Sometimes deciding the ethically correct thing to do can be challenging, even to the point of being unable to make a decision. Indecision, however, which amounts to doing nothing, is itself a choice. In his book, Finding Your Moral Compass, Craig Nakken proposes a set of 41 pairs of principles by which you can position your own moral framework and come to grips with moral dilemmas. Following are five of those pairs.
Not all satisfied customers are loyal, and not all loyal customers are satisfied, but the customer that is both satisfied and loyal is the best outcome of all. Satisfaction: How Every Great Company Listens to the Voice of the Customer, written by Chris Denove and James D. Power IV, provides an engaging and informative examination of the impact of customer satisfaction. One of the effects of customer satisfaction is loyalty, which has three benefits, each of which can have an impact on the bottom line: Referrals; Price Premiums; and Share of Wallet.
Some take delight in attacking McDonald's for its "McJobs" and its assault on balanced meals, but the fact is that McDonald's spans the globe and has a loyal customer base. McDonald's must be doing something right. Paul Facella, who was regional vice president of the New York Region for eleven years and learned from legendary leaders Ray Kroc and Fred Turner, authored a book that goes into detail about what some of these right things are.
The book, Everything I Know About Business I Learned At McDonald's, discusses principles of leadership that drive success. One of these principles is: Lead By Example.
Roger L. Martin, in his book, Fixing the Game, lays the blame for the recurring financial blow-ups on a 1976 paper, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure". In it, the authors, Michael Jensen and Dean William Meckling of the Simon School of Business at the University of Rochester, created "agency theory" and identified the "principal-agent" problem.