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Business philosophies are the different frameworks that guide company decision-making. The most well known is the theory of capitalism, but there also exist theories like libertarianism and socialism. 19 key examples have been listed below to help understand how these principles can be applied in real life business settings.
A business philosophy is a set of beliefs, ideas and principles that guides the way a company operates. There are many different types of philosophies, but they all have one thing in common: they help create a vision for the future. Read more in detail here: example of philosophy in business.
A business philosophy is a collection of guiding principles that a company seeks to achieve in order to achieve its end aim. It encapsulates the company’s ideals, anchoring it in the face of ups and downs. It should reflect the personality, purpose, and vision of the company. It emphasizes the business’s activities, choices, and culture.
You want your corporate philosophy to be motivating, actionable, and relevant across all activities and divisions. Build two core parts of the corporate mindset—mission statement and vision statement—and work your philosophy from there to assist construct your philosophy.
We’ve compiled a list of 19 prominent business philosophy examples from the past and present to help you come up with your own.
19 Business Philosophies Examples
Let’s take a look at some Fortune 500 corporations and other well-known businesses. Some people call their philosophy a collection of principles, while others refer to it as a Mission Statement, Values Statement, Code of Conduct, or Code of Ethics. Here are some excellent examples of powerful, guiding principles from which you may learn and be inspired.
1. AT&T – Connecting People
The world’s leading communications firm packaged its many telecoms services—for example, cellphone and online connections, entertainment, and premium content—into a broader, crystallizing notion that we can all relate to: connection.
Some services are easy to dismiss as just utilitarian, but good leaders can recast a firm and its offerings into something broader, more human, and more important. Everything AT&T does should, in theory, be about connecting people with one another, assisting them in thriving, and assisting them in connecting with meaningful stories and experiences. When people are driven to do something so significant for humanity, and the philosophy leads them, this uniting goal may fundamentally change the attitude and culture of the company.
2. 10 Things We Know to Be True About Google
- Concentrate on the user, and everything else will fall into place.
- It’s preferable to focus on one subject and execute it very well.
- Fast is preferable than sluggish.
- On the internet, democracy works.
- You don’t have to be at your desk to get help.
- It is possible to gain money without becoming wicked.
- There’s always more data to be found.
- Information is required across all boundaries.
- You don’t have to wear a suit to be serious.
- It’s not good enough to be great.
Google’s “10 Things” concept has a lot of moving parts to scrutinize. The point of the whole thing, however, is to give people the freedom to explore, experiment, and achieve. It’s a human-centric firm with an employee-focused culture that’s paving the way for a creative, inventive, and play-focused workplace. Comparably named it first for greatest worldwide working culture in April 2021.
3. Chevron — People Come First
“People have always been at the core of the energy discourse at Chevron. Because we recognize that energy is essential to people’s well-being all throughout the world. “Affordable, dependable, and ever-cleaner energy.”
The putting people first mentality, sometimes known as “The Chevron Way,” is one you’ll find repeated throughout this list. It took a long time for businesses to realize that workers and customers should be at the center of their operations, but this shift has benefited many huge, previously disjointed businesses. Chevron’s predecessor firms, such as Standard Oil Company, have followed the Chevron Way ethic since 1906, putting people first in philanthropy, operations, and customer service.
4. Walgreens – Passion and Collaboration
“In all we do, we encourage an open and entrepreneurial mentality. To win together, we collaborate with each other and our partners. To achieve remarkable outcomes, we operate with rigor, simplicity, and agility. Passion and skill are required to propel our organization and the industry ahead.”
Another multidimensional philosophy, this collection of principles is based on teamwork and enthusiasm, with the simple goal of “assisting people all around the globe to live better and healthier lives.” Although every pharmacy company may claim this, Walgreens aims to stand apart by concentrating on Trust, Care, Inclusion, Innovation, Partnership, and Dedication.
5. Total Accountability (Verizon)
“Total responsibility for client satisfaction.”
Verizon puts aside its product and service offerings in favor of stressing the concept that underpins the delivery of those goods and services: absolute responsibility. It wouldn’t be all awful if every organization followed this concept. Verizon adheres to the customer-centered attitude of customer happiness at all costs, regardless of the product or service in issue.
Discipline, Empathy, and Understanding — Bank of America
Another customer-centric mindset may be found here. Bank of America not only focuses on delighting customers, but it also specifies how it will do so: with discipline, empathy, and understanding. However, observe how the idea stays true to any financial institution’s ultimate goal: to please the bottom line and those ever-present shareholders.
FedEx, for example, is a company that focuses on people, service, and profit.
“The People-Service-Profit (P-S-P) concept is founded on the premise that by providing a happy working environment for workers, they will give higher service quality to customers, resulting in consumers utilizing FedEx products and services.”
FedEx’s operations are balanced on a trinity of People, Service, and Profit, which it coined as a distinctive and memorable acronym for its corporate philosophy. Surprisingly, the three things in the balance are interconnected rather than being independent of one another. FedEx’s concept is that by creating a positive work atmosphere, workers will provide great service, resulting in a comfortable profit margin for the company. FedEx claims to emphasize employee pleasure before money, expecting the rest would take care of itself. This idea seems to be working so far.
Walt Disney’s “Culture of Care” is number eight on the list.
“If we look after our visitors and cast members, everything else will take care of itself.”
The Walt Disney phrase above is an excellent segue from FedEx’s P-S-P philosophy. The creator of the entertainment firm prioritized a human-centered care culture, thinking that the rest (profit, operational success, and expansion) would take care of itself. Today, organizations are recognizing the benefit of a strategy centered on people nurturing rather than profit jockeying, and this trend is visible. These businesses are in the Fortune 500 for a reason.
The HP Way (No. 9)
“Individuals have our confidence and respect.” We place a premium on accomplishment and contribution. We operate with the highest level of honesty and integrity. We attain our joint goals by working together. We value adaptability and creativity.”
“The HP Way,” a unique business concept that began with the founders, highlighted not what the firm does or why it does it, but how it does it: with unwavering integrity, respect, and trust, as well as flexibility and creativity. This is one of the few business theories described here that even acknowledges collaboration and the development of collective and team achievement rather than individual and corporate success. In such a self-reliant world, it’s surprising that so few businesses emphasize the significance of cooperation and team performance to the organization’s overall success.
Delta — The Rules of the Road is number ten on the list.
“Honesty, integrity, respect, persistence, and servant leadership are key Delta core values. Our Delta Rules of the Road describe who we are and provide as a strong basis for our culture.”
Another example of a corporation wrapping its corporate philosophy around a clever tie-in to its service offering is Delta’s “Rules of the Road.” Delta’s travel-themed company concept makes it more memorable and approachable to both internal and external stakeholders, despite the fact that it travels in the sky rather than along roads.
11. Nike — Innovation is a priority
(Image courtesy of Fibre2Fashion)
If you look at Nike’s website’s “About” page, you’ll notice one term that appears frequently: innovation. Nike’s DNA is proudly entwined with innovation. So much so that they’ve started referring to themselves as a tech firm. When it comes to genuine technology in footwear, Nike has paved the way with the Nike Flywire support system, Lunarlite foam cushioning, Hyperdunk basketball shoes, Free footwear, and the new Trainer 1 shoe. This is an excellent example of a corporation putting its business concept into practice.
12. Lessons from the Founder of Publix
The Publix philosophy is a multifaceted, values-based ideology that dates back to the 1930s, when it was founded by George Jenkins. Publix has a lot invested in its business philosophy; a major section of the corporate website is devoted to the company’s business philosophy, inception, and history, including a series of movies describing and discussing each of the company’s distinct values. Consider viewing this series of two-minute films if you’re working on developing your own business philosophy. They’re a good picture of how the firm continues to try to deliver on each value in its day-to-day operations.
13. 3M – Increased Innovation Focus
“Three essential aspects underpin 3M’s management philosophy: innovation, diversity, and employee support.”
That’s correct, 3M is another corporation with an innovation-focused attitude, according to Panmore Institute. Something must be in the water at Fortune 500 firms, since innovation is a driving factor behind their success. 3M is an excellent example of integrating two of the list’s recurring themes: people and innovation. Its succinct corporate philosophy highlights the need of a diverse and well-supported workforce as well as the promotion of innovation.
14. Starbucks – Employees Come First
“We believe in employing extraordinary individuals who are prepared to put in the extra effort to achieve outstanding outcomes. In return, we pledge to invest in the growth of our talented employees by discovering, nurturing, training, rewarding, and promoting those who are dedicated to bringing our firm ahead.”
Starbucks’ Employee First Philosophy was based on a 1986 document from Il Giornale Coffee Company, according to Brand Autopsy (the company that purchased Starbucks in 1987). Former CEO Howard Schultz taught the value of Steve Jobs’ later management style of “hire brighter people and get out of the way” even back then. Starbucks’ attitude of nurturing the people resources behind the goods is older than the company itself, and it’s just lately starting to catch on elsewhere.
15. TOMS — Buy One, Give One
“For every pair of shoes bought, an additional pair will be provided to children in need in 60 countries across the globe.”
The One-for-One philosophy is the name given to this giving concept. And, in the wake of TOMS’ altruistic approach, it became much more than a concept; it laid the groundwork for a new social enterprise business model. When TOMS introduced this idea in 2006, it was a game-changer, and since then, other brands have followed suit, including Bombas, Warby Parker, and Wildflower & Oak.
16. Lululemon — A Curious Core
Lululemon’s corporate strategy introduces a novel notion to its competitors: curiosity. Lululemon, on the other hand, incorporates the common idea of innovation into their strategy. The company’s main purpose is to be to “elevate the globe” with better, more practical apparel by using its product offering. This yoga-focused apparel brand is clearly on to something, even if it is a bit of a stretch.
Burt’s Bees — Body First (#17)
“What you put on your body should be prepared from the finest ingredients available in nature.”
According to All Good Tales, Burt’s Bees’ business strategy is inextricably linked to what it offers and how it’s utilized. It’s really a rather simple notion of making a high-quality, natural product to care for the customer’s skin in a number of ways. Burt’s Bees also sells shampoos and conditioners for pets, a product area that is similarly backed by this wide concept.
Clif Bar (#18) — Aspirational
“Sustaining our People – Sustaining Our Communities – Sustaining the Planet – Sustaining Our Brands – Sustaining Our Business,” says the company.
Clif Bar is a firm that makes natural, holistic, and journey-focused products. Its business concept, like its brand, identity, and culture, is based on a long-term, aspirational journey with no end in sight that revolves around the spokes of a bicycle wheel. Another good illustration of how a business concept is created around the corporate brand and vice versa is this page on the Clif Bar website. The concise description of the company’s business philosophy not only tackles the company’s Five Aspirations, but also contains an example and an annual report that assist crystallize the real implementation of a business philosophy as a journey rather than a destination.
Atlassian — 5 Constant Values (19. Atlassian — 5 Constant Values)
Atlassian’s corporate philosophy may be a nice place to stop. “As our firm continues to adapt and expand, our five ideals stay consistent,” the corporation says before presenting the values on the website. What we do, why we produce, and who we recruit are all influenced by them.” This is a great illustration of why a firm should have a business philosophy and what it should accomplish. A company’s business philosophy should govern what it does, why it does it, and who it hires, and it should stay consistent throughout its existence. Although the Atlassian values are simple, it is the explanation of why they exist that makes this philosophy so powerful.
Bottom line: Put what you preach into practice.
It’s all well and good to develop a corporate philosophy. However, the goal isn’t just to create a static, ornamental philosophy to display on a shelf. Regardless of shape or duration, the philosophy should be action-oriented and steer the business’s conscience.
A solid business philosophy will keep your company anchored in its original goal, vision, and values in both good and terrible times; it will act as the company’s North Star in both good and bad times. Your business philosophy will bear fruit and keep the company, employees, and moral compass focused if you apply it to your company culture, marketing and branding, and business operations and procedures.
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A company philosophy is a set of beliefs and values that guide the actions of a company. 19 key examples of business philosophies are listed below. Reference: company philosophy and vision examples.
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