Summary of the Seven Business Principles

Quick Summary: Continuous exposure to the Seven Principles will heighten awareness and compliance.

Abstract:

The Seven Business Principles described need to be embraced and followed by all employees.  Continuous awareness of what they are and their importance is an important factor to help insure that they become engrained in all activities, all of the time.  Providing a one page summary of them that can be posted in plain sight and made available to all employees and other individuals that have interaction with the company will help the company in its efforts to promote and live by the values they represent.

Our Seven Business Principles

1.  Stay in Business

No company, public or private, large or small can neglect this issue.  The average life expectancy of a large corporation is only 40 to 50 years and less than half of new companies survive for five years.  All companies are at risk.  Staying in business is not an issue that resides with only the senior management of the company; each and every employee must actively address it.

2.  Treat All Individuals with Dignity and Respect

A company’s greatest asset is their employees. Each and every encounter with one another as an opportunity to build trust and respect.  This includes all individuals both inside and outside the organization; accepting people as they are, not as we would like them to be.  Playing to people’s strengths and not dwelling on their weaknesses, which we all have, is a key to following this principle.

3.  Provide an Acceptable Return to Our Investors

Investors fall into four categories: Employees, Business Partners, Customers, and Financial Investors. Their importance is shown in the order listed.  Each group expects the company to provide good value for their investments, whether it is time or money.  Each investor, in all categories, has choices as to where they apply their resources.  The company must provide long-term value to attract and maintain investor support.

4.  Continuously Delight Each Customer

Building a large and loyal customer base is the key to a company’s long-term viability.  This can only be accomplished by delighting each customer—one at a time.  Merely satisfying customers is no longer adequate in today’s highly competitive environment.  Reputations are fragile and can be easily tarnished.  Every encounter with each customer must be positive and meet or exceed their expectations.

5.  Demonstrate Sustained, Measurable Improvements in All Aspects of the Business

Quality must be built into the fabric of every aspect of the business; it can never be added as an afterthought.  Quality programs are based upon the fundamental concept of continuous improvement.  Metrics are the cornerstone of that process.  The focus must be on removing potential defects before they occur and not on instituting checks and balances that are intended to “catch” defects after they occur.

6.  Promote and Maintain a Positive Response to Change

The ability to respond quickly to change has a major competitive advantage and, in fact, has become a necessary trait in order to survive in today’s environment.  Change must be viewed as constant.  Maintain an open mind to change, and do not be reluctant to accept new conditions or information, and be willing to adapt to it is no longer an option.  Continued success depends on it.

7.  Be a Responsible and Active Corporate Citizen

The company encourages employees to take active roles in activities that benefit their communities and will set an example for other entities.  A “table stakes” aspect of this principle is to follow the actual and spirit of all laws and regulations without exception.  The company will act as if the general public was present in every meeting and involved in every decision that is made.

Article Number : 2.010102   

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