It is always a good idea to keep your finger on the pulse and see what new business ideas are making waves and take some inspiration from how others have achieved success.

Sites like businesstrex can often help provide the stories and details that you might be able to apply to your own business. One company that has been able to achieve global success and longevity is LEGO and it is well worth taking a look at how they continue to lead the way and create growth through the way they approach the running of their company.

It has not always been plain sailing

It would be wrong to suggest that LEGO has enjoyed continued success without any issues or major problems to contend with. In fact, if you look at the state of the company at the start of the year 2000 you could be forgiven for thinking that the business might not survive long into the new century.

At that point in time, the company was losing money and the trend for children to play with electronic gadgets seemed to suggest that LEGO would struggle to win back customers.

What caused a revival in its fortunes was its ability to remember its core principles and business values.

Rather than attempt to adapt to a changing market LEGO decided to focus on delivering a message to consumers that their bricks continue to be a great learning toy, even in a digital age.

Concentrating on what made LEGO such a niche business helped them to turn things around and return to profitability.

Tapping into the adult market

Another key lesson is the fact that they saw an opportunity to appeal to a generation of adults who grew up with LEGO and might be inspired to return to something they loved so much in their childhood.

Sales of adult LEGO sets and even the use of bricks in consulting work created a much wider customer base that included corporate buyers as well as parents.

Finding ways to sell your core product to a wider audience is a great way to grow organically.

Learning lessons from the past

Perfection is an impossible dream in business and where LEGO provides inspiration to others is in their ability to recognize that they made a lot of mistakes along the way.

If you can see where you went wrong and learn the lesson of that failure it should put you in a much better position to drive the business forward with greater confidence when you know you won’t make the same mistake again.

The company has had a slogan that has been foundational to the business since 1932, which is “Only the best is good enough”.

By striving for that perfection and acknowledging the mistakes made in pursuit of that perfection, LEGO has managed to turn the fortunes of the business around in dramatic fashion from where it was 20 years ago.

If your business can learn some of these valuable lessons from LEGO it may hold the key to achieving the same level of long-term success.