend a set of spine exercises prepared by our physiotherapist.
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FAQ: Secrets of long-lasting companies

What are the key foundations of a long-lasting business?

Long-lasting companies are built on a stable core with a clearly defined mission that goes beyond financial profit. Their efforts focus on shaping society and influencing future generations.

What is the significance of long-term leadership?

Long leadership tenures, including CEOs, ensure continuity in management and stability in organizational policies. At Eton College, for example, housemasters are employed for predetermined 13-year terms, enabling the transfer of knowledge and values between generations of leaders.

Why is legacy important for a company?s longevity?

Companies with over a century of history promote leaders who are humble and focused on legacy, which fosters long-term business development. An example is the New Zealand rugby team, the All Blacks, known for their values of humility and team spirit.

What is the significance of openness to innovation for a company?

Long-lasting companies know how to incorporate new ideas into traditional frameworks without disrupting the existing organizational culture. NASA, despite its historical role in space exploration, constantly seeks innovative technological solutions and collaborates with various scientific institutions to change the world for the better.

Why does a company need external experts?

Long-lasting companies collaborate with experts from various fields to improve their methods and remain leaders in their industry. British Cycling works with ballet coaches and McLaren engineers, allowing them to continuously improve. At the same time, they have an efficient and well-functioning team that not only works together but fully trusts each other.

Contents
Foundations of a long-lasting business
Embracing innovation
Tradition as a business model
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