There is an old cliché, penned by Edmund Burke, “Those who don’t know history are destined to repeat it.” That pearl of wisdom applies to businesses just as much as to people. Learning from history can help improve business outcomes, for those who put solid research to good use.

For the skeptics, a quick search of the Harvard Business Review (hbr.org) should help put that skepticism at bay. The search brings up articles and books with names like Leadership and History or Lords of Strategy: The Secret Intellectual History of the New Corporate World. Without a doubt, an understanding of history can improve business outcomes. Understanding what the great business leaders did, and learning of their successes and mistakes, helps business leaders today make better choices, and those choices produce stronger and more vibrant businesses.

There are many avenues of examination which can lead to useful knowledge: the company itself, similar companies, even companies that aren’t similar, and even from history in general. One of the most important resources for any company, large or small, that has more than a few years under its belt, is its own history. Understanding its own successes, failures, past directions, will help any company find a successful path.