Not many businesses last over two decades. According to the United States Bureau of Labor Statistics (BLS), about 20% of new businesses fail within the first two years of opening, with approximately half shuttering by year five and only about a quarter making it to year 15.
This is why companies like QNET, which have thrived for 25 years, are truly rare and remarkable.
So, what does it actually mean for organisations to celebrate their silver jubilee, and what does it say about them?
For starters, this success isn’t down to blind luck. But more importantly, it suggests that these businesses have done quite a few things right over the years and have endured thanks to some key qualities.
Here’s a look at some of these:
1. They Were Founded on Solid Values
Plans and strategies are important when businesses are getting started and looking to set targets and objectives. But what ensures a company remains strong for years, even after strategies change, is having sound principles right from the start.
Essentially, founding principles reveal what a company is all about. Thus, it stands to reason that a long-lived organisation is one that has been clear about its values from the get-go.
In the case of QNET, for example, we have always been focused on the betterment of lives that’s encapsulated by our corporate philosophy of RYTHM, or “Raise Yourself To Help Mankind”. And it is that stress on empowerment — through our direct selling business opportunity, sales of our high-quality products and services, and our social development work — that has certainly helped us make it to year 25.
2. They’re Resilient, Adaptable and Future-Focused
Incidentally, while a quarter-century milestone stands as evidence of solid core strength, it also speaks volumes of a business’s ability to adapt to the times, pivot where necessary, and continuously look to improve.
True, the image many people have of long-enduring companies is that they’re resistant to change. Yet, it is an established fact that in contrast to new(er) organisations, it is older, long-lasting businesses that are often ready to make improvements and adapt to changing times and situations.
Need proof of that? Just look at QNET’s own experience in prioritising innovation and creativity; how we’ve endeavoured to develop high-quality products and services that meet present and future needs; how we’ve responded to numerous challenges, including the COVID-19 pandemic, and, importantly, how we continue to look forward.
3. They’re Serious About Building Long-Term Relationships
The emphasis placed on forging long-term relationships is another trait all enduring enterprises have in common.
Have you noticed how QNET, like other long-lasting businesses, always stresses doing right by our customers, partners, employees and the communities we operate in, even if it means losing out on quick sales?
That’s because trust is a two-way street. And when a business places people above profits, it gets rewarded with not just a long life and formidable partnerships but also generations upon generations of support. Indeed, some of our most loyal supporters today are those who have seen the lives of their families and loved ones being touched and transformed by QNET.
4. They’re Active Changemakers
Speaking of touching lives, QNET’s philosophy of RYTHM sees us constantly striving to transform the communities we operate in. And this, experts note, is a hallmark of almost all long-lived companies.
No doubt, cynics may view corporate social development work as a ploy to increase brand awareness and boost income.
But from many multibillion-dollar tech corporations and clothing retailers to direct selling companies like QNET, it’s been proven that the biggest and longest-surviving companies recognise that money isn’t the be-all and end-all. Rather, what’s more important is to lead by example, prioritise social good and actively work towards effecting sustainable change for all persons.
Hence, our high-impact work, from providing aid in times of crisis to helping children from underprivileged backgrounds excel in football. Even QNET’s products and services — such as offerings from our HomePure range of air and water purification systems and educational programmes from our e-learning platform qLearn — are focused on bettering lives.
Built to Last
Of course, the business landscape is forever changing, and QNET, like other companies that have stood the test of time, appreciates that there will be challenges ahead.
But as it has been for the past 25 years, we’re confident that hard work, perseverance and a commitment to strong values will help us continue to grow and thrive for many, many more years.
