What do those businesses do differently who survive and thrive after 5 years?
According to Jim Collins in his excellent book ‘Built to Last’, the most successful businesses were those which were started by a visionary leader who wanted to build a great business.
“Built to Last is a rigorous analysis of “visionary companies” – industry leaders that maintain dominance for 100 or more years, across multiple generations and product cycles. Collins uses this book to explain WHY some companies endure throughout the ages, while others that have the same shot in life – same industry, same size – falter and fade away. “http://affordanything.com/2012/05/18/visionary-companies-built-to-last-by-jim-collins/
The study in this book outlines the difference between businesses which are built on a sound set of principles and beliefs compared to those which are not. It also outlines those that can be both focused on a set of unnegotiable, never wavering beliefs AND constantly looking for progress. In essence remain true to the core and constantly changing and improving. Core and progress.
This book made me think about the goals companies set and the way they achieve them. Brilliant businesses set ‘Big, Hairy, Audacious Goals –BHAGS (as Collins calls them).
These goals are easy to understand, need no explanation, excite and inspire you and are totally based in a belief that they can be achieved. They are not bravado. The success of them DOES NOT depend on a charismatic leader to pull them off. It depends entirely on a strongly held set of values.
A classic example was the announcement in 1961 by JFK that the USA would send a man to the moon and return him safely by the end of the decade. Clear, bold, easy to understand and achieved despite his untimely death.
Likewise Sony evolved from the little known company with a difficult name to pronounce (“Tokyo Tsushin Kogyo”) in 1946to a world leader. Most importantly their goal was so huge and bold it is staggering. These visionary leaders wanted to change the world view of Japanese production from cheap and cheerful to cutting edge and quality, based on the vision that the engineering would enhance lives.
So what do you want your business to bring you in 2024? Have you started to think about your BHAGs (Big Hairy Audacious Goals)? Do you need help to get underway with this? There is not much of 2014 left, so make time to plan. Work on setting your goals and enhance your chance of achieving what you want. I have a number of events coming up to help business owners and senior leaders so please call me on 07545217966 for a chat. Look forward to talking with you.