“Tony Hsieh, CEO of Zappos, brings his philosophy to Providence” plus 2 more |
- Tony Hsieh, CEO of Zappos, brings his philosophy to Providence
- Tips for Developing a Company Philosophy
- BaldwinCountyNow.com Launches Community First
| Tony Hsieh, CEO of Zappos, brings his philosophy to Providence Posted: 15 Sep 2010 06:30 PM PDT 01:00 AM EDT on Thursday, September 16, 2010 Tony Hsieh, founder of online shoe retailer Zappos, speaks at a Business Innovation Factory session at Trinity Rep Wednesday. He says he has built a billion-dollar business around delivering happiness, along with shoes, to his customers. The Providence Journal / Mary Murphy PROVIDENCE –– Tony Hsieh takes happiness seriously. The CEO of Zappos.com, the popular online shoe retailer, said he has built a billion-dollar business around delivering happiness, along with shoes, to his customers. He's written a book, "Delivering Happiness: A Path to Profits, Passion and Purpose." Parked outside Trinity Rep on Washington Street Wednesday morning was Hsieh's Delivering Happiness tour bus, formerly owned by a member of the Dave Matthews Band. Painted baby blue and equipped with bunks, kitchen, and lounge, it's taking Hsieh and his team on a 23-city book tour. Providence is his sixth stop. Speaking at a session of the Business Innovation Factory held inside the Trinity theater, Hsieh (pronounced "shay") told the audience he believes in a corporate culture that simultaneously makes customers happy, makes employees happy, and makes a profit. Hsieh said the ideas that have worked at Zappos can be adapted for other companies, and mentioned a refrigerator repair company in Georgia — "It could hardly be more opposite than Zappos — that is using the Zappos philosophy." Unlike many CEOs that pay lip service to corporate culture, Zappos is very serious about it, to the point of firing workers who don't fit in, regardless of their job performance. The idea, Hsieh said, is that customers form a "personal emotional connection" with Zappos, which will mean repeat customers. Repeat customers translate to increased sales, lower marketing costs, and long-term profits. So if a Zappos customer service rep tells jokes on the phone, or talks about pets, that's OK. But Hsieh is not a touchy-feely guy who doesn't know his capitalism. In 1999, when he was just 24, Hsieh sold LinkExchange, an Internet advertising company he co-founded, to Microsoft for $265 million. He joined Zappos, originally as an adviser and investor, and then as CEO. In 2008, the company's sales grossed $1 billion. In 2009, Amazon acquired Zappos in a deal valued at more than $1.2 billion. Asked why more companies don't focus on happiness as a business model, Hsieh said a large part of it is impatience. Too many corporations are solely focused on short-term profit, he said, while adopting a corporate culture takes longer to show results. There was no master plan for Zappos, he said. In 1999, when the company started, its goal was to become the online market leader in shoe sales. That meant having the best inventory. In 2003, he said, the company started to emphasize creating the best customer experience, and in 2005 determined to make that its highest priority. But in a revealing article that Hsieh wrote in 2010 for Inc. magazine called "Why I Sold Zappos," Hsieh said even his own board of directors had doubts about the company's culture when faced with a recession. Hsieh wrote that in 2009 Zappos faced a potential cash flow crisis as banks tightened credit and the value of inventory fell. That led to tensions on the board: "Some board members had already viewed our company culture as a pet project –– 'Tony's social experiments' — they called it." Hsieh wrote that only two members on the five-member board, himself and chief financial officer Alfred Lin, were fully committed to Zappos' culture. "The board wanted me, or whoever was CEO, to spend less time worrying about employee happiness and more time selling shoes," Hsieh wrote. Hsieh wrote that he had already rejected a previous overture from Amazon, but when the company came calling again, Hsieh was open to the idea –– if Amazon allowed Zappos to operate as a mostly independent entity. Wednesday, Hsieh said that's what has happened, even as Zappos has started branching out into clothing sales. Hsieh said a precondition of the Amazon deal was that they essentially leave Zappos alone. "Amazon has its own culture, and we have ours," he said. "Neither of us is trying to change the other." This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Tips for Developing a Company Philosophy Posted: 14 Sep 2010 08:58 AM PDT Establishing a solid business philosophy not only sets an ethical precedent within a company, but also enables an organization to improve relations with employees, partners and customers. Because so much of business success stems from a good reputation, experts suggest that instilling an effective corporate philosophy early on can enhance daily interactions by leaving a positive and lasting impression with both clients and company team members. One critical step in practicing a company's philosophical structure is assessing potential employees' values during the interview process. As Inc.com suggests, it may be beneficial to hire those that match the established culture: "You can craft your interview questions to elicit the traits you value most in prospective hires." By posing interview questions that reveal a person's ethical standpoint, employers can develop a clear idea from the get-go whether a candidate might be an appropriate fit. "Many [businesses] are now, if they haven't already done so, publishing their philosophy and using it as the basis for both employee selection and development," career expert Richard H. Beatty advises in his book The Interview Kit. Answers to questions that delve into a person's past, such as how he or she has handled certain career decisions and what he or she has learned from their mistakes, may indicate ethical behavior in his or her new position. Of course, it is only fair that prospective employees have a clear idea of the type of company philosophy they may soon be immersed in, so it is essential to articulate the core philosophy of your business. One professional approach involves formulating philosophical questions to ask, such as, "What are the principles of the business in regard to working with customers, developing and selling product and internal management?" marketing experts Roman G. Hiebing and Scott W. Cooper advise in their book The One-Day Marketing Plan: Organizing and Completing a Plan That Works. Effective methods include identifying what your business is and how you want your consumers to identify you. Then, as RealtyTimes suggests, write it all down. "As the founder or owner of your company, you should extrapolate your values by running through a number of hypothetical scenarios," Inc.com suggests to entrepreneurs. "Create quandaries for yourself, in which there are tradeoffs between profits, customer experience, and ethically questionable practices. See how you think the company should behave in each of these circumstances and a picture of your values will begin to emerge." It is essential that business owners do not assume they can do this effectively on their own. Seeking unaffiliated feedback, such as from professionals outside the company, may help improve the business structure. "[E]xercises can include brainstorming what words or concepts you want, or perhaps more tellingly, seeking out your biggest critics and soliciting their input," Inc.com explains. In their book Corporate Cultures: The Rites and Rituals Of Corporate Life, leadership expert Terrance E. Deal and management consultant Allan A. Kennedy pinpoint common philosophical characteristics of successful companies, based on their research. Thriving businesses include those that have a clear, "explicit philosophy," businesses in which management takes care to assess and tailor values to "conform to the economic and business environment of the company and to communicating them to the rest of the organization," the authors explain. Finally, sharing and practicing values of the company at every level will ensure that everyone is on the same page. Furthermore, unifying staff via a philosophy helps strengthen teamwork and overall productivity. "When you share a philosophical concept or a world view, you create alignment, whether it's with a colleague, a trading partner or another stakeholder. Without that shared vision, relationships often bog down in low-level squabbles," Dov Seidman, founder and CEO of LRN, which helps companies create more ethical cultures, writes at Bloomberg Businessweek. While a company philosophy often takes time to formulate, it is essential to avoid becoming overly elaborate. A philosophy should be clear and memorable, according to experts, particularly during times where it needs to be practiced, as when dealing with a demanding customer. An effective approach to corporate philosophy is incorporating high ethical standards, as McKinsey Quarterly explains (registration required). This tactic helps ensure maximum success between employees and in relationships with consumers. Such high standards are seen in successful companies such as Google, which cites on its corporate information page, "You can make money without doing evil," a reminder that practicing "The Golden Rule" does not have to conflict with generating profits.
What's Your Corporate Culture? Building (and Rebuilding) a Reputation
How to Create a Company Philosophy The Interview Kit The One-Day Marketing Plan Company Philosophy: The Way We Do Things Around Here What's Your Business Philosophy Corporate Cultures: The Rites and Rituals of Corporate Life Philosophy is Back in Business Corporate Information This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| BaldwinCountyNow.com Launches Community First Posted: 15 Sep 2010 10:21 PM PDT As part of our guiding philosophy of "Community First," Gulf Coast Newspapers introduces what no other news media outlet can offer ... a network of community based newspapers positioned throughout Baldwin County with editorial staffs, local writers and history. "Garnering this strength, we intend to build a network of participation by inviting chambers of commerce, non-profit groups, museums, parks and preservations, service organizations, public and private schools, schools of instruction, and churches to become Community First partners. These groups will have uncensored access to www.BaldwinCountyNOW.com to post stories and announcements important to them ... at will and 100 percent free," said Bill Atkinson, Director of Online Media and Audience Development. "If a chamber has a ribbon cutting, they can promote that member business immediately on the web, in detail, with multiple photos of not only the ambassadors' group, but also the owners. They can use this to encourage memberships. Churches can post sermons, church events and announcements. Non-profit groups can post information that will help further their efforts, recognize their volunteers or just about anything," Atkinson added. "We're going to give them an open channel of communication to their communities through their newspaper online. Something they've never had before because of 'white [paper] space' limitations." What Makes A Community First Partner? Your Organization Does! Chambers of Commerce will post chamber related news in their respective categories found under the main heading, News From Our Chambers. There are sub-categories specifically setup for the five respective chambers in Baldwin County. Schools and Churches: Public and Private Schools and Churches can post news under their "community newspapers" categories for School News and Church News. Chambers, schools and churches may also post stories in the Baldwin Living and Baldwin People sections of the website. Non-Profit Organizations and Service Organizations: The two sections of the site where these groups can post stories and events are Baldwin Living and Baldwin People. There are a myriad of categories to choose from, again, depending on the subject matter. Gulf Coast Newspapers publishes The Daphne Bulletin, The Fairhope Courier, The Independent (Robertsdale), Spanish Fort Sun, Elberta-Lillian Ledger, The Foley Onlooker, The Baldwin Times (Bay Minette) and The Islander (Gulf Shores and Orange Beach) as well as a host of VISITOR publications. If your organization is interested in becoming a Community First Partner, click the link below and complete the form. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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