In the ever-evolving landscape of business, where startups rise and fall within a matter of months, it is awe-inspiring to witness companies over 100 years old. What makes certain organizations resilient enough to survive for a century or more? Renowned business scholar, Vicki R. Tenhaken, has dedicated her research to unraveling this intriguing question. In this blog post, we will delve into Tenhaken’s insightful findings and shed light on the key factors that contribute to French’s century-long success.
Companies Over 100 Years Old: Purpose and Vision
At the heart of any long-lasting company lies a clear and compelling purpose. Tenhaken’s research indicates that enduring organizations possess a strong sense of mission that transcends mere profit-making. These companies are driven by a higher purpose that resonates with their employees, customers, and stakeholders. One of these companies she researched was our very own French Oil Mill Machinery Co. In our case, this purpose guides our decision-making, culture, and commitment to our values.
Adaptive and Innovative Culture
Tenhaken’s book emphasizes the importance of cultivating an adaptive and innovative culture within an organization. Companies that successfully endure are those that embrace change, foster a culture of continuous learning, and encourage innovation at all levels. She found that French Oil Mill Machinery Co, among other companies, are not bound by outdated practices but rather demonstrate agility, openness to new ideas, and a willingness to embrace technological advancements to stay ahead of the curve.
Resilient Leadership
Sustainable organizations are led by resilient leaders who possess a long-term vision and are committed to the company’s values and purpose. Tenhaken’s research highlights the significance of leadership continuity, where leaders pass on the baton while preserving the organization’s core values and principles. French Oil Mill Machinery Co.‘s leaders are adaptable, forward-thinking, with the ability to navigate turbulent times.
Companies Over 100 Years Old – Customer-Centricity
Companies over 100 years old are deeply focused on their customers. They prioritize building strong relationships, understanding evolving customer needs, and delivering exceptional value. Tenhaken’s research emphasizes the significance of customer-centricity as a driving force behind long-term success. By continuously adapting and exceeding customer expectations, French fosters loyalty and builds a strong foundation for sustained growth. It is not a coincidence that Customer First is our top company core value.
Collaborative Networks and Partnerships
According to Tenhaken’s findings, enduring organizations actively seek collaboration and partnerships with other entities. They understand the power of strategic alliances, joint ventures, and cooperative networks in driving innovation, expanding market reach, and sharing resources. By forging mutually beneficial relationships, these companies tap into collective expertise and create synergies that help them adapt and thrive in dynamic environments.
Strong Governance and Ethical Standards
Sustained success relies on robust governance and adherence to high ethical standards. Tenhaken’s research underscores the importance of transparency, integrity, and responsible decision-making in companies that endure for a century. They establish strong governance frameworks, cultivate ethical cultures, and prioritize long-term sustainability over short-term gains.
French Oil Mill Machinery Co., Celebrating a Century of Success
Vicki R. Tenhaken’s enlightening research has shed light on the key ingredients of companies over 100 years old. Purpose-driven vision, adaptive cultures, resilient leadership, customer-centricity, collaborative networks, and strong governance are among the common threads that weave these organizations into the fabric of longevity.
French Oil Mill Machinery Co. embraces these principles and continuously evolves to meet the demands of the future as we work toward achieving our next 100 years.