This chapter provides a thorough introduction to the development of company standards for strategic purposes with specific focus on the use of company standards in the manufacturing sector. It gives an overview of the different types of company standards that are implemented by a company and its supply chain partners. By highlighting similarities with and distinctions from formal standards, this chapter carves out different economic effects of company standards. This allows the authors to develop different strategies a company can follow with the development of company standards. These strategies, however, are not confined for internal aspects. They also include the impacts of company standards on others, such as suppliers. This book chapter aims to aid companies and their supply chain partners to optimally use company standards for economic optimization.