Isn’t longevity just a bi-product of something more important?
I think that great companies are those that dedicate themselves to a problem that matters.
Longevity is not a goal in itself; it is a bi-product of taking on a big problem.
Purina, for example, exists to “connect pets with people.” Google exists to “organize the world’s information.” When will such missions be achieved?
Barnes also advises to take a step back and think pragmatically and try to avoid emotional reactions.“They do case studies and creating a solution to a consumer or a client’s problem, but in doing that they also need to work out how to run their own business and how to fix their own problems internally.”Alexandra Tselios is the Founder and CEO of The Big Smoke, a consumer news and opinion platform and digital content agency.
She describes herself as a “passionate problem solver” and recognises that her business model needs to be continually evolving to remain competitive, to keep her team happy and give clients results.Since the 1950s we have been judging companies by their longevity.We fret over how long they stay on the Fortune 500 list, maintain a leadership position, or survive “disruptions.”But does longevity even matter anymore?Barnes says an ability to adapt and move with changing technology, customer behaviour and the business landscape is essential to be able to recognise when your business needs to change and to react accordingly.To some, this comes naturally, but for others, it is a learning curve.“If you are not prepared to adapt and you keep doing the same things, then you are going to go out of business,” he says.She says frameworks, theories and models come from formal understandings of what has been done in the past and the ability to critically think those things through.“Understanding commercial strategies of global companies is important regardless of if they are in your industry or not.This could be anything from staffing to marketing channels, cash flow or legal issues.And there’s good news for those not lucky enough to be born with innate problem-solving abilities: these skills can be learnt to enable entrepreneurs to excel both within their local and domestic markets, but also be equipped to compete globally.Thus, she needs to overcome problems with logical thinking and quick reactions.Tselios says resilience is one of the biggest characteristics of an effective problem-solver.