Establishing Longevity In Business
Posted On: 22/06/23 - 0

Recently, I was hiking in the backcountry of central Alberta. I continue to be in awe of the wild horses that we come across in this area year after year. Their ability to not only survive but thrive the harsh temperatures and winter conditions in such a desolate area is inspiring. I’m so intrigued, I recently read a research paper out of the University of Calgary, Wild Or Feral? (2008, Kincaid, Adela Tesarek). According to that paper, wild horses have been in Alberta as far back as the 1800’s, and potentially much longer. How is it that these animals have been able to survive for hundreds of years against all odds? What can we learn from these herds and apply similar concepts to increasing longevity in business?

A Strong Infrastructure

Firstly, a cohesive team leads to a culture with a strong sense of belonging and acceptance. There is appreciation for one another and what each individual brings to the business in terms of unique skill sets. Much like a herd of wild horses. One herd (50-300 horses) is built on several harems. Each protected by a stallion and a lead mare with a hierarchial following. Teamwork at its finest.

Defined Roles and Responsibilities

Secondly, it’s important to have a shared vision in the business. A clear understanding of what our job roles are in that vision is key to ensuring accountability and individual responsibility. On the weekend as I approached a herd, it was very clear that mares protect babies, stallion protects the herd. The stallion was running towards the herd to signal there was a possible threat and the herd ran into the trees.

Adapting To A Challenging Environment in Business

Thirdly, nobody could have planned for a pandemic and how it would negatively impact the global economy. Many businesses were mandated to close. Some were unable to survive in business as a result. Others learned to pivot and move their business on line, or do home deliveries, etc. Those that learned to adapt quickly were able to sustain the business and in some cases, were able to thrive during a very challenging time. Wild horses have evolved over the centuries and learned to adapt to harsh conditions also. They will eat wild flowers, grasses and grains, but will resort to roots and woody plants during drought conditions. Wild horses have learned the importance of adapting to challenging conditions in order to survive and thrive to protect their existence in the wild.

Understanding Your Competition and Customer Expectations

Fourthly, being aware of what is going on around you will keep you relevant in your industry. The world is changing at lightening pace, we need to keep up, or we won’t last in business. Do you understand what the competion is offering in terms of services and pricing? What type of technolgy is relevant today? More importantly, what are the customers expectations? There is so much to be aware of all of the time. Wild horses need to be aware of predators like wolves, cougars, and bears. Their existence depends on understanding their surrounding habitat.

The Importance of Self Care

Lastly, one of the key factors to longevity in business is spending time away from work. Close to 60% of entrepreneurs believe having a healthy work-life balance contributes to their overall success. Wild horses are stronger, generally healthier and have better immune systems than domesticated horses. Would this be because they are naturally all about eating organically, drinking fresh water, plenty of fresh air and excercise?

In conclusion, about 50% of small businesses survive their first 5 years in Canada. 33% make it to their 10th year anniversary. Small businesses are vital to the country’s economy with 98% of all businesses classified as small business. What are you doing to establish longevity in your business?

For your accounting, bookkeeping and payroll needs, call us, you small business advisor. Call Cheryl at Padgett for a no charge consultation.

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