Why Certain Companies Age Better Than Others
In today’s world, everything seems to be fast and disposable. We have fast food, tech devices that seem to have a shorter life span with every new generation, and we have cars that feature some of the most awe-inspiring tech imaginable, yet manufacturers don’t expect them to last beyond 10 years or so. Gone are the days when things would be passed down from one generation to the next to be used, cared for, and made ready for the next generation. Our society has become fond of disposable products and it doesn’t look like there is any going back now. Or is there?
Over the past half-century, the average length of time a company has been listed in the US S&P 500 index has fallen. (1) However, in this age of disposable products, there are still people who believe in quality, value, and longevity. And, fortunately, these are people who own some of the world’s oldest companies. If they can keep a company alive and sustainable in today’s post pandemic world, just imagine how good their products are!
Thousand Year Old Businesses Focus On Preserving Their Heritage
When talking about long standing companies from all over the world, we should mention that these aren’t companies who have been around for 20 years, or even 50. There are many companies that have been in business for hundreds, even thousands of years and they are still thriving today. What’s their secret?
Experts point out that culture has a big impact on the longevity of a business and their ability to not only last the past thousand years, but the real possibility of them being around for another thousand or more. Companies such as Kongō Gumi, a Japanese construction company founded in 578, Benediktinerstift Admont, an Austrian woodworking company founded in 1074, and Nishiyama Onsen Keiunkan, a Japanese hotel company founded in 705 prove that staying in business for thousands of years is possible and they don’t make their methodology a secret.
The Culture Of Respecting Tradition And Ancestors
According to Yusuke Tsuen, CEO of Tsuen Tea which has been open since 1160 AD, the key to a business’ survival over time is “focusing on tea and not expanded the business too much.” (2) Other business leaders state “More generally, we could say that it is because of the general long-term orientation: the culture of respecting tradition and ancestors.” (3) Focusing on the task at hand and respecting the generations that came before, can help you keep your business operational and successful for the long term.
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To learn more about the importance of handing down information, contact Descendantry and experience our feature-rich life documenting service today.
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(1). http://im.ft-static.com/content/images/06520b6a-8377-11e5-8095-ed1a37d1e096.pdf
(2). https://www.bbc.com/worklife/article/20200211-why-are-so-many-old-companies-in-japan
