While doing some research, I came across this article titled 12 Famous Food Brands That Are Over 100 Years Old. It’s a helpful summary that lists the interesting history of some of the food industry giants including Kraft, Nabisco, Pepsi, and more.
While reading through this article, I was asking myself what characteristics make a company last for so long. While there are no magic set of rules you can follow to make your business last for centuries, there are characteristics you can strive to embody as a company that will help you along the way.
This is what you need to build a long-lasting business:
- Sell a product or service that is in demand and will be for a long time to come — Don’t focus on trends.
- Embrace change and use it to your advantage — “We’ve always done it this way” is a terrible excuse.
- Become a creative problem solver — Quietness is creativity’s best friend, so next time you run into a problem, spend some quiet time thinking of possible solutions and don’t leave any ideas on the table.
- Consistency — Have a plan, then do it faithfully. Businesses can’t run on sporadic, uncoordinated efforts.
- Patience — Longterm growth takes time, and rushing the process will only cause problems.
- Hard work — A farmer must sow seed before he or she can reap a harvest and this can be applied as an analogy to virtually all endeavors in life. Work comes before reward.
- Grit — The definition of this word is self-explanatory: “firmness of mind or spirit : unyielding courage in the face of hardship or danger”
- Faith — “Now faith is the substance of things hoped for, the evidence of things not seen.”
Of course a heritage brand is composed of so, so much and we can’t pile them into a bucket and say the list above is why they had success, but these are the factors that stood out to me as important if you’re seeking longevity, and I’m curious to hear your thoughts as well. Are there other values and characteristics you believe to be crucial to a heritage brand? Let us know your thoughts!
Thanks for reading.