Focus on your company culture if you want to survive 100+ years
Have you stopped for a minute to really think about the absolutely crazy and mind boggling speed at which the environment we are operating in today is changing? Thanks to the constant technology disruption, this trend is only accelerating.
According to Credit Suisse, the average age of an S&P 500 company is now less than 20 years compared to over 60 years in the 1950s.
If that doesn’t shake you much, hear this, 50% of the Fortune 500 from 1999 had disappeared from the list just ten years later – 50%, a sobering thought for anyone in the business.
Its true number of these companies are acquired, merged or split up into smaller companies, however, most of them end up in the graveyard often due to leaders stubbornly clinging to the status quo.
This thought itself puts pressure to survive, and to constantly learn and evolve. I must admit it’s not easy whether you are working for a company or running one.
To make matters worse, while we haven’t adjusted to the mega change that has just happened, another one comes along.
Don’t fight it. Don’t resist it. Markets will change and evolve, and the only way to build a long-term business is to embrace the change no matter how uncomfortable it is.
I’ve come to appreciate company’s culture more than anything as one of the best ways to deal with change. You should pay close attention to your company culture – change it, evolve it and nurture it, if you truly want to grow your company beyond 100 years.