Built to Last: Successful Habits of Visionary Companies – Jim Collins and Jerry I. Porras

“Built to Last: Successful Habits of Visionary Companies” examines the habits and practices of successful companies and identifies the common traits that distinguish them from less successful companies. The authors argue that successful companies are those that have a clear and enduring purpose, a set of core values, a long-term vision, and a commitment to continuous improvement.

A clear and enduring purpose is crucial for success

Successful companies have a clear and enduring purpose that goes beyond making money. This purpose is the foundation of their success and provides a sense of direction and meaning for all employees. A clear and enduring purpose allows a company to weather storms and stay focused on the long-term goal.

Build a strong and aligned leadership team

Successful companies have a strong and aligned leadership team that is committed to the company’s purpose and values. This team has a clear vision and a shared set of goals, and they are able to work together effectively to achieve those goals. They are not just a group of individuals, but a cohesive team that is greater than the sum of its parts.

Be willing to change your business model

Successful companies are willing to change their business model when necessary. They recognize that what worked in the past may not work in the future, and they are willing to adapt and evolve. They are not afraid to disrupt themselves and are constantly looking for new ways to create value for their customers.

Preserve the core and stimulate progress

Successful companies know how to preserve their core values and purpose while at the same time stimulating progress and innovation. They have a deep understanding of what makes them successful, and they are able to maintain that while at the same time being open to new ideas and approaches.

Embrace innovation and change

Successful companies are not afraid of change and innovation. They are constantly looking for new and better ways to do things, and they are willing to take risks and experiment. They have a culture of innovation that encourages creativity and entrepreneurship, and they are not afraid to disrupt themselves before someone else does.

Core values are essential to guide decision-making

Core values are the fundamental beliefs that guide a company’s behavior and decision-making. Successful companies have a set of core values that are deeply ingrained in the organization and are not easily changed. These values provide a common language and a shared sense of purpose for all employees.

Hire and promote people who share your values

Successful companies hire and promote people who share their values and are aligned with their purpose. They look for employees who are passionate, committed and have a strong work ethic. They are not just looking for technical skills, but also for cultural fit. They invest in their employees and provide them with opportunities for growth and development.

Create a learning organization

Successful companies are learning organizations that are always seeking to improve and grow. They are not content with the status quo and are always looking for ways to do things better. They invest in their employees and provide them with opportunities for learning and development. They have a culture of continuous improvement that permeates the entire organization.

A BHAG is an audacious goal that can inspire greatness

A BHAG (Big Hairy Audacious Goal) is a long-term, audacious goal that inspires and energizes a company. Successful companies set BHAGs that are clear, compelling, and challenging, and that capture the imagination of employees and stakeholders. A BHAG can help a company stay focused on the long-term and achieve greatness.

Cultivate a culture of discipline

Discipline is a key characteristic of successful companies. These companies have a culture of discipline that is rooted in their core values and purpose. They have a system of checks and balances that ensures that everyone is accountable and that standards are upheld. A culture of discipline enables a company to maintain its focus and achieve its goals.

Source