The average lifespan of businesses is shrinking, yet some have been around for hundreds of years. How to stay afloat in a rapidly changing world? A newly published standard aims to help.
Posted on ISO.org | By Clare Naden
By 2027, the average company on the Standard & Poor’s 500 Index (S&P 500) – an index of 505 stocks issued by 500 large companies with market capitalizations of at least USD 6.1 billion – will last just 12 years, according to the 2018 Corporate Longevity Forecast. New technologies, economic shocks, disruptive competitors and failure to adequately anticipate and prepare for future challenges are the key reasons cited for their demise.
The freshly published ISO 9004, Quality management – Quality of an organization – Guidance to achieve sustained success, divulges the secrets and strategies of some of the longest lasting businesses around the world to help other organizations prepare for such challenges, optimizing their performance at the same time.
Charles Corrie, Secretary of the ISO committee that developed the standard, said it is about helping organizations not only survive, but achieve “sustained success”.
“Often business failure is due to not adapting to changes in the market, competition or new technologies effectively,” he said.
Read entire article Secrets of business success in new ISO standard | ISO.org