Dr. Asif Theyyampattil
Imagine running a marathon and chasing a sprinter halfway through—would that make sense?
Here’s why staying true to your business purpose is the key to long-term success.
The pace of change in today’s business environment is relentless. At a recent Walmart technology conference, a speaker noted: “If you’re fully up-to-date this morning but take a two-hour break, by the time you return, the world could have shifted so much that you’re already behind.” In this whirlwind of innovation and disruption, mere speed isn’t the key to survival—it’s clarity of purpose.
So, what really determines if your business will endure over the next two decades? The answer lies in fundamental, time-tested factors:
- Product and service relevance: Are you still solving a real, meaningful problem?
- Adaptability: Can you evolve your offerings and service quality to meet changing expectations?
- Consistency: Do you deliver dependable, timely results that build trust with your customers and community?
- Efficiency: Have you developed cost-effective methods that keep you competitive and sustainable?
- Market fit: Do you have a clear framework for staying relevant and agile amid new entrants?
A business anchored in a purpose-driven strategy isn’t just more resilient—it thrives. Purpose guides decision-making and helps companies build authentic trust with customers, often at lower costs than newer, flashier competitors scrambling to gain mindshare.
Take Tata Group as a powerful example. Rooted in a deep value system and purpose, it has stood the test of time. While many companies have emerged, some even larger, without such clarity they’ve faded into irrelevance.
One common pitfall is getting distracted by competitors and trying to imitate their strategies. Imagine you’re running a marathon—you started early and have been steadily pacing yourself for many miles. Suddenly, a sprinter passes you far ahead. Would you abandon your long-term rhythm and start chasing the sprinter, forgetting that you’re in a marathon and they are running a short, fast race? Would you change the rules of your game to mimic theirs?
This is exactly what happens when businesses lose focus on their purpose and try to copy others’ short-term tactics. Staying true to your own strategy and pace is critical for long-term success.
For CEOs today, the call to action is clear: develop a strategy that solves an enduring problem, build unwavering trust through consistent quality, and continuously optimise your offerings to stay indispensable.
Ask yourself: Will you still be in business 20 years from now? Clarity of purpose and relentless value creation are your best bets for a resounding yes.
Your turn:
What steps are you taking to future-proof your business? Share your experiences and insights—I’d love to hear your story.
