The 8 Golden Rules Of Building A Lasting Business

The 8 Golden Rules of Building a Lasting Business

And so it was in the wise and long-lost ancient city of Babylon. With determination, men of ambition sought how to become prosperous. They learned that the key to enduring wealth was not in short-lived gain but in the building of a business that could stand the test of time.

Through carefulness, prudence, and following sound principles, they brought into being enterprises that endured for generations. As in the days of Babylon, the principles that make a business stand remain the same, for they are established on the wisdom that transcends the ages.

Let us now consider the necessary elements that must guide any man or woman who wants to build a business that will last. These truths have helped many people run their enterprises from the days of old and will continue to do so in the days to come.

1. Know Your Business

Before you can embark on the path of enterprise, it is essential that you understand thoroughly the business in which you desire to go into. Just as the builders of Babylon knew the land, the materials, and the laws of construction before raising mighty walls, so you too must become knowledgeable in your chosen field.

“A business, like a tower, cannot stand if its foundation is weak.”

A business that lasts is built upon the amount of information – knowledge – you have. If you know your trade and understand how it works, you will be better prepared to withstand any challenge that inevitably arises.

If a baker who rises early in the morning should know each grain of wheat that passes through his hands, or a merchant should study the wants of his customers with care. Both of them will be adequately prepared because they have taken the time to understand the inner workings of their trades. Thus, the first principle is clear: know your business.

2. Build Capital Before You Build Your Enterprise

In the ancient days, men knew the value of preparing before undertaking a great endeavor. The builders of Babylon did not raise walls without first gathering the necessary stones, nor did they begin construction without the assurance of their ability to finish the task.

Likewise, he who would build a lasting business must first gather capital. Without sufficient resources, the business is like a cart with one broken wheel, destined to fail before it reaches its destination. In this, we are reminded of the golden rule of Babylonian wealth:

“A part of all you earn is yours to keep.”

Let the aspiring entrepreneur save diligently before beginning his enterprise. The gold in his purse, accumulated over time, will serve as the foundation upon which his business may be built. As the wise men of Babylon said, it is not the amount that is earned at the beginning that matters most, but the discipline to save, for it is this saved capital that will sustain the business in its infancy.

3. Align Your Business with Your Strengths

A fisherman does not labor in the fields, so you must go into a business that is aligned with your natural talents and strengths. To build a business that lasts, engage in a work that you understand and enjoy, this is the secret to long-lasting success.

“A business that prospers is the one you love.”

Consider a farmer who labors tirelessly month after month, and pours his heart into his work. He loves the tools of his trade and takes pride in his farm produce. Such a man will endure the hardships that inevitably come, for his work is more than just a means of gain; it is his passion.

Also, when you choose a business that suits your skills, your enthusiasm will carry you through the trials that may cause others to falter. Therefore, let the man who seeks to build a lasting business be sure that it is a business that excites him and that he understands. When labor is joined with passion, success will surely follow.

4. Seek the Wisdom of Others

However wise a man is, he cannot foretell all the future holds. As it was in the past, the builders of the great towers and bridges of Babylon did not rely solely on their own wisdom, they sought the wisdom and counsel of others who had built before them. Seek advice from those who have done similar business before you.

“A wise entrepreneur listens to the wise counsel of others, for in the wisdom of many there is strength.”

In business, there will always be unknowns — many unforeseen difficulties, and unimagined obstacles. But a wise entrepreneur will never be alone in times of trials. The guidance of those who have gone through similar challenges can help you avoid costly mistakes and find the right solutions that can lead to success.

With the advice of an experienced sailor, a ship can navigate dangerous waters more safely. Therefore, be willing to seek advice and to listen to the wisdom of others. A business that lasts is not built by a single man’s efforts but through the collective knowledge of many.

5. Guard Against Waste

In the building of any enterprise, one must be vigilant against unnecessary costs and waste. Just as a leaky cistern loses water drop by drop until it is empty, so too will a business fail if it does not carefully manage its expenses. The wealth of Babylon was preserved through frugality and careful stewardship, and these same virtues are essential in any modern enterprise.

“A small leak will sink a great ship.”

The entrepreneur who wishes to build a business that endures must take care to control costs from the very beginning. It is easy to be seduced by the appearance of wealth—luxuries that serve no purpose, staff that are not needed, or premises that are grander than necessary. But these things, if unchecked, will drain the resources of even the most profitable business.

To safeguard against this, let the entrepreneur review his expenses regularly, cutting out waste wherever it is found. Let him be ever mindful of his budget, for in this lies the secret to maintaining profitability. A business that controls costs can weather lean times and continue to grow, while one that spends recklessly will surely falter.

6. Be Prepared for the Seasons of Business

The seasons change, they come with rain or drought; the world of business shifts and transforms. Be ever watchful for these changes, and adapt your enterprise to the circumstances of the time.

“A business that adapts to the circumstances of the time will not fail.”

The merchants of Babylon became successful because they were flexible. They adjusted their trades to meet the demands of the market. An enterprise that is rigid in its ways will be left behind, unable to cope with the changing winds of commerce.

In today’s business world, you must be no less adaptable. New technology comes up daily, customers change their preferences, and new competitors emerge. Be prepared to adjust your strategies in response to these external forces. You must learn to adopt new methods, explore new markets, or rethink the old ways you’ve been doing things, the ability to change is crucial for long-term success.

7. Earn the Trust of Your Customers

No business can last without the trust and goodwill of its customers. Your customer’s reputation is the most valuable asset. If your business is known for good customer care, you can count on loyal customers, while those who engage in bad practices soon find themselves without patrons.

“A satisfied customer is valuable for a lasting business.”

Whether you sell tangible products or provide services, earning the trust of your customers, is important for a lasting success. Satisfied customers are assets; they will come back again and again and will spread word of their satisfaction to others.

On the other hand, a business will soon be abandoned if it betrays the trust of its customers, or delivers low-quality products or services. Therefore, protect your business reputation carefully. Always try as much as possible to exceed the expectations of those you serve. Enduring businesses are built upon a strong reputation.

8. Plan for the Future

A business that lasts is built with the future in mind. The wealthiest merchants of bygone days of Babylon did not build for themselves alone, they built for their children and their children’s children. They did not plan only for the success of their enterprises in the present but for their prosperity in the years ahead.

“If you build your business only for today, you will see it crumble tomorrow.”

Don’t be contented with merely surviving today; plan for growth. Invest in your business wisely, seek expansion opportunities, and be ready for the day when your enterprise will need to grow to meet new demands. Furthermore, think of succession.

No business, however successful, can last if its leadership is not passed down to capable hands. Planning for the future—both in terms of growth and succession — ensures that a business will endure for many years ahead. An enterprise can only become a legacy through foresight.

A Business that Endures

The desire to build a lasting business is a noble aspiration. However, it requires wisdom, discipline, and foresight. By knowing your business, saving diligently, choosing wisely, seeking wise counsel, controlling your costs, adapting to changes, earning the trust of customers, and planning for the future, an entrepreneur can build an enterprise that stands the test of time. Just as the walls of Babylon stood strong through the ages, so too will your business, if built upon these timeless principles endure for generations to come.