Tips on Developing a Corporate Social Media Policy

The Best Practices Committee of the Society for New Communications Research spent a year investigating corporate social media policies. The Committee's research included compiling case studies on the blogging policy implementation, as well as development for companies managing both internal and external corporate blogs and other types of social media. As a result of this research, the Society for New Communications Research were able to compile a set of best practice policies to be adopted in implementing and developing corporate blogging guidelines and policies. From their research, six factors emerged as key to the successful implementation and development of corporate blogging policy.



1. Trust
It's important that company employees are trusted to communicate, and thus develop working relationships with the company's customers. The corporation is advised not to review employees' posts prior to posting, but to trust them as company communicators and have faith in their judgement.

2. Accuracy
Nevertheless, facts must be checked. It is down to the individual to check before posting content, particularly where those posts involve quotes other individuals. Where you are considering quoting others or writing about private conversations, it's always sensible to seek permission prior to posting.

3. Culture
The company should foster a culture of openness. The corporation should listen to, respect and value its employee's opinions as well as those of their customers and other institutions.

4. Transparency
Transparency and authenticity are key. Connections with customers together with commercial and personal connections should not be hidden.

5. Training
Before asking an employee to blog, it's vital that they're provided with adequate training. This includes reviewing legal issues and company policy. Employees should be given the option of participating in training rather than it being mandatory.

6. Comments
It is important to communicate your company's comment policy clearly, setting expectations and making it clear what and what isn't allowed on the blog. It's important that comments should be uncensored from a negative/positive point of view to keep the blog authentic, but where a comment is inappropriate the author should be contacted and the comment should be removed.



As a businessman, Tony Freeman knows all too well the importance of implementing a sound social media policy in terms of attracting new customers. Those who sell their goods and services to the public have a very good chance of meeting new customers through their online interactions. Social media is a relatively low cost-method of reaching out to a wide audience, and hopefully expanding the company's customer base. It's important to devise a corporate social media strategy, so as not to let this huge opportunity go to waste.

There are numerous examples of employees being fired for comments they've made on social media. From defaming customers to making negative comments about the boss, these incidents illustrate why it's necessary for the company to be clear with their employees what will and what will not be tolerated on social media.

Vivienne Storey, General Manager with Australian law firm Blandslaw recently pointed out the importance for any business with employees - no matter what its size - adopting a social media policy. Without one, how can the company monitor and manage what's being said about it on social media?

A social media policy sets down a code of principles and guidelines for employees communicating with the outside world as agents of the company. This policy can be the company's first line of defence in mitigating the risks for both itself and the employee. The employee may have already entered into a confidentiality agreement with the corporation but that might not be enough. Just a few lines on employee interaction on social media might be sufficient. It is sensible to have a specific document on file that employees can be provided with and retain for future reference.



A social media policy can cover aspects such as:

• Employee use of Facebook.
• Employee blogging disclosure.
• A code of conduct in respect of online communications.
• A code of conduct in respect of company representation in those online communications.
• Employee personal blogging.
• Employee use of Twitter.
• Employee use of LinkedIn.
• Company blogging and blog use.
• Company blog commenting.
• Company blog post approval process (if applicable).
• Company use of Twitter.
• Facebook brand page administration.
• Company Facebook commenting and messaging.
• Company passwords.
• Company YouTube policy.

Developing New Guidelines

It's important for the company to think ahead in terms of policies and guidelines. It's a good idea to include company bloggers in the decision-making process. Policies should be developed that extend to both current, and new and emerging modes of communications such as videos and podcasts. Once published, the reach of social media can vary greatly according to the stringency of the distribution guidelines adopted. Companies which facilitate wider distribution stand the biggest chance of their material going viral.

It is important to stay in compliance with the law, and it therefore makes good sense to have the policy looked over by the company's legal department, seeking their input in development of the policy. Confidential information should never be posted, and where the line is overstepped the information should be deleted immediately, together with an explanation of why it was redacted. It's imperative that privacy is protected. It is vital to communicate with employees what information is appropriate to be discussed online, and what information is not. The company should respect its competitors and others involved in the industry, and take care not to write about them in a negative stance.

Creating an Online Presence for Your Business

Building an online presence for your new business can be time consuming and sometimes frustrating. All the same, as entrepreneur Tony Freeman knows all too well, it is also incredibly important. Building a presence online is not something that just happens overnight, but it is a vital way of helping people to find, interact with, like and trust you.

The good news is, building your presence on the internet becomes a whole lot less frustrating once you know where to start.

Your online presence is the sum of the identities you have created. This can relate to your business and to you as a person, supporting the interactions and relationships you've already established. Your presence online has a broad reach, creating brand awareness and gaining new leads, followers and, ultimately customers, where it is built diligently.



Where to begin in building the online presence of your business?

As Tony Freeman will agree, there is a lot that goes into building a business's online presence, from building websites and online profiles to developing strategies to encouraging engagement and interaction across the various web-based platforms.

#1 Strategise

What are your goals? You must look at this first and foremost, both on a short and long term basis. As your business's online presence begins to grow, you should examine how every online effort is helping your business towards its goals. It is a good idea to keep written records for easy referral to make sure that online strategies are taking the business forward.

#2 Build a Platform

Building a solid platform, for most entrepreneurs and small businesses, means building a website. Your site is your hub: a centralised location people can visit to learn more about what you do. Here they should be able to see what you have to offer, have the opportunity to engage and interact with you and, of course, contact you.

It's important to be clear and concise on your business website, letting the world know what you're all about. Easy to use navigation is a must. A free giveaway is an excellent strategy - providing the visitor with valuable information or special offers - in exchange for their email address.



#3 Provide Value

Whether it's through the business website, an online community you're involved in, or through social media, it's important that the content you provide offers consistent value. What can you offer the people you interact with? What can you give them that's of genuine value? It might be an informational video, blog post or podcast. It might be a reply to a question in a forum. Whatever the form, you should ensure that your contribution offers consistently valuable content to help you gain authority and credibility in your industry. Engaging with online communities and providing valuable assistance can be a great method of achieving growth of your business's online presence. So far as social media websites are concerned, a good rule of thumb is the 80/20 ratio. 80% of the time, you're sharing other peoples' content, 20% of the time, you're posting your own. This way you begin to build up a rapport, rather than appearing too spammy. This tactic not only builds trust with followers (showing that you're not there to shamelessly self-promote) but helps you to build working relationships with others in your industry. It's a great method of attracting new followers.

#4 SEO

SEO, or Search Engine Optimisation, is an ever-adapting science, as Tony Freeman understands all too well. Nevertheless, thousands of free SEO advice articles are available online, helping those starting out to keep up-to-date with SEO best practices. Google's Keyword Tool is invaluable in helping you to decide which keywords to target in your content. It will give you an approximate calculation of how many times a search term is inputted into Google per month, plus give you an idea of the quantity and quality of competition for those keywords, and even suggest alternatives.

You must continue to update and improve your website if you want it to rank well. At the very beginning, your content will probably be all you have to offer your first visitors. Continue to seek out ways to improve your website, optimising it for search engine purposes as you go.

#5 Tweet

Once upon a time, Twitter was just used by people to interact with their families and friends; letting them know what they were up to in 140 characters or less. Times have changed. Twitter is embraced by millions of businesses internationally for the value it provides as a social marketing tool, allowing retailers to connect with customers each and every day. Many corporations use Twitter as a marketing tool, publishing announcements and news, promoting special offers and getting real-time feedback from their customers.



#6 Google Business Centre

Adding your business to Google Business Centre means that it will appear on Google Maps - a huge plus in helping customers to find you. Additionally, it will boost your business in terms of Google search rankings. Google is the world's leading search engine with millions of visitors a day. Just visit the Google Business Centre for instructions on adding your business to the Google business directory.

#7 Keep Learning

New tactics, technology and information flood the online information market each and every day. It's worth taking the time and effort to stay on top of new trends in what can be a fast paced business. To stay ahead of the curve, stay educated.

Top Tips for Starting a Business

Starting your own business can be liberating, exciting and rewarding. It can also be draining (both financially and emotionally) and incredibly stressful. Whether you're aiming to start a corner shop or become the next financial guru, the following collection of tips will help you to get off to the best possible start.



Start Small

As businessman Tony Freeman will attest, an important consideration will be start up costs. It's a little known facts that Marks and Spencers started its retail life as no more than a market stall. Back at the start, Tescos was no more than a couple of corner shops. Laura Ashley started out from her kitchen table. Before splurging on premises and equipment, consider how necessary that expenditure is. Many business's begin in the home, relying on little more than a laptop. For those working from home, issues such as insurance will need to be examined (household insurance may no longer be valid if you turn your home into a business premises). The policy may need to be upgraded. You should think about setting up a business account to save you the hassle of having to work through your personal and business expenses when the time comes for you to file your annual tax return.

Parcel Checker is a fabulous service for those needing to send parcels to their customers. It can save a fortune in delivery, its comparison tools linking users with the cheapest shipping company to meet their requirements.

Cash Flow

Customers don't always pay on time, so it's important not to make assumptions. Cut down on waiting time by persuading them to sign up to agreed payment terms right from the start. Be clear that you will charge an uplift percentage where bills are not paid within 30 days. Avoid spending money early on working on the assumption that this will be reimbursed by the client. Where possible, ask for payments on account. It may be prudent to ensure that you have an alternative income source to fall back on, even if that means taking a part-time job.

Draw Up a Business Plan

Business experts such as Tony Freeman will be familiar with the concept that to fail to plan in business means to plan to fail. Whether you're setting up as a freelancer or opening your own shop, it's vital to calculate your monthly business costs along with how much profit (or alternative income) will be necessary to source it.

Those starting up their own business must work out what their monthly sales need to be to keep the business afloat. It's a good idea to draw up a chart covering the next year, indicating the growth in sales which can realistically be generated and how you'll attract new consumers.



Finding Partners and Suppliers

Even if you're a sole trader, working alone, the business is likely to entail suppliers, distributors and possibly partners. So far as business partners are concerned, finding a co-founder with sufficient knowledge and skills is imperative. Where your own skills do not cover all aspects of the business, starting up with a specialist who has the knowledge you lack will enable you to cover all bases.

Create a list of potential suppliers. Approach them for estimates, and use this as an opening point to negotiate prices (it may be that they will apply a discount for buying in bulk etc). Begin to develop business relations with your suppliers to try to gauge which are reliable and trustworthy.

Networking

The more coverage the business has, provided there is a market for its goods or services, the more likely it is to find trade. In the age of the worldwide web this is especially true. You can market your business without leaving your desk.

Networking groups and forums are helpful places to find useful advice and meet individuals and companies relevant to your business. Interacting via this method can potentially create positive publicity.

It's a good idea to have business cards printed for potential clients you may meet in person. The Vistaprint website offers this facility for free. Trade can often be sourced via networking events in the local vicinity, depending on the nature of the business. It's always prudent to have something useful to offer potential customers, be it a business card or a brochure. Cold sales and door to door sales are particularly tricky venues in which to achieve success. Networking is infinitely easier. Networking puts people with a need in touch with people who have a solution. It's important not to be too brash - just exchange business cards initially. Feel free to email them (though only if you have information which would be of value to them), but not until 48 hours have passed. If you can provide them with useful information, or point out where they might find it, you've just created a positive association and they have your contact details.



Keep Your Ambitions in Check

You need ambition to start a business. However, those ambitions need to be realistic. James Caan of the Dragon's Den television programme recently commented in interview that those starting up a new business often fail to carry out sufficient research in terms of fundamental issues such as pricing. The prospective business person may believe they are offering incredible value, but if they have carried out insufficient research they'll never know whether they're being underpriced by their rivals. It takes two minutes to pick up the phone and talk to potential customers. Those new to business often spend too much time primping their website are throwing parties instead of concentrating on the fundamentals: the bare bones of the business.

The Steve Jobs Legacy

Steven Paul Jobs was born on 24th February 1955 to Syrian born Abdulfattah Jandali and Joanne Carole Schieble, an American of Swiss and German descent.  The two were studying at the University of Wisconsin at the time.  Schieble's father refused to let her marry Jandali.  She was taken to California until the birth, whereupon the baby was given up for adoption.

Subsequently, Schieble's father died; she and Jandali married.  The couple went on to have a little girl called Mona, Steve Jobs' full biological sister.  Nevertheless, their firstborn son had been adopted by Paul Reinhold Jobs and Clara Jobs, whom Jobs stated in his autobiography he regarded as his parents, "100%".

Paul and Clara Jobs went on to adopt a daughter, Patty.  The family lived in Mountain View, California.  Paul Jobs was a mechanic and carpenter by trade and taught Steve rudimentary electronics, showing him how to take apart and reassemble electronics such as televisions and radios.  It was thus quite early on that Steve Jobs became interested in tinkering with technology.

Clara Jobs worked as an accountant.  She taught Steve to read before he attended school.  Steve Jobs attended Cupertino Junior High followed by Homestead High School where he met and became friends with Bill Fernandez, a neighbour who shared Jobs's interest in electronics.  Bill Fernandez introduced Jobs to Steve Wozniak, nicknamed "Woz", an electronics whiz kid.  Wozniak showed Jobs a computer board he and Fernandez had started building in 1969 which they had named the "Cream Soda Computer" (owing to Fernandez's addiction to the beverage).  Steve Jobs became very interested in the duo.

After graduating High School in 1972, Steve Jobs enrolled at Portland, Oregon's Reed College.  His parents Paul and Clara could ill afford to send him, but an assurance that Jobs would attend college was a stipulation of his biological mother when she gave him up for adoption.  As it turned out, Jobs dropped out of college after just six months, spending the next 18 dropping in on creative courses including a calligraphy glass.  Jobs recalled later in interview having spent many nights bedding down on the floors of friends' dorms, returning Coca Cola bottles in exchange for money and food, relying on free meals from the local Hare Krishna temple.  Steve Jobs cited the calligraphy class he dropped in on at Reed College as being instrumental in his idea from multiple typefaces and proportionally spaced fonts in the development of the Apple Mac.

By 1972, Wozniak had developed a video game computer board - his own version of the classic game Pong.  Wozniak asked for Jobs' help.  Jobs approached Atari.  Atari thought Jobs' had built the computer board himself and promptly gave him a job as a technician.  Atari co-founder Nolan Bushnell later remembered Jobs as a difficult but valuable employee, citing that Jobs was very often the cleverest guy in the room, and had no issue with letting everyone know it.

In 1974, Jobs travelled to India to visit Neem Karoli Baba, in search of spiritual enlightenment.  When he arrived with friend (and latterly Apple employee), Daniel Kottke, they found the Karoli ashram virtually deserted, Neem Karoli Baba having died in September of the previous year.  They travelled around India, spending much time in Delhi, Himachal Pradesh and Uttar Pradesh.  Jobs left India ahead of Kottke seven months later, returning to the United States a convert from the Lutheran faith to Zen Buddhism.

Upon his return to the US, Jobs began working for Atari once more, working on a circuit board for the arcade game, Breakout.  Atari offered a $100 bonus for every TTL chip Jobs could successfully eliminate.  Jobs struck a deal with Wozniak to split the fee 50/50 if Wozniak minimised the number of chips, Wozniak being somewhat of an expert in compiling circuit boards.  To the amazement of Atari's team of engineers, Wozniak reduced the total number of TTL chips to just 46, albeit with a design too tight to be recreated on a mass assembly line.  Wozniak and Jobs continued to work together on the "Blue Box", a low cost digital box designed to manipulate the telephone network, allowing free long distance calls.  Clandestine sales went well, Jobs citing the success of the Blue Box as being a pre-curser to Apple, showing the duo that they could take on large companies and beat them.

Jobs and Wozniak formed the Apple Computer Company in 1976, named after Jobs' favourite summer job picking the fruit.  They started out in business selling circuit boards.

On 11th April 1976, the duo released the Apple I, a somewhat rudimentary forefather to today's Apple products, featuring a homemade wooden computer case.  The price was fixed at $666.66, largely on the basis of Wozniak's liking of repetitive digits combined with the 1/3 mark up on the wholesale price of $500.  Jobs struck a deal with the Byte Shop of California for 50 computers.  Apple delivered their first order within 10 days.  Approximately 200 Apple Is were manufactured.  Today there are a reported 63 still in existence, with a working example fetching a hammer price of $365,000 at Christie's in 2014.

Steve Jobs made many mistakes throughout his career.  He made several well documented blunders.  Nevertheless, it is for his brilliance; for the things he got spectacularly right - the Apple Mac, the iPhone, the iPod and the iPad - that Steve Jobs is remembered today.  Apple's contribution to the technological world has been game-changing.  There really is an App for everything.  From shopping to ship navigation to corporate consumers like Tony Freeman, Jobs changed not only the way we use technology, but the way we live our lives today.

Startup Business FAQs

When calculating the funding needs of a business, two different types of funds will need to be considered: start-up costs and working capital.

Start-up costs are one-off payments made in starting the business, like set-up fees, premises renovations, utility down-payments and equipment.  This outlay will include furniture, fixtures and fittings and machinery as well as location and admin and legal expenses.

Working capital is the float required to take care of day-to-day running expenses of the business like advertising, taxes, insurance premiums, utilities, salaries and all other costs associated with the running of the business.  When starting out, it's prudent to ensure that funding is in place to cover all of the start-up costs together with working capital to cover at least the first 6-12 months of the business.

Founding a business first starts with an idea.  It may be a product or an invention.  This is known as "intellectual property".  It is prudent to check whether the idea has already patented or registered and, if it hasn't, seek legal advice about patenting your idea so that no one can steal or copy it without your permission.

Once you have your initial idea, market research is imperative in assessing whether the proposed product or service is saleable and there is a genuine demand.  It is at this stage that problems can be identified and fixed, or if the idea is a non-starter, the prospective business person may move on without having wasted too much time, money and effort.

Market research is tackled by identifying potential customers and approaching them to find out their needs.  If it is a product that is to be sold, this is where a prototype would prove invaluable (though only once patents and registration of intellectual property has been dealt with), thus allowing potential customers to see the product you intend to market and give feedback as to whether it meets their actual needs.  The product can be tested and any faults identified and fixed.  Pricing points can be tested to see what potential customers would be willing to pay for it.  It is at this point that the prospective business person will gain a real insight as to whether the business is likely to be profitable or not.  Another vital component to bear in mind at this point is market competition.  Entering a market with high consumer demand for a product is a very different proposal to entering a saturated market where competitors are slashing their prices.

The next step is developing the concept, taking into account feedback on the product or service from potential customers.  This is where any identified problems can be ironed out including in the branding, manufacture and selling.  It is wise to return to potential customers for feedback on the updated product.  Once you are confident that the product/service meets their needs and is profitable, the next step is drawing up a business plan.

A business plan is imperative when setting up any business.  This will be the road map guiding the future of your firm or company.  It should include clearly stated goals.  A well drawn up business plan is critical in obtaining investment and loans, providing potential investors with the information they need to decide whether your proposal appears viable or not.  A business plan will provide organised, specific information about your business and how you intend to repay investments.  Basic components of a sound business plan should include:

1.     A business concept.

2.     An executive summary.

3.     Details of the products and/or services the firm or company proposes to sell.

4.     Market research and analysis. 

5.     A marketing plan.

6.     Details of the business's operations.

7.     A breakdown of the ownership, management and organisational plan.

8.     Financial data and projections.

9.     Details of critical risks to the business.

10.  Appendices and/or exhibits.

A business plan is an invaluable tool in attracting investors and convincing potential partners and funding sources of the viability of the business.

The next step is looking at potential partners, premises and suppliers.  Many businesses are started by a sole trader from their own home.  You will need to check that your proposed business falls in line with any legal obligations, for example Health and Safety regulations.

Where a partnership or limited company is to be set up, it's important to consider whether your co-founders are reliable and possess the requisite skills.  There could potentially be weighty legal and financial implications for founders personally if the business fails, so it is advisable to seek independent professional advice from lawyers and/or accountants.

Potential suppliers can be identified and approached via online searches and business research.  It's good practice to draw up a short list and approach them to begin to develop business relations, gain a sense of which suppliers are trustworthy and reliable and enter into pricing negotiations.  Consideration will need to be given to their trade credit stipulations, i.e. how long you have to pay their invoices and whether they offer discounts for buying in bulk etc.  It is then time to look at how you're going to attract potential customers and get your product to market.  Whether you work with a distributor, retailer or plan to build your own website, these are all good business practices borne in mind by experts like Tony Freeman.

The Most Famous CEOs of the 21st Century

The cut-throat corporate world is no place for shrinking violets.  All the same, a little humility goes a long way.  Along with oodles of ego, a successful CEO must possess creativity, conviction and leadership qualities, combined with many other attributes to achieve greatness in business.  Here we look at four of the 21st Century's best.

Indra Nooyi

Indra Nooyi is CEO of Pepsi, the second largest food and beverage producer in the world.  She ranks 13 in the 2014 Forbes list of the World's 100 Most Powerful Women.

Indra Krishnamurthy Nooyi was born on 28th November 1955 in Madras, Tamil Nadu, India, receiving a bachelor's degree in Physics, Chemistry and Mathematics, in 1974 from Madras Christian College as well as a Post Graduate Diploma in Management in 1976 from the Indian Institute of Management, Calcutta.

Nooyi began working for Pepsi in 1994, becoming President in 2001.  She has directed Pepsi's global strategy for over 10 years and led the company's restructuring, including its Yum! chain of restaurants.  She took a leading role in the acquisition by Pepsi of the Tropicana brand in 1998, as well as the Quaker Oats and Gatorade companies.   Bloomberg Business cite a 72% increase in Pepsi's annual revenues since Nooyi became CFO in 2001, with net profits doubling to $5.6 billion in 2006.  Indra Nooyi was named the Most Powerful Woman in Business by Fortune in both 2009 and 2010.  She has received honours and awards from numerous bodies, including three honorary degrees and five honorary doctorates. 

Jeff Bezos

Jeff Bezos is a well known name to executive Tony Freeman and fellow entrepreneurs.  Bezos is the CEO and founder of the global corporation, Amazon.

Born Jeffrey Preston Jorgensen on 12th January 1964 in Albuquerque, New Mexico, Bezos graduated from Princeton in 1986.  He spent a spell working in the computer science field on Wall Street before building an international trade network for Fitel.  After a stint with Bankers Trust and D.E. Shaw & Co, Bezos founded Amazon.com in 1994.

Bezos recounts that he took a cross country drive to Seattle from New York, writing up the business plan for his new company on the way.  He originally set up shop in his garage.  Bezos had quit a well paid job with a New York Hedge Fund to follow his dream after reading about the recent surge in internet use.  The growing popularity of the worldwide web coincided with a US Supreme Court ruling that mail order catalogues were not obligated to collect taxes in states where they had no physical presence.  Bezos knew he was onto a winner.  By 2011, Amazon was worth $6.5 billion, its share price rising by some 70% in a single year.

Bezos was named 2012's Businessperson of The Year by Fortune, Person of the Year by Time in 1999 and was selected by the US News and World Report as one of the US's greatest leaders in 2008.

Jack Ma

Jack Ma is an entrepreneur and philanthropist.  He is also the founder and executive chairman of the hugely successful Alibaba Group.

Jack Ma was born Ma Yun in Hangzhou, Zhejiang, China on 10th September 1964 to traditional musician/storytellers.  From a very young age, Ma wished to learn English.  He rode his bike every morning to visit local hotels so that he might converse with foreigners.  He would guide them around the local sites for free in order that he could practice his English.

Ma studied at the Hangzhou Teacher's Institute, graduating in 1988 with a bachelor's degree.  He went on to the Cheung Kong Graduate School of Business, graduating in 2006.

Ma began building websites for Chinese companies.  In 1995, he and his wife Zhang Ying went on to build a Chinese version of Yellow Pages.  Within three years, they had made $800,000 from a company they started with just $20.

Ma founded Alibaba with a group of 17 friends in 1999.  Today, the company serves over 79 million members from 240 different countries.  Ma became the richest man in China in 2014 and ranks 18 on the Bloomberg Billionaires Index with an estimated net worth of $29.7 billion.

Mark Zuckerberg

Mark Zuckerberg is the creator and CEO of Facebook.  He was born Mark Elliot Zuckerberg on 14th May 1984 in White Plains, New York.  His father is a dentist and his mother a psychiatrist.  Zuckerberg's interest in computers began at middle school.  His father began teaching him Atari BASIC Programming in the 1990s, later hiring a private tutor who called him a prodigy.  Zuckerberg took a graduate class at Mercy College whilst still studying in high school.   One of his early networks was ZuckNet, a platform linking the computers in his parents' house to his father's dental surgery.  Whilst still at high school, he programmed the Synapse Media Player ,which achieved a 3 out of 5 rating from PC Magazine.

Zuckerberg's time at Harvard is the focus of the 2010 movie, The Social Network.  He studied computer science and psychology.  It was here that he wrote CourseMatch, a programme which allowed students to see which classes other students had selected, thus helping them to choose their own classes according to their affiliations and study groups.  Shortly afterwards, he wrote a programme called Facemash, encouraging students to select the most attractive person from a selection of photos.  The college shut his website down a day later because the surge in traffic had overwhelmed its network.

Zuckerberg launched Facebook in January 2004.  Three years later, aged just 23, he was a billionaire.

The greatest business decisions of all time

Once in a while, companies make changes which seem counterintuitive: to defy all conventional wisdom.  Doubling your entire work force's salary overnight may seem like madness, but that's the high risk strategy that made Henry Ford a household name today.  Here we will take a look at two of the highest drama decisions and the people behind them.  As businessman Tony Freeman will agree, the commercial world is a constantly evolving.  Here we take a look at two of the biggest leaps made by business revolutionaries.

Boeing's launch of the 707

When Boeing's CEO launched the 707, he didn't have a single order.  He just believed in the product: he knew that customers would want to buy it.  It takes a huge amount of courage and conviction to put the company you have, in bricks and mortar, on the line for a dream of the company you could have: something much bigger.

In 1952, Boeing was a virtual nonentity in the business of commercial aircraft.  The company was primarily involved in manufacturing military aircraft, such as the famous B-52 bomber.  The aircraft maker was heavily involved in the development of jet technology, but in those days the use of jets in commercial aircraft was not considered viable by the industry as a whole.  Converting to jet technology would require massive investment which would seriously affect the airline industry's profitability.

The safe choice for the company would have been to stick to its operations in the defence industry.  Boeing's post-war President, William McPherson Allen, had other ideas.  In one of the most talked about "bet the company" moves of all time, he effectively put all of Boeing's eggs in one basket, risking it all on the success of a single product.  He was convinced that the 707's convenience, speed and comfort would win over consumers and that the civilian aviation sector was ripe for expansion in a booming global economy.

In 1952, William McPherson Allen managed to persuade Boeing's Board of Directors to invest $16 million in the Boeing 707.  This was the first United States based transatlantic commercial jetliner.  The plane altered the course of Boeing's future completely.  The 707 became much more than a transportation vehicle - it became a cultural icon - Jantzen even named a range of swimwear after it.  Dwight Eisenhower, George Bush and every United States President in between flew on a modified version of the 707, the world famous Air Force One.

Boeing was founded in 1916.  The company's headquarters are in Chicago, Illinois.  Today it is ranked #97 by Forbes in their list of the World's Most Valuable Brands.  Boeing employs over 168,000 employees worldwide.  The company's sales are estimated to be in the region of $86 billion.

Henry Ford doubles his workers' wages

In 1914, Henry Ford faced a problem.  As ridiculous as it may sound, his car production company was becoming too successful, too quickly.  A surge in popularity of the Model T motor car caused Ford to question his strategy of mass production.  He had introduced a moving assembly line at his Highland Park, Michigan plant in 1913 and it worked far better than he had ever imagined, but to the detriment of his workforce.

Since installing the moving assembly line, the Ford Motor Company was haemorrhaging employees.  Workers' morale plummeted: the mundane, repetitive, physically demanding work causing the factory's operators to walk out in huge numbers. 

After talking things through with his assistant, James Couzens, Ford knew he had to take action.  On 5th January 1914, Ford and Couzens summoned the press to Ford's Highland Park plant.  They announced changes in employment policies which they hoped would improve worker retention.  These consisted of:

1.      Reducing the working day from nine hours to eight.

2.      Moving from two shifts a day to three, thereby creating many new jobs.

3.      Subject to certain conditions, doubling the basic rate of pay to $5 a day.

The history of ford motors from Tony Freeman

The 11 year old car manufacturing company was willing to spend an extra $10 million a year to improve the lives of its workers, thereby improving their productivity and the productivity of the company.

News spread quickly about Ford's "magnificent act of generosity" as it was hailed by the New York Evening Post.  His $5 working day turned out to be a shrewd investment, annual labour turnover falling from 370% to 16% within the year and productivity increasing from 40% to 70%.  This enabled Ford to reduce the price of the Model T from $800 to $350 between 1910 and 1919, solidifying the company as the world's greatest car manufacturer, and making Ford a billionaire. 

The Ford Motor Company was founded by Henry Ford on 16th June, 1903.  Today, the Ford Motor Company manufactures and distributes cars across six continents.  Through its subsidiaries the company also engages in other sectors, including vehicle finance.  The company is divided into two sectors: Automotive and Financial Services.  The Automotive section is further divided into four subsidiary companies: Ford Europe, Ford South America, Ford North America and Ford Asia Pacific Africa.

In 2014, Ford ranked #133 in the Forbes list of America's Best Employers, #47 in the Global 2000 and #45 in the World's Most Valuable Brand.  Today the company employs over 180,000 workers and attracts a revenue in excess of $146 billion.  In 2015, the company is set to take a risk again, releasing the revolutionary F-150 Pickup, making them the first truck manufacturer to move away from traditional steel panels to lightweight aluminium.