Here’s what I know: the key ingredients for business longevity are…

  • Business Advice
woman writing at desk

Peter Done, Group Managing Director and Founder

(Last updated )

Recently, Peninsula celebrated 40 years. And while I’m proud of this milestone and our significant growth over the decades, I’ve learned a fair share of important lessons along the way.

There are many key ingredients that contribute to business longevity.

The first one being this. Resilience.

We work for success. But once we land that success, the work doesn’t end there. It can’t – because the conditions of success are ever-changing. What makes you successful right now, might not make you successful in a year from now.

It’s why businesses have to always stay on the ball and be open to change. You have to build a business that can survive the knockbacks that will inevitability come and stay on its feet. You can’t stay too rigid – because you have to be ready to adapt when necessary. And how do you adapt?

Well, you innovate. Our next key ingredient.

My advice to any business owner – or anyone who wants to start a business – is to embrace cultural change. Don’t be afraid of it. When I started my business in 1983, it was a very different time. And as time went on, the world became increasingly reliant on technology.

Now, we live in a digital age.

I don’t see the advancement of AI as a threat – but rather a golden opportunity.

For example, at Peninsula we use Brainbox. This is a handy tool that combines the expertise of our employment law specialists alongside AI technology. It means our clients have the ability to get instant answers to their queries – wherever they are. And while they can still access in-person support at any time, Brainbox makes it easier and quicker to fact-check those less complex issues.

It takes the pressure off our staff and saves our clients time. Win-win.

I don’t believe that technology should take over, but I do think we can use it to our advantage. We can use it to enhance what we already have. So, we can deliver even better support to our employees and our clients. And if we can maintain this mindset, we will continue to find new ways to innovate and grow.

And in doing so, I’ll leave you with this. Our third key ingredient.

All businesses have a goal - why we do what we do and what we set out to achieve in the first place. This goal should stay at the forefront of our minds when we do anything. After all, we set up a business to do something. To help people in some way. To meet a need. We mustn’t forget this – no matter how much the world around us may change.

As we adapt, how can we support our ultimate goal and purpose?

Having this core belief will give you the drive to stay ahead of the game, no matter what comes your way. It’s a long journey – and not an easy one.

But if you’re ever in any doubt about your next move or a workplace issue feels overwhelming, our advisers are just a phone call away. We’re here to help. So, if you ever need us – just give us a call.

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