When Xerox was formed in 1906 in the New York city of Rochester, there was a clear vision as to where should be going. There was a clear vision about the brand/image of the company, the nature of products they wanted to manufacture and how the company should fit into the global scheme of things. It is this unambiguous statement of purpose that has driven the company to become a global giant that it is today. The most remarkable thing about the Xerox story is the number of years they have managed to be relevant to its market for such a long period of time.
Since its formation many other brands have entered the market, but that has not seemed to be a real challenge to the company. With a strong vision and direction from the company, they have shown the way to successful in an industry where competition ferocious and they have done consistently for many decades.
Many businesses from various industries who have achieved incredible have normally become complacent and as a result have paid for it. Think of a social media platform such as MySpace, which used to be one of the most patronized in their industry. That was and is never so with Xerox. It is one of the reasons why I have always been fascinated about them.
So what is there to learn from this global printer manufacturing firm?
In my opinion, there is so much to pick from the manner in which the company has been run over the years. It does not matter which industry one finds himself, the lessons are universal and can be applied to all manner of fields. They are tried and tested approaches to building a successful business.
The first thing anyone aspiring business person can pick from this success story is consistency. The road to success is a long and hard one. It takes the application of the right business principles over a regular period of time. Once you have done the right things, it will then require patience to see the good results come in.
When Xerox started over 100 years ago, it was only in 1959 they began to see the real impact of their research and development works come to fruition.
This may seem like a very simple thing to do, but being consistent over this long period of time requires meticulous thought through many variables.