Executive Summary

The Power Of Shared Corporate Beliefs

Paul S. Walsh
Chief Executive Officer of The Pillsbury Company

December 1993

All successful companies rely on a corporate philosophy, encompassing some simple and basic truths, about themselves and about their customers. They all prize their relationships with their customers and with their employees. They all take pride in conducting their business with a high degree of personal integrity. And they all share an eagerness to embrace change.

Most successful people I've known share these same attributes. While there's no magic to any business credo, there is something inspiring about witnessing entire corporations in which such a philosophy has truly taken hold. The people are dedicated. They are passionate about their work. They produce remarkable results.

When people working together share a common set of believes and couple that with an accurate sense of where they're taking the business, the business gains energy, and the people gain an improved quality of life, on and off the job.

There are some clichés that don't fit in business today. "Information is power" is definitely one we should put to rest, for it suggests that information is something to be hoarded and used for personal gain in a continuing game of one-upmanship.

The facts are that working in partnership and sharing information is better for everyone. Sharing information promotes mutual trust and respect, two basics for any lasting relationship. Sharing information helps everyone focus on the customer and solving customer problems.

People in leadership positions have a special obligation to set examples of highly principled, ethical behavior. Managers who are leaders need to convey a sense of mission that goes beyond departmental or divisional goals. For this to happen the shared corporate philosophy must have personal relevance.

For me, the eight principles of the Pillsbury philosophy have that kind of personal relevance. Here they are:

Strong consumer and customer focus. This reminds me that satisfied customers mean that most of our other goals are being achieved.

Strong results orientation and personal accountability. This means running the process, not letting it run me. It means communicating clearly and directly.

Restless innovative style. I call this the "action value," the ability to change before we have to. That's what leads to winning in the marketplace.

Empowered teams. I've always found that a healthy team focus frees us from narrow, mechanical thinking. Unconventional ways to get the job done are encouraged.

Value-added functional excellence. This is how we build the financial power of our company. It means the courage to set tough goals and the patience to achieve them. It means learning how to compete where we have an advantage in the marketplace. If we do it right, we prosper.

Avoidance of bureaucracy. Easy translation: "Keep it simple." We keep the molehills in perspective so we can move mountains when we have to. Most important, it implies and extends a confidence that people will act ethically and professionally.

Value diversity. This speaks directly of our company's greatest asset, our people. It means caring about each other.

Community involvement.

I view this as seeing things as we'd like them to be and then pitching in to make it a reality.

These eight principles define the Pillsbury philosophy. That philosophy became mine when I personalized it and integrated its principles into my own worklife.

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