[Column] Kyle Condon: How to achieve longevity and achieve its benefits
In today’s technological business market, starting an organisation has become easier than ever. Entrepreneurs have every advantage at their disposal. From formulating ideas through to execution and marketing; everything has become almost as easy as simply pushing a button. The result of this is that the market is flooded with options for consumers to choose from.
While this entrepreneurial boom is advantageous in areas such as job creation, there are some disadvantages. Many of these companies do not have the knowledge and expertise required to execute the type of professional services customers would expect. As a result, customer satisfaction decreases, and a high percentage of new businesses fail within their first five years.
The latter indicates that customers will gravitate towards organisations that have proven longevity. “When a company has been around for a long time and has consistently delivered exceptional service, customers know that the company can be trusted,” explains Kyle Condon, Managing Director of D&K Management Consultants.
As the Managing Director of an organisation that has been in operation for 26 years, Condon explains how his team achieved and benefited from this type of longevity. One of the advantages that Condon outlined is the inheritance and continuation of industry expertise. “When a company has been around for almost three decades, chances are there has been a generational hand-over or two. For instance, my father established D&K Management Consultants and I have taken over the torch from him. What this means is that there is new and old knowledge blended in to the ‘brain’ of the organisation.”
The amalgamation of ‘tried and tested’ methods with the ‘new and improved’ technologies and techniques made available by the modern era puts organisations in a strong position to compete in the market. This allows for a type of industry expertise that can only be achieved by organisations that have enjoyed many years in operation, and that has focussed on the retention of historical knowledge as the business is transformed.
Condon further explains that the reputation embedded within the company name acts as a motivator, a standard benchmark, due to the level of expertise customers expect from the organisation. “It ensures that you constantly strive to improve and stay ahead of the game. Especially in our area of specialty, risk management, we need to ensure that we are constantly evaluating and improving our strategies and techniques to deliver the exceptional service that customers have come to expect,” concludes Condon.
While new organisations are certainly not to be looked down upon, these businesses need to ensure that they fully understand the field that they are operating in. By continually striving to improve their service, they are more likely to survive the five-year mark - and continue on to benefit from longevity and the expertise that only years of service can provide.