In the dynamic landscape of business, few companies can boast a legacy as rich and enduring as Chief Industries. As we raise our glasses to celebrate seven decades of success, it is with great pride and admiration that we reflect on our remarkable journey. From humble beginnings to becoming a global force, Chief Industries has consistently demonstrated a commitment to innovation, resilience, and unwavering dedication to excellence. As we reflect on our history, we hone in on a few key concepts that have been the cornerstone to our company.
How do the vision and values that are set when a company is founded help to guide its longevity?
A company’s values serve as a set of guiding principles that define its ethical standards, cultural identity, and overall purpose. These principles create a moral compass that not only directs decision-making but also establishes a foundation for trust and integrity within the organization. For Chief, we have many principles that still hold true today. One is our diversification and the other is our relationships.
Chief intentionally diversified our business units to ensure strength and stability through different economic situations. While Chief is not the largest in any of our respective industries, we do feel that we can provide quality products and service better than anyone else. The relationships that our team members form with our external stakeholders is truly the key to Chief’s success. When a company builds trust and loyalty among its customer base, longevity is often sustained by the ability to retain and grow a loyal customer following.
What are the factors that a company needs to consider when they are diversifying?
Diversification or acquiring new business units can be strategic moves for companies seeking growth, expansion, or risk mitigation. However, these decisions require careful consideration to ensure success. Companies also need to consider when certain business units no longer fit the strategic business model.
Chief’s founder, Virgil Eihusen, had an entrepreneurial spirit. At one time, Chief had 15-17 different businesses, divisions, and subsidiaries. However, as the economic climate changes, there were shifts in consumer preferences, technological advancements, or regulatory changes, which required selling off one business unit to adapt to evolving market conditions. Currently, Chief has paired our brands back to 7 by design. The 7 that we have today are the core of our business, and the growth going forward will come from one of those seven.
How does innovation play a role in a company’s success?
Innovation is a cornerstone of a company’s success, playing a pivotal role in its ability to adapt, grow, and thrive in a competitive business environment. Innovation allows a company to develop unique products, services, or processes that differentiate it from competitors. A distinctive offering provides a competitive advantage, helping the company capture market share and stand out in the eyes of consumers.
Innovation is the essence of Chief, as the company doesn’t build things the way it did twenty, ten or even five years ago. The automations that exist in the manufacturing industry are phenomenal. We believe that it is our responsibility to stay on the leading edge of innovation to be able to provide the quality products and services that we do.
What are the benefits of being a philanthropic company?
Philanthropy builds a positive corporate culture, strengthens relationships, and contributes to a more sustainable and responsible business environment. Demonstrating a commitment to social responsibility and giving back to the community fosters goodwill among customers, employees, and the public, leading to a more positive corporate image.
For Chief, it is imperative that we give back to our communities. There are so many different causes that we are involved in like the Heartland United Way, Habitat for Humanity, Toys for Tots, and the list goes on. Our team actively contributes to social causes and ensures that we help to build the communities in which we do business.
70 years, 3 leaders, and hundreds of team members later, Chief has experienced a lot of expansion and success in our history. Today, the company is positioned to maintain our growth through our 7 core business units. Chief is reminded that the path to success is not just a timeline but a testament to visionary leadership and a commitment to core values. Chief Industries’ remarkable journey exemplifies the essence of longevity in the business world – a testament to the company’s ability to adapt, innovate, and maintain an unyielding focus on its mission.
As our team celebrates the past seven decades, we also look forward with anticipation to the future. Through strategic vision, a dedication to its people, and a tireless pursuit of innovation, Chief Industries sets a standard that transcends time.