Much well-known business advice is sadly obsolete but can still be found in articles, business books and, not least, in daily use in the workplace. It seems that some companies are still guided by thinking that is sadly out of date - if it was ever true to begin with.
The worst of these old maxims are not only wrong, they're bad for people and bad for business. Businesses who use them are making their employees unhappy and are harming the bottom line.
Here's my pick of the top 10 business maxims in serious need of an update - with a suggested replacement for each.
Old maxim #10: The business of business is business
Meaning: Companies must focus on their business and nothing else. Also often used to mean that the only goal of a business is the bottom line.
Well if this is true, then why do successful companies like Southwest Airlines, Patagonia, Semco, Kjaer Group, Great Harvest and many others spend time and money on charities, in their communities and on environmental issues?
I'll tell you why:
1. It feels good to do good and it makes employees happy and proud to work for these companies
2. It's good for the bottom line
Also, Jim Collins proved in his book Built To Last, that companies who only focus on the bottom line perform significantly worse than companies who maintain a broader scope and also focus on other issues.
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