If you can describe how a business should operate, principles emerge which largely transcend company size, product or service area, and economic climate. These principles are, however, not universal and a reasonable range of scenarios exist; and it is often not knowing what those scenarios are, and thus, not knowing what to expect, that becomes the major cause of stress in the workplace. It would be my desire to associate myself with a situation which is largely consistent with my business principles. A Business Philosophy is the grouping of these practices, and their principles, beliefs and aims, with regard to customers, product or service, employees, profitability, etc. I have combined these different groupings into 7 specific categories for you. They are:
The 7 Key Aspects of Your Professional Business Philosophy:
1. Product or service aspects of a business
2. Customer aspects of a business
3. Profitability aspects
4. Focus aspects
5. Reality aspects
6. People aspects, and
7. Conduct and ethical aspects of a business
Also, together with each key aspect, I’ve listed below various examples of related underlying practices and their principles, beliefs and aims. This is to help stimulate your thinking with the aim of developing your own Professional Business Philosophy. Once developed, it will become an integral part of your overall professional portfolio. Here we go!
Product Aspects:
I believe that…
- A business should offer a high quality product or service with real usefulness.
- A basic fundamental of business, surprisingly often ignored, is maintaining a going concern with willing and satisfied customers.
- Products should be customer-focused and companies should be responsive to product change.
- Decision-making about product is guided by a clear understanding of value and quality.
- Businesses should continually challenge its’ own priorities, policies, rules, procedures, regulations, and laws to ensure that they are providing the most efficient products and/or most effective services.
- An impression of corporate quality should be projected, in addition to and independent of the quality aspects of the product or service.
Customer Aspects:
I believe that…
- The customer base of a business, whether actual or potential, should be regarded as a precious resource, for not only do customers often repeat, they represent the edge of a referral network of immeasurable scope.
- Companies should treat customers fairly, provide them with quality and value, and be receptive to their input into all aspects of the business.
- A clear understanding of the customers, the users of your product or service, is essential to a successful enterprise.
- Companies that recognize and accept change have the opportunity to be more competitively responsive to customer needs.
- The principles of respect, consideration, open communication, and transparency apply to members at all levels of the organization and to all outside people with whom it comes in contact.
Profitability Aspects:
I believe that…
- A business should make money for its owners and employees and the opportunities to make money arise primarily as a result of efficient competition not necessarily as a result of growth.
- Business should recognize that niches are not forever nor of unlimited size and consequently, realistically plan for the next.
- In any market, operations should be without unnecessary overhead; among the most obvious, personnel getting bogged down in paperwork and meetings.
- Profit critically depends on proper pricing, which should be structured to give customers exceptional value.