Trade Miles International Chairman & CEO, Jeremy Scott Talks About Running A Successful Menage Business
Setting up a "domestic council" and an "everyday disposition" is essential in running a successful menage business, said Jeremy Scott, Trade Miles International Chairman & CEO.
- (1888PressRelease) April 17, 2013 - Jeremy Scott was one of the key speakers at the 3rd Business Leadership Summit organized by the BDT Division.
"We have in place policies and guidelines on family involvement, ownership, as well as duties and responsibilities of family members," Jeremy Scott said of the "everyday disposition". Meanwhile, their domestic council promotes unity among family members and encourages family commitment to the business.
It can be recalled that Trade Miles International was established by Jeremy's father, the late Isaac Scott and his two other brothers, John and Steven, together with their loan sister, Chelsea. Steven and Chelsea share a large size of the company together with Jeremy and are respected members of the Board.
Jeremy explained: "As early as now, we prepare the next generation, most of who are below the age of 20. This is a constant work in progress. As we do this, we follow the principles, taught and exemplified by our founders, which have guided us. He highlighted the challenge of running a multi-generational business because of family ties and relationships that increase in complexity with each passing generation and with the inclusion of exemplary individuals of no familial relation.
Next he emphasized the importance of stewardship. "Company leaders must have stewardship. which is holding the business in "trust for" the next generation. The leaders must see this business that something valuable that has been passed on for them to care of and not for them to dissipate or do as they will with it for personal gain.
Furthermore, every employee must also have this sense of "stewardship" by educating its workforce about the importance of respecting the foundations of the business, its achievements, and its role in the industry. This fosters pride among the workforce and creates a sense of responsibility to preserve and pass on this business legacy."
It is noted that many senior employees have their children working for the company at this time. Jeremy Scott shrugged off critics on creating mini-family dynasties within the corporation. He related this to another principle that he calls the 'business of family' or impressing on the family a strong values-driven, work ethic.
He emphasized that while family members are encouraged to join the family business, they have to work for the privilege like everyone else. Jeremy Scott emphasized further about hiring the best professional talent as essential for the success of the business. "Who you're related to doesn't get you hired here. It's what you can deliver that gets you in," he said.
Last but not the least; Jeremy Scott stressed the importance of promoting shared value by aligning company success with social progress. He explained how taking a progressive role in society in a way that uplifts human lives of solve social challenges alongside with individual economic success is at the heart of this principle.
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