In the cover story of our Oct./Nov. 2006 issue of MyBusiness, we examined what it takes to survive a century. Whether your business is six-months or 60-years-old, take this quiz to see what kind of staying power you have.
1. I started my business because
A. I was tired of working for others and wanted to take control of my own destiny.
B. I wanted to make more money.
C. I inherited it from the generation before me. I really didn't have a choice when it came to what I wanted to do with my life.
2. When I notice a new trend in my industry, I
A. Ignore it. I have too much else to worry about.
B. Read up on it through my trade association publication. It's always good to know what's going on.
C. Actively explore whether it's a good direction for my business, too.
3. When (and if) I retire, I hope my business
A. Will continue to prosper without me, though if I structure the sale correctly, it really won't make that big of a difference to me.
B. Is a distant afterthought that I occasionally think about as I'm playing golf every morning.
C. Will continue to grow and thrive, which is why I'm already thinking about my succession plan.
4. The marketing materials for my business
A. Include a brief history of the business to make customers feel good about our experience.
B. Are designed to sell to today's customer. The past is just that—the past.
C. Include a detailed timeline and photos of all 53 years of our family business' history.
5. If an employee suggests new way of doing a procedure we've done for years, I
A. Thank the employee for his efforts, but remind him that he hasn't been in the business as long as I have. I know what's best for my company.
B. Seriously consider the new alternative.
C. Ask the employee to go ahead and implement his new idea on a scaled-back level so we can determine how well it works.
6. Our company motto might as well be
A. If it ain't broke don't fix it.
B. The customer comes first.
C. We don't have time to create a motto, we just work!
7. Since its founding, my business has
A. Evolved several times to meet the needs of a changing marketplace.
B. Continued to offer the same services we offered on day one.
C. Changed so much that the original owner wouldn't recognize it today.
Key
1. a=3, b=2, c=1
2. a=1, b=2, c=3
3. a=2, b=1, c=3
4. a=3, b=1, c=2
5. a=1, b=2, c=3
6. a=1, b=3, c=2
7. a=3, b=1, c=3
How did you score?
16-21: Old as dirt. Congratulations, you're on track to build a business that will outlast you. By thinking about your future today and constantly evolving to meet customers' needs, you're laying a foundation (or maintaining an existing one) that will be around for years to come.
11-15: On the cusp. Sounds like you want to grow a business that can sustain you and your employees for years to come. You're on the right track, you just need to keep a few things in mind: the customer is king, change is necessary in business and employees are your most valuable resources—listen to them!
7-10: No strings attached. Longevity probably isn't the ultimate goal for your business. Many people start a business in hopes of selling it and moving it on. Still, even if you're hoping to cash in and get out, you have to present a viable business to potential buyers. By changing your focus just a little, you can cultivate a business that will be around for years—with or without you.
Posted by Megan Goodchild on September 14, 2006 12:38 PM
