Business and faith – they work in tandem

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 want to know what is going on. Today, there are countless ways to communicate with employees. When I was running Domino’s, we put out a monthly publication called the Pepperoni Press to share information and news with our employees and franchisees and to give them the inside scoop. We also held monthly gatherings, called Musters. These were an opportunity for department heads to provide updates on various issues, and for our employees to ask questions. When I was the CEO of Ave Maria University, I utilized the monthly Musters with the faculty and staff to the same end.

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 pizza delivery, delivery times were crucial. Whenever we would do store tours, which was constantly, our first stop was to look at the graph on their wall, which showed these key indicators. I can assure you, all the employees knew what these were. Certainly your measurables might be different (members, applications, subscriptions, ads, etc.), but determine what is important to your organization and start measuring it.

So, as we start this new year, remember, you do not have to choose between faith and business success. They work best together.

TOM MONAGHAN is Legatus’ founder, chairman, and CEO.