Philosophy of business or business philosophy?

“What is your business philosophy?” I’m quite certain that you can come up with a quick answer to the question. But what if I asked “What is your philosophy of business?” would you offer the same answer? One might say that both questions bear the same meaning or understood as a kind of business approach, a strategy, or perhaps a course of action that a company must take to achieve gain and prominence. However, both questions beg our serious reflection as they are in their real sense distinct in meaning and application.

The subject may appear very academic; unequivocally irrelevant and unnecessary for most of us; or perhaps a waste of time to pore over its definition and significance as we go about our day to day affairs in the office or workplace. But I firmly believe that being able to understand these concepts greatly define our outlook at work and in life -- enabling us to make sound decisions not only in the purview of what is good for the company, but also in the purview of what is best for the greater number. Thus, the ability to make such distinction is crucial and helpful in moments when we are made to choose between profit and honor or between what is practical and ethical.

Also, we get to see a great deal of corporate philosophy in many company profiles. Many of us take or understand them to be ways of doing business, a long-held tradition or perhaps an idea that has greatly contributed to their present success. For instance, Google’s webpage says ten things they “believe to be true” in their corporate philosophy. But when you read each one of them, you can very well tell what they believe to be good and what they consider to be good business sense. Here are a few examples: “You can make money without doing evil”, “You can be serious without a suit.”, “Fast is better than slow.”, and so forth. What I’m trying to point out is that Google has mixed altogether its philosophy of business and business philosophy in their corporate philosophy. Not that that they are wrong, it is just that Google could have expressed it any better if they explain honesty [philosophy of business] and speed of their search engine [business philosophy] separately.

I think by now you already have a grasp of what I mean between the two. But for the sake of clarity, business philosophy and philosophy of business, while both are company statements, each, however, has its own representation. The former expresses what the company believes to be critical to success which could be anywhere from best practices to strategies or innovation which guides the company to do the right thing in a particular situation. The latter, on the other hand, conveys what the company believes to be ideal, virtuous, and upright which begs our propriety to do what’s right in all situations. Business philosophy therefore impels the company to adapt to the business conditions that surround it – it is ephemeral and reactive. Philosophy of business calls for our utmost compliance, regardless of its material consequences, for the sake and upkeep of the company’s moral interest – it is enduring and appropriate at all times.

Part of the problem that many companies have difficulty meeting their social responsibility is their lack of philosophy of business, or the bereft thereof. Maybe because we view an enterprise in an individualistic way; a private endeavor or initiative. That’s why we call them collectively as the “private sector” because we take them merely as part of the social equation. Yet, these private initiatives have, in fact, made the most impact to society and resources. They also have the power to give and take away jobs; the power to amass wealth even at the expense of others; and even the power to destroy the very world we live in.

I believe in self-regulation much as I believe in government regulation to prevent abuses in the private sector. Self regulation can only happen if companies take time to revisit their philosophies. A company whose strength is anchored on its philosophy of business is not afraid to pay their taxes promptly and correctly; is willing to give wages more than what is mandated in order to achieve the most respectable life for the ordinary worker; believes in due process and impartiality when called to decide internal conflicts. It is even willing to give up the very business itself for the sake of the environment or if only to preserve the good reputation of its stakeholders. The company’s philosophy of business seeks to exist not for itself but for others. Hence, business philosophy is the company's wits. Philosophy of business is the company's conscience.

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