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The key to business success is the strength and universality of the company core value covering all its business units. These principles help shape the company, improve performance and increase employee engagement and retention, ensuring the company’s future sustainability.
A smooth ship goes through turbulent times, especially during black swan events, such as the recent Covid-19 pandemic, which challenges the fabric of the global business landscape.
customer loyalty Probably the most important factor in company growth and sustainability, but what creates this kind of dedication to a specific company or brand?
This is a critical question to answer, as the data clearly shows that many, if not most, businesses around the world, especially in the United States, are struggling to survive within their first five years of existence. according to U.S. Bureau of Labor Statisticsabout 20% of businesses fail in the first two years, 45% fail in the first five years, and 65% fail in the first 10 years – this trend is quite obvious. Consistent since the 1990s.
Related: Want a company that’s built to last? This Simple Business Strategy Is the Secret to Longevity
Despite statistics like this, some businesses have been around for a long time. Interestingly, many of the oldest companies in the world are family business. Family businesses tend to survive better during challenging times, as evidenced by those that successfully weathered the UK recession of 2008.
Kowloon Bus Company is also a fourth-generation family business. Currently affiliated to Tongyun International Group, it is the largest and oldest transportation company in Hong Kong. Since my grandfather William Louey Sui-Tak founded the company in 1921, the company has weathered the Japanese occupation during World War II, economic crises and, most recently, the Covid-19 pandemic.
My own experience and passion for the family business helped me identify Application of family values Core values are the secret to a company’s success. Based on the data presented below, here are the five values that energize a healthy home Online Doctor of Medicine. I believe that these key family values embedded in the core values of the company are important to ensure the future survival and sustainability of the business.
1. Empathy is good for business
Empathy It is the ability to understand how others are feeling, a key personality trait that is important for nurturing family relationships as well as long-term business relationships, especially within a company. This skill can be improved through careful training and practice and should be implemented as a core value.
Being empathetic in a corporate environment means listening to the needs of employees and customers, thereby building mutual trust that helps businesses survive challenging times and thrive. According to the World Economic Forum, it is also an important tool for ensuring economic growth. organizational sustainabilitybecause of its ability to create a better work environment. Empathy is also considered key Future capability elements by the European Council.
Related: 4 reasons why workplace empathy makes business sense
2. Honesty is the best policy
anyway, Honesty and transparency is a highly regarded family value that can also be applied to the core values of your company. While honesty is often touted as an important value in business settings, economists can argue that dishonesty can also be profitable, in some cases more profitable than honesty itself. However, a Harvard Business Review article Believe that it makes sense to be honest, even if there is no reward for doing so.
The longevity of a business is related to having a trustworthy reputation, as exemplified in the ExxonMobil case study, where the oil giant convinced the town of Valdez, Alaska, to accept a tanker terminal on the promise that the likelihood of a spill would be extremely low, and No leaks will occur. When 240,000 barrels of oil spilled, the promised cleanup never materialized. The cost of this broken promise is estimated to be more than $2 billion so far, and Alaska’s oil and gas industry is constrained as a result of ExxonMobil’s actions.
3. Respect helps us stay on the same page
It goes without saying that respect Very important in business, especially when it comes to internal collaboration in the workplace. Respect reduces the likelihood of conflict in the workplace and builds cohesion among employees and managers. This creates a harmonious work environment that is more likely to encourage employees to stay with the company and help the business grow and prosper.
4. Loyalty ensures longevity
Employee loyalty ensures employee retention, thereby stabilizing the company and increasing its chances of future survival. What’s more, what really drives a company’s growth is customer loyalty, which leads to ongoing revenue streams and profits, which is the essence of business longevity. Ways to build customer loyalty include providing high-quality service, creating memorable experiences, and introducing engaging loyalty program and communicate effectively with customers.
5.Perseverance leads to success
will Predicting entrepreneurial success According to research from MyCompanyWorks, it can extend life. While this trait is also an important family value, in business it can serve as a powerful mindset to help you face market competition and economic uncertainty by remaining resilient, adaptable, determined and focused. Solve problems.
Perseverance can also help businesses achieve long-term goals, and adopting this trait as a core value will help companies develop appropriate strategies that are future-oriented and prepared for risks. This is one of my favorite qualities because I firmly believe learn from mistakes and finding ways to move forward despite setbacks.
