Companies really need to think about their principles. They need to do this for themselves, as opposed to simply reproducing existing codes, simply taking principles off the proverbial shelf and applying these to their structures.

There are a number of ways to do this. One is through open dialogue. You can also collaborate with all relevant stakeholders, ensuring that you come up with the best possible principles that can move your business forward. Whatever way you choose to approach this, know that the development of sound business principles is as important, if not more so, that even your business plan!

These principles can also take on a number of forms. They can be high-level statements of principle, laying out for your company the roadmap to its advancement. Business principles can also be statements of policy, indicating how you intend to do business, more than what you intend to do with your business. Still, some of these are a combination of separate documents, ones that indicate policy, systems of management, implementation as well as monitoring procedures for your business!

David Willams

Stem