Why do some companies endure for decades while others from the same industry falter and fade away?

 

Jerry Porras and Jim Collins, authors of the business classic Built to Last, conducted a 6-year study of a group of companies that have enjoyed exceptional long-term success, including well-known brands such as Disney, 3M, Marriott, Hewlett-Packard, and Procter & Gamble.
On average, these companies have been in business for 100+ years, and their stock has outperformed the broader market by a factor of 15X or more since 1926.
Porras and Collins uncovered several key components that have allowed these companies to thrive and endure, one of them being a deeply-held Core Purpose that produces a sense of continuity and identity for the business and its stakeholders.
The Purpose portrays the idea of who you are and why you exist and sets expectations both internally and externally.  By its sheer significance, the Purpose defines your brand and sets you apart from the competition, communicates how you will help customers/community solve their problems, and helps define your company’s culture.
Do you know the WHY of your business? Have you articulated it well? If not, it is time for the Purpose Discovery.