Volume 2: The Seven Business Principles
Vision and Mission statements shape a company’s identity, but lasting success requires following core principles daily. These seven fundemental business principles aren’t just words on a wall—they need to guide everyone’s actions and decisions every day.
Browse the articles below.
← PREVIOUS VOLUME
NEXT VOLUME →
This is an AI-generated summary of the four articles in Chapter 2.01. This is an AI-generated summary of the five articles in Chapter 2.02. This is an AI-generated summary of the eight articles in Chapter 2.03. This is an AI-generated summary of the twenty-one articles in Chapter 2.04. This is an AI-generated summary of the nine articles in Chapter 2.05. This is an AI-generated summary of the seven articles in Chapter 2.06. This is an AI-generated summary of the seven articles in Chapter 2.07. This is an AI-generated summary of the six articles in Chapter 2.08. Establishing specific guidelines for behavior is critical for every organization. Somehow, we have lost civility and stopped treating everyone with dignity and respect. Vision and mission statements need to be augmented by operational tenants embraced by all. Continuous exposure to the Seven Principles will heighten awareness and compliance. Business survival is the exception, not the norm, usually through a self-inflicted wound. Business failure, not success, is the norm for businesses of all sizes and stages. If your business fails, it was probably caused by your unwillingness to act upon likely events “Faking it just this once” leads to faking it for the long-term as well, with disastrous results. Treating people with dignity and respect must be applied to all internal and external relationships. The Golden Rule is right on the money and should always be followed by everyone. You play like you practice, be consistent when treating all others with dignity and respect. Trust is built by first making and then keeping commitments consistently. Based on circumstances, people will fall into one of two categories: critics or creators. Each of us may define success differently; think about the other person’s point of view. There is no substitute for real-time, interactive dialogue to avoid accidental misinterpretations. We cannot tolerate those who ignore respecting others for their beliefs or positions. There are four categories of investors: employees, business partners, customers, and financial. Defining an acceptable return will vary from one investor group to another. Each investor group will define success differently; ask each of them what they feel is important. As events occur, take time to keep investors informed with an interpretation of the information. Discussing possible variations beforehand helps set proper expectations. Of the four investor categories, employees are the most important. You must learn to rely on others and give them responsibility and authority to grow. Clearly establish goals and responsibilities for everyone to avoid cracks and overlaps. It is easy to get caught up with tactical business issues and forget that employees are human. Relying on the core competence of partners significantly helps the chances of success. Working with other companies that have unique core competencies is required for success. Partners need to share similar characteristics to maintain a successful relationship. Once a partnership arrangement is finalized, the real work begins to make it successful. Customers make financial investments in the company by purchasing their goods and services. Through continued purchases, customers are the key element for long-term company success.