In the modern business era, we always hear the terms core values, mission statements, and culture and we have integrated them into the business language among many other terms. What are your company core values? Why are they so important? In this blog post, we are going to discuss the importance of core values and why it is important to have core values in your business.
As a business owner, core values are what support the vision, shape the culture and reflect your business values. They’re the essence of the company’s identity – the principles, beliefs or philosophy of values. Many companies focus mostly on the technical competencies but often forget what the underlying competencies that make their companies run smoothly. Establishing strong core values provides both internal and external advantages to the company.
IMPORTANCE OF CORE VALUES
They determine your company’s characteristic.
What makes you different from everyone else in your industry or your field? What differentiates you? One way to do this is with your core values. You’ve to be clear about what those are.
They dictate personal involvement and alignment.
When you go to hire staff and employees, you want people who are in alignment with your values. You can always train them in skills. But they must be in alignment with your core values.
They communicate what is important.
What’s important to you, the employees and the company can be clarified in your values for your clients and customers to see. Furthermore, these core values will also influence how your employees act, and you can see it as they live it out.
Core values help decision-making processes.
For example, if one of your core values is to stand behind the quality of your products, any products not reaching the satisfactory standard are automatically eliminated.
HOW YOU’LL FIND THE RIGHT CORE VALUES FOR YOUR BUSINESS
Business values cannot be “set”; you can discover them. Many small business owners make the mistake of picking core values out of thin air and trying to fit them into their business; core values are not “one size fits all” or the “best practices” in the industry. Yes, you can hold the same core values as your competitors, as long as it is authentic to your business and your employees.
IMPLEMENTING YOUR BUSINESS CORE VALUES
Once you’ve come up with essential principles, you must create a plan to implement them. Core values must be ingrained in every decision and practice of your organization because they’re the foundation of your brand’s identity. If you added honest communication as a core value, for example, consider investing in training that would improve the communication skills of all the members involved in your business. Teaching them can lead to a more productive work environment. Furthermore, your core values can unite you with your client, and partners by exposing the main principles that define your business and creating common goals for all staff to follow.
Whatever your sense of mission is, the people who make decisions on your behalf on a daily basis should wholeheartedly agree and enforce it at every turn. When you build a stable company belief system, you create a culture within the organization that is strong and promotes growth across the board.