How to Create a Business Philosophy (With Examples)
If you are looking for ways to unify your team, improve relationships with customers and set an ethical foundation within your organization, you may want to consider creating a business philosophy. An impactful business philosophy can help to guide your company's operations and leave a long-lasting, positive impression on your clients and your team. Reviewing business philosophy examples can help you create one for your own organization.
In this article, we discuss what a business philosophy is and how to create one and offer examples of business philosophies you can evaluate to help you more easily create one for your own organization.
What is a business philosophy?
A business philosophy is a set of principles and believes that a company uses to decide how to handle different areas of operation. A business philosophy outlines the business's purpose and its goals. It could also list the specific values that are important to the employees, executives or boundaries, which can help the business feel more personal to those individuals.
Why is a business philosophy important?
A business philosophy can serve as a roadmap for organizations, helping the executives and employees understand the goals and values they are continually working towards. A business philosophy helps employees work as effectively as possible. It also encourages them to offer the best possible customer service.
How to create a business philosophy
Here are the basic steps you should take to create a business philosophy:
1. Identify value-oriented parts of your company
Your business philosophy should overlap with other value-oriented parts of your business, positioning its identity in the minds of those within and outside the organization. Start by reviewing your company's code of ethics about the values your employees and executives maintain when they work.
If you have a mission statement, review it as well, as it emphasizes why you work. If you don't already have a mission statement or code of ethics, spend time thinking about the values that are important to your organization as a whole, what you want the business to stand for. You can then build these values into your business and, for that exercise, your business philosophy.
2. Review business philosophy examples
Next, it can be helpful to review examples of business philosophies. This can help you understand the principles that other companies are using and explore which are most appropriate for your own. You can also spend some time brainstorming words and concepts that you want people to associate with the organization. You can even ask for input from your clients to understand how they see your company.
3. Keep your business philosophy simple
For your business philosophy to be actionable and something you can build into your business, you need to keep it simple. Consider keeping the number of tenets within your philosophy to three. For example, your business philosophy may include providing exceptional customer service, changing the industry through innovation and having fun.
That said, while you want to keep it simple, you do want to focus on details that make the philosophy memorable. One way you can accomplish this is to create a bullet point list of your company's core values and then expand on each item with a brief paragraph description.
Tips for creating a business philosophy
Here are a few tips to help you create an impactful business philosophy:
Ask philosophical questions. One way you can identify the tenets on which you want to base your business philosophy is to ask philosophical questions. For example, you could ask what your business's principles are in regard to developing and selling products and services, working with clients or customers and managing the business internally.
Ask for unaffiliated feedback. Consider asking for feedback from professionals who are unaffiliated with your business. They may be able to offer critical insight and recommendations.
Unify your staff. As you create your philosophy, specifically think of guiding principles that would unite your staff, strengthening their teamwork and improving their overall productivity.
Create a story. Consider creating a narration that defines your business's philosophy. For example, ask yourself what caused you to create your business originally and what ideas you want to hold true for your brand.
Examine your unique selling point. Your business philosophy should be consistent, something that each member of your team can believe in and stand behind. Think about what makes your business different from others and how that fits into your business philosophy.
Business philosophy examples
Here are some examples of business philosophies to help you create your own:
Creating a culture of inclusiveness and belonging where all are welcome.
Exceeding customer expectations in everything we do and holding ourselves accountable at every step.
Embracing change and innovation and looking for new ways to grow our organization and ourselves.
Our customers are at the heart of every decision we make. We strive to exceed their expectations at every turn and create a culture of giving.
We embrace innovation, create a culture of inclusiveness and make decisions quickly to benefit our customers.
We focus on results to delight our customers by continually exceeding their expectations, creating visually appealing and functioning products and building a corporate culture that rewards innovation and creativity.
We focus on providing exceptional results in the shortest amount of time possible, embracing trends and sustainability practices and changing the world.
In our busy, fast-paced culture, we focus on building long-term relationships, both within our own team and with our customers. We strive to act like a partner to our clients and combine traditional values with innovative ideas to deliver unparalleled service.