INTERVIEW
Kongō Gumi, a Japanese construction company established in 578AD that specialises in Buddhist temples, is considered the oldest continuously operating company in the world.
spite of the volatility and uncertainty in today’s markets.” Whether or not the new look helped to re-establish and reinforce the Cheffins name during Covid-19 is difficult to measure, but King is clear that, to keep the business relevant and forward-looking, the rebrand was definitely worth doing. Planning ahead When asked what he believes the key factors are for business longevity, King points out that there is no ‘one size fits all’ and that what is right for Cheffins may, of course, not be so for any number of other businesses. But some of the things, he shares, are indeed universal. “You must be prepared to look at available opportunities and be proactive with your clients. Being focused and having clear objectives is key.” To that end, he adds, long-term planning – for long- term success – is imperative. Cheffins’s partners work on a rolling five-year plan. The current five-year period is coming to an end, but King insists they are well advanced in their plans for the next five. This strategy is vital for Cheffins – and should, King believes, be applied universally across business and industry. Yet, within a world of ultra-fast technological change, including the
current shift to AI, looking five years ahead can only really be done on a macro basis. King and his partners balance this by looking at the micro on a bimonthly cycle. These more frequent strategy meetings are now more critical than ever. Adds King: “Although we’re a multidiscipline business, we are, nevertheless, very collegiate,” which is another key component to why Cheffins continues to be so successful. “Of course, it can often be a challenge to get everyone on board, but we respect differences of opinion.” Adapt to thrive Returning to the theme of what ingredients are needed to keep a business going over the long term, King is unequivocal. “Yes, we have been dynamic, but at the same time – and where necessary – we’ve also been conservative. We’re a mid-sized business and have grown in part through mergers and acquisitions. But we’re also anxious that we don’t stand still, so we’re always looking at our opportunities.” King makes the valid point that languishing in areas of business that are either becoming obsolete or don’t fit the business’s future strategic plans is counterproductive to any ambition to play the long game.
When pressed about which other companies he admires for their longevity, he cites C Hoare & Co (the UK’s oldest privately owned bank, founded in 1672), Clarks Shoes (the British footwear manufacturer and retailer, also founded in 1825) and JCB (the British multinational manufacturer of equipment for construction, agriculture, waste handling and demolition, founded in 1945). Three very different businesses, but, like Cheffins, always fleet of foot and capable of adapting rapidly to changing market and economic forces. “We sell a lot of second-hand JCB machinery,” adds King, with obvious pleasure. “What an incredible family- run business, which, like us, rose from modest beginnings but has endured.” Cheffins has come a very long way, since starting life as cattle auctioneers back in 1825, to arrive at the vibrant organisation it is today, providing advice on property, land, farms, fine art, tractors and steam engines, as well as hosting regular auctions for all of these divisions. If one division should suffer from a particular market disruption, chances are another will be thriving for different reasons. Perhaps, above all else, it’s this diverse offering and the ability to be commercially nimble that has contributed the most to Cheffins’s long-term success.
14 | BUSINESS EDITION | ISSUE 2
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