How to Survive & Thrive in Business
The Coca-Cola Brand's Impressive Longevity
Why is it that some brands fail, while others stand the test of time?
Coke is one of those amazingly long-lasting brands. Introduced in 1886, Coca-Cola's ubiquity, staying power and success through the years is nothing short of awe-inspiring. At 129 years old, Coke is still recognized as one of the world's top five most valuable brands.
Outstanding Executive Donald Keough
Although you may never have heard of Donald Keough, he is at least partially responsible for the The Coca-Cola Company’s longevity. Don Keough sat on the Company's board up to 64 years after he first joined retiring in 2013, and served for many years as the company’s President, COO, and as Chairman of the Board of Coca-Cola Enterprises.
Legendary billionaire investor and world's third richest man, Warren Buffet, gave Don Keough a dazzling endorsement:
“I... always try to hang out with people who are better than I. There is no question that by doing so, you move yourself up. It worked for me in marriage, and it’s worked for me with Don Keough.”
So what does this veteran executive, and holder of five honorary doctorates have to say about how to survive and thrive in business? In his 2008 book ‘The Ten Commandments for Business Failure‘, Donald Keough tells us what NOT to do. I have adapted his tongue-in-cheek warnings, into a to-do list, instead.
How Survive and Thrive in Business
1. Embrace Risk
Creating profits in the long-term requires innovation in the now. Business leaders are paid to “be discontented”, to take the calculated risks that will ensure the company’s success in the future. “When you’re comfortable, the temptation to quit taking risks is so great, it’s almost irresistible”, but it is the number one way to seal your fate and fail. Mistakes and miscalculations, even very costly ones, are simply the price of staying in business.
2. Be Flexible
The “if it ain’t broke, don’t fix it” mentality is the second best way to secure your demise. There is no one formula for success that will continue to work always; leaders must constantly challenge themselves to change. “Flexibility is a continual deeply thoughtful process of examining situations and when warranted, quickly adapting to changing circumstances.” Darwin’s concept of natural selection is applicable not just to organic species, but to the survival of businesses as well.
3. LBWA: Lead by Walking Around
Staying in touch with customers, distributors, managers and staff is an essential strategy for continued growth and success. It is temptingly easy to physically isolate yourself from “distractions” in the comfort of leather sofas and plush carpets in corner offices on high floors guarded by layers of Personal Assistants. Creating your own “executive bubble” is a great way to be the last to know when anything is going wrong. Answer your own phone, make your own coffee, know the names of your people – walk around and find out how they are doing and what the Company needs in order to be doing better.
4. Admit Your Mistakes
Another sure path to failure is to never admit a problem or a mistake. Develop the artful skill of finger-pointing. Blame external forces such as inflation, or the unusually active hurricane season. Cover up mistakes for as long as possible without admitting that anything is going wrong. It’s best to wait until there is a full-blown crisis and then say “mistakes were made…” (but not by me).
5. Take the Ethical High Road
If you consistently “play it close to the foul line”, your employers will not trust you, and neither will your customers. If you achieve success by destroying your principles in the process, it will not last. Build a reputation for doing the right thing – to be forthright, honest and fair. Build trust. Honor and decency are virtues which never become outdated.
6. Take Time to Think
“Thought is hard” — Goethe. In many ways technology often adds to the complexity of life without providing appreciable advantages. With the steady stream of data constantly bombarding us, it is appealing to believe that being busy is the same as being effective. Base decisions on careful evaluation. Objectively analyze mistakes; they are a powerful opportunity to see what went wrong. Making time to think is essential for success.
7. Own Tough Decisions
“It is better to know some of the questions than all of the answers.” — James Thurber. Putting too much faith in outside expertise can lead to disastrous consequences. Quite often, managers insecure in their authority blame restructuring, layoffs and other unpleasant decisions on plans drawn up by outside experts. This is just another cowardly way of passing the buck. Good business leaders take responsibility for the future of their businesses, they don’t farm out important strategy decisions to third parties.
8. Let Good Judgment Outweigh Bureaucracy
If you want fail spectacularly, put administrative concerns ahead of everything else. Chains of command, paper pushing, and general red tape can lead to endemic dysfunction. Bureaucracy within organizations causes responsibility to become so diluted that the managers become incapable of making objective decisions. Action becomes impossible. In a crisis, the results can be catastrophic.
9. Reinforce Your Message Clearly, and Often
Communication does not occur unless the message is both heard and understood. For example, rewarding employees who have not met performance targets sends the message that the targets really don’t matter. Be consistent in the message you send. Make it your strategy to consistently encourage accountability and follow through with the consequences.
10. Move with Confidence and Optimism
If you want to paralyze your business, start proceeding with caution all the time, allow pessimism to thrive. Unquenchable optimism is the spirit the engenders achievement and success. Move boldly ahead – approach the future with optimism – especially when the circumstances are unfavorable.
11. Cultivate Passion for Your Work
To fail, just continue to set low expectations for yourself and everyone around you; keep saying “that’s good enough”, or “that’s not my job”. All achievement requires passion. Work is hard, but it is worth the effort to those who are convinced that they are capable of being better. It is the strong desire to do better and solve problems that should drive your passion to work harder. Successful people perform at a higher level, just for the satisfaction of doing it. Passion can be cultivated. Make it a habit to form a strong emotional connection with whatever you are doing, and never stop.
Hopefully, following these principles as part of your leadership and business strategy will not only give you amazing staying power, but it will make you as refreshing as an ice-cold glass of Coke on a hot summer day.
Note: I have just learned that Don Keough died on February 24, 2015 at the age of 88. Sincere condolences to those who knew and loved him, and may his legacy live on.
Please feel free to share your thoughts in the comments section below. If you enjoyed reading, please stay in touch by clicking the follow button, or contact me via twitter or my website.
Adventurer, Publisher, Innovator, Media Manager
9yThank you for sharing these insights. Very timely
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9yThanks for taking the time to read this, Nickus M. I especially love that Don Keough recommended embracing risk. The epic failure that was 'New Coke' is the stuff of legend, but he sucked it up, moved on, and Coke went from strength to strength. When you love what you do, letting your ego get in the way—through bith tragedies and triumphs—isn't really an option.
Accountant and Business Consultant
9yVery revealing. This is a great model to follow in this competitive world.