Historical Companies
- Advoco
- Apr 23, 2021
- 2 min read
Quick Trivia! Question #1: What is the oldest company you can name?
If you are thinking of American companies, did you say Cigna or Colgate? Both are from the 1700’s. I did some research and the oldest company I have heard of is Stella Artois, from Belgium, and it started in 1366. That fits in with most of the world’s oldest companies being a brewery, winery, hotel, or restaurant.
Question #2: What company sells the fewest product SKUs?
Maybe you thought of a bank or credit union with several financial products.
What if I told you the answer to both questions may be the same company?
A Japanese company known as Ichiwa has been around since the year 1000, placing in the top ten for oldest companies in the world. They sell only one product, mochi (a traditional rice cake), and continue to be family owned to this day.
It may not surprise you that a 1,020-year-old, family-run business is not concerned about quarterly earnings or mergers and acquisitions. What they are concerned with is tradition and stability. They operate out of the same shop, in the same location, and follow the same recipes as they always have.
Their goal is to pass on a successful and stable business to the next generation. They have more in savings than a typical company (in the neighborhood of several years’ worth of expenses) and are focused on surviving. This has undoubtedly helped them survive the Coronavirus pandemic while other equally small companies have struggled.
So, what can we learn from Ichiwa?
Not only can we learn that defining your success clearly will help you achieve that success. Their goal is tradition and stability. Over a thousand years later they are achieving this goal! But we also learn that finding what works for you and your company and perfecting it can serve you better than expanding product lines and unnecessary growth. Remember, Ichiwa has one product, one location, and one thousand years.
What I see is a family coming together with a common purpose and focusing on the long term and not quick and easy profits. Heck, their strategy has worked so far!
Until next time…we are Advoco, make every minute count.
About Colin: Colin Whitney is a Solutions Architect with Advoco and looks forward to helping others achieve their EAM goals. He is a graduate of both the University of Iowa and the University of Georgia. When he is not working he enjoys getting outside and watching college football. Questions? Send Colin an email!
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