Culture is a bit of a buzzword in the business world these days, and for good reason. There’s no surprise in the success of businesses like Virgin and Nordstrom — corporate culture is a humongous focus in the boardroom. Before you invest and partner with a company leader, take a look at these three keys to identifying good corporate culture.
What is the “why” behind the “what” in the business? Having a purpose constitutes vision, and having a vision enables passion. Before you invest in the next Mark Zuckerberg, make sure he or she has these not always inherent qualities. This kind of attitude often has a trickle down effect — before the troops can be motivated, they must be led properly by their general.
More than ever, the ability to turn on a dime is crucial. Twitter once was a destination to find and subscribe to podcasts, Starbucks once exclusively sold espresso machines and coffee beans. Nokia made its earliest cash by churning out paper, Flickr was nothing more than a role playing game. At some point, these company heads decided it was time for a change. Be sure your partner CEO is open for a pivot if necessary.
3. Empowered Employees
Richard Branson once said “Take care of your employees, they’ll look after your customers. It’s that simple.” Finding that impeccable customer service is simply found by giving employees authority and responsibility. As Nordstrom’s employee handbook famously reads “Our One Rule: Use good judgment in all situations…” This kind of treatment breeds loyalty, which in turn lowers staff turnover.