Have you ever stopped to think about what kind of legacy your business will leave behind? It’s easy to get caught up in the day-to-day operations and forget about the bigger picture. But what if something were to happen to you today? What would your obituary say, and how would your business be remembered?
The “obituary test” is a powerful exercise that helps you evaluate whether your personal values align with the legacy you want to leave behind. It’s not just about financial success; it’s about creating a lasting impact that reflects your values and principles.
Think about companies like Enron and Lehman Brothers, whose legacies were tarnished by greed and unethical practices. Your legacy is shaped by the decisions you make every day, not just the end results.
Consumers are looking for companies that are authentic and committed to more than just profits. Companies like Costco, known for their excellence and member satisfaction, have built a trusted legacy by treating their employees well, supporting local communities, and living their brand’s values.
So, what does the obituary test reveal about your company? If you’re not happy with what you see, here are a few steps you can take:
Create a legacy statement: Develop a statement that articulates the impact you want your business to have in the long term, incorporating your values and desired legacy.
Carry out a legacy audit: Evaluate the alignment between your operations and values, identifying areas of strength and areas needing improvement.
Implement a values-based decision-making matrix: Use a framework to make decisions that align with your company values and long-term legacy.
We all want to leave behind a legacy we’re proud of. If you’re not happy with what you see, now is the time to start creating the legacy you want.