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Consulting Matters Feature
SUSTAINING SUCCESS Don’t be a ‘ONE HIT’ wonder
It’s one thing to achieve an initial success in any field, and quite another to sustain it over a substantive period. No matter what the field, be it science and engineering, business in general, sport, entertainment, or any other field, the different between a ‘one hit wonder’ and a sustainably successful performer is deserving of some reflection, and consideration of investing in the elements that lead to longer term success. In business, how have companies such as CSL, Apple, Toyota, Microsoft, Proctor and Gamble been able to sustain success over decades, against fierce competition? It is a verified fact that relatively few businesses sustain positions of industry leadership beyond a decade, yet the companies above have defied the seemingly natural forces that cause most businesses to go through a lifecycle of growth, maturity, then decline. Apple is a very interesting example, whereby many commentators thought that Steve Jobs’ demise would lead to a diminishing of Apple’s market leadership. But Apple has continued strongly in the decade since Jobs died, clearly based on much more than his personal driving leadership and pursuit of innovation and quality excellence. In Apple, three things are evident that have
provided this continuous success: these are constancy of core values and purpose, disciplined systems, and innovation capability. From these, Apple gets to win in the ‘war for talent’, create a stream of innovative products and services, and stay competitive and attractive to its loyal customers. Toyota has much in common with Apple, having had its same core values for over 60 years, with a relentless drive for creating superior quality and value for its customers. CSL, perhaps Australia’s most successful company with a sustainable global footprint, has focussed similarly on a highly disciplined approach to it supply chain and its systematic innovation. Core values and systematic innovation have also characterised the most successful consulting engineering businesses that I am aware of, including British, American, and Australian firms that have had lasting success over more than five decades. All these businesses have a culture of humility, a strong service orientation, and a dedication to renewal and innovation.
