Many may think that in the age of unicorn companies, success is measured in dollars – you hit a billion and there’s nowhere for your company to go but up. However, a billion dollars can just as quickly be lost as gained. Look at movie rental company Blockbuster: worth A$7.6 billion in 2004, the company filed for bankruptcy in 2010.
In an age of continual disruption, longevity seems a better measure of success. In 1850, American Express launched as a regional freight company, and 170 years later, it has grown into one of the world’s most successful financial services companies, and the 23rd most valuable brand globally.
A growth strategy is a plan that allows your company to achieve a higher level of market share than you currently have, but there’s a misconception that growth strategies are only short-term. In 2021, what are the vital elements for long-term growth strategies for startups?
1. THE CHANGE YOU WANT TO MAKE
In 1995, an intensive six-year research project of ‘visionary companies’ that had endured for more than 50 years discovered that not one company stated profit or growth maximisation, or increasing shareholder wealth, as the driving force behind the business. While profits were seen as a path to sustainability, it was the company’s commitment to their purpose and values that guided their growth.
This story is from the May 2021 edition of The CEO Magazine - ANZ.
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This story is from the May 2021 edition of The CEO Magazine - ANZ.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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