Beyond the mechanics of operating a business are the ways a business behaves toward all of its stakeholders. With an economic system of free enterprise and free markets like we enjoy in the U.S., business behavior often moves to bad and selfish unless guided by moral principle. As a life-long student of good business behavior and watching my dad and grandpa Walker follow good moral principles in business, I believe there are principles that serve as our moral compass in business. I would quickly add that following good morals in business is not always easy—we know sometimes there can be dilemmas and tough choices to be made, and we have not always succeeded in finding the “perfect” way to take care of our stakeholders.
I have read a book titled “Redeeming Capitalism” by Kenneth J. Barnes, and I want to give him credit for sparking some of this writing about using virtues as corporate values. If we define virtues as “moral excellence”, Barnes lists seven virtues that should form the basis of practicing moral excellence in business: Prudence, Justice, Courage, Temperance, Faith, Hope and Love. From this list I would highlight the latter three, and especially “love” as taught in the Bible (1 Corinthians 13), as corporate values that we try to put into action at Walker Manufacturing.
Faith and trust are really two sides of the same coin. Without faith there can be no trust, and all social and business interactions are built on trust. There is a saying that I think originated with Abraham Lincoln and my dad used to quote: “If you trust, you will be disappointed occasionally, but if you mistrust you will be miserable all the time.”
Hope is found in optimism that the God who provided the opportunity for the business in the beginning, will continue to provide for the future. As Barnes says it: “Where there is economic activity, there is hope for the discovery of new things, the betterment of society, and the flourishing of humankind.”
The virtue of “love” in business is best of all—loving people that is (and not loving money). In the business setting, love is expressed as a concern for the interest of others while considering your own self-interest (see Philippians 2:4 in the Bible), or to say it another way, take care of others who are invested at the same time as you take care of yourself. There is great guidance in business decisions if you consider the interests of other stakeholders along with your own interests. Enterprise operated this way works for all stakeholders, not just those at the top.
Bob Walker, Chairman
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