Positive company culture is one of the pillars that keeps the business afloat. Company culture is the behavior and mentality of the employees, and by extension, the company. Every company on the planet has its unique culture. How the employees interact with each other is very important.
Why?
Because if employees are not treating each other with respect or the office is disorganized and messy, then it reflects poorly on them, the company, and on the leader. Having a well-run office is a sure way to show to clients and customers that you mean business.
How does Company Culture work?
How company culture works is entirely how the business will be run. If it is a hands-off approach for the management, then it will be a direct and quiet approach. If the business leaders want a more positive atmosphere, they may engage the office workers with activities and team-building exercises.
The culture will then develop as the workers and leaders interact with each other. As stated above, it can be cultivated in a more direct and controlled way like with corporate-sponsored programs, or if it’s more of a mom-and-pop shop, then it will result in a more casual approach. Regardless, you want a positive company culture. This way employees enjoy coming to work. It sounds easier said than done, but putting the work into it can really make the business stand out among competitors.
What do Business Leaders of Today do?
The famous businessmen that you read about in the news all lead in a variety of ways. However, you will find many similarities in their approach. That’s because they not only cultivate their companies for years, but they have picked up tips from their fellows and from their predecessors. There are just some ways that work well. Don’t need to reinvent the wheel, you just need to make it fit with your company.
Let’s take a look at two famous businessmen today. Elon Musk and Warren Buffett. Two extremely wealthy men who are known for their venture capitals. But, how did they create their company culture? What lessons have they learned along the way to make their businesses a success?
Elon Musk
Elon Musk is one of the most famous businessmen in the world. He also holds the current title of the richest man in the world with over $219 billion in his wallet. Musk is known for his various business ventures such as Tesla and SpaceX.
Musk learned from many of the greats how to be a leader and what it takes to succeed. Having made progress with Tesla, he has encouraged the work environment to one that breeds innovation and creativity.
Tesla, an electric vehicle company has facilities and offices across the globe with over 70,ooo employees. They seek to eliminate fossil fuel usage and transition to the use of sustainable energy.
So how does he do it?
Smaller Meeting Sizes
When a meeting is held, they keep the size small to about 4-6 people that have actual value to the meeting. Tesla cares about time management and productivity. Thus, meetings are for those individuals needed for the project, making sure agendas can be met.
Trust
Tesla allows its employees a wide berth. They are trusted to handle situations themselves. Because of this, they prefer to hire motivated, intelligent, and quick-thinking innovators in their company. Having the buildup of trust between employee and employer fosters a positive relationship between the two.
Youth Culture
Tesla has brought on many young and talented folk who eagerly get into their jobs. Employees are often encouraged to try things out of their comfort zone. In fact, they have a Performance Acceleration program that assists younger employees at the company and allows them to grow.
Warren Buffett
Warren Buffett is known for being one of the best investors in history. His company, Berkshire Hathaway has a net worth of over $103 billion. Buffett learned a lot when he was at school, especially at Columbia Business School. There, he created his investment philosophy around value investing.
Reputation Matters
Buffett is one of the few CEOs out there who knows that it’s not all about the money. He knows that having a good reputation and integrity has more value to him than material money.
While he did not start out this way, he did learn along the way. Now, he is willing to pay a premium on companies that he believes have better integrity.
Keep the Stakeholders in Mind
Buffett in the 1990s was told as an investor to clean house during the Salomon Brothers banking scandal. Because of this, he gave some advice to the bankers. He told them, “Do nothing that you would not be happy to have an unfriendly but intelligent reporter write about on the front page of tomorrow’s newspaper.”
Conclusion
Both Elon Musk and Warren Buffett have similarities when it comes to their business runnings, but also differences. Elon Musk likes to have innovation and creativity be driving forces. He knows that it’s important to look to the future. So, he ensures a company that wants to work towards a better world.
Warren Buffett knows that integrity matters. His company only hires trusted people and then they do their jobs well. Why? Because their culture is around respect and trust. Having those expectations because that’s how you operate tells a lot about the company. These positive company cultures and kinds of business practices can do wonders for a company and lead them to success.
