CORE VALUES IN BUSINESS: Why have them and how to define them
One of the areas that small to medium business owners have difficulty in understanding is the purpose of developing CORE VALUES for their business. Values are the fundamental beliefs of a business, the guiding principles that dictate how people should behave and act, regardless of the size. A clearly defined set of values will help to guide the actions of your business.
Core values play a role in important business processes. Core values help people to know what is right from wrong; they help a business decide if they are on the right path and fulfilling their business goals.
Core values are what support the vision, shape the culture that attracts employees, customers, and even investors, and reflects what is important to your business. Defining your business core values is important for all companies, big and small.
As a small to medium business owner, it can be hard to find the time to develop a list of core values. It doesn’t have to be difficult.
Consider your business’s VISION. Think about your personal core values. If you have employees, look at your star performers and the values they hold. Talk to your top customers ask them about the values that they live by.
Examples of BUSINESS VALUES are:
- ACCOUNTABILITY – Acknowledging and assuming responsibility for actions, products, decisions and policies.
- COMMITMENT – Committing to an excellent product, service, and other initiatives that affect lives within, and outside of the business.
- EMPOWERMENT – Encouraging employees to take initiative and give the best.
- INNOVATION – Pursuing new creative ideas that have the potential to change the business.
- INTEGRITY – Acting with honesty and honour without compromising the truth.
- OWNERSHIP – Taking care of the company and customers as if they were your own.
Once established display your VALUES where they can be viewed every day by your employees, suppliers and customers. Discuss at your team meeting on a regular basis.
Your VISION and your CORE VALUES guide your Strategic Focus Planning, which I will talk about in my next newsletter, as this will make sure you are heading towards your ideal business, that supports growth and achieves your personal goals.