I have often been asked, “Can you be a good Catholic and successful in business?” The question is posed as if there is a contradiction between the two, assuming that to be successful in America, a CEO has to compromise his faith or morals. I believe that not only are the two not mutually exclusive, but that being a faithful Catholic helps one to be a better CEO and position his company to succeed.
I have also frequently been asked for practical advice about being a president or CEO. So, in no particular order, let me share some of what I’ve learned (usually from others) and tried to practice over the years. While these are principles I used when running Domino’s Pizza, they have proven to be effective in the nonprofit organizations I have been engaged in over several decades.
Practice the Golden Rule: I know this seems basic, but if you practice it and let it shape your corporate culture, it can be transformational. At Domino’s, I tried to apply this not only to how I treated our employees and franchisees, but also our bankers, suppliers, and yes, even our competitors. If people can trust you, then even if you hit hard times, they will want to work for and with you.
Communicate well with your employees: There have been many studies about what promotes employee satisfaction, and the list is long and varied. Many people would guess compensation tops that list. Years ago, I remember reading the results of a study that stated that what employees really value is being in the know. In other words, they… Read more>>
Have measurable results: There is an old business axiom, “If you can’t measure it, you can’t improve it.” Every executive and store manager at Domino’s was well aware of this. While sales were an important key indicator, they were not the only one. Since our focus was… Read more>>
…remember, you do not have to choose between faith and business success. They work best together. … READ MORE>>
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Tom Monaghan is the former CEO of Domino’s Pizza, former owner of the Detroit Tigers, founder of Ave Maria College and CEO and founder of Legatus, an international group for Catholic business professionals.
This article appeared on Legatus (Legatus.org)
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RELATED RESOURCES:
- Monaghan: A Life – by Joseph Pearce
- Pizza Tiger – by Tom Monaghan and Robert
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