I’m going to cut to the chase.
Yes, core values matter in business. They do. So does your company's purpose, mission, and vision.
It might sound like more fluffy jargon that doesn’t pack much punch. But it all directly impacts your strategy, performance, organizational culture, and overall image of your business.
Could you reel off your succinct company purpose if asked? What about your values?
What Do We Mean By Core Values?
Core values unite teams through a shared set of purpose-driven statements.
Having clear company values means everyone can work towards the same goals and targets; a company’s core values are the behavioural compass that informs how stuff gets done.
No core values? No business!
Think about it.
How can a team function effectively without awareness of the underlying (or overarching) wider business goals? How can a leader foster engagement, unite employees, and promote creative thinking if they are unsure about their company values?
Core values provide direction and knit teams together so they can work toward a common purpose.
Why Should I Care?
Without clear company values, a business can feel untethered, leading to chaotic day-to-day operations.
As the leader, you are the guiding star of your business. Your core values are like a golden thread weaving through your company's purpose and messaging, all of which come from you. Effective business support often begins with clear and strong company values.
If your company lacks core values or if you don't fully believe in and live by the statements you have, cracks will soon begin to show.
A company without core values, or a leader who fails to effectively define or communicate them, risks:
- Supreme difficulty making business decisions
- Siloed teams who don’t know how to work together
- Disengagement and distrust among employees
- Inability to communicate what customers can expect from you
- Hiring the wrong people
And that’s not an exhaustive list. It’s not just you who values matter to...
Core Values Educate Your Customers
Did you know that 63% of people want to buy from brands whose values align with theirs?
It makes sense. Most of us prefer businesses that 'get' us, whose products and services merge with our values and beliefs. For example, someone who cares deeply about the environment is highly unlikely to buy from a company that tests on animals. This kind of alignment can be achieved with the right business advice.
Core Values Unite Your Employees
Core values don't just impact your external brand and image; they also influence your internal operations.
A strong set of company values provides your employees with a common mission. They are the beliefs that drive your business and the philosophies behind why and how you do what you do. This is a key aspect of business support.
With clearly defined core values, leaders can attract and employ the right people because most people want to work for companies whose values match their own. (Sound familiar? Eco-warriors are even more unlikely to work for a company that tests on animals than they are to buy from them).
Perhaps even more important is the link between core values and employee experience. We, as sentient beings, desire purpose. We want to feel as though what we’re doing matters. Clear and well-articulated core values help employees see the business as a cause bigger than themselves, retaining engagement and inspiring them to go above and beyond. This alignment is often the result of effective business advice.
How to Implement Core Values
It’s one thing to pin your company values on the notice board, but how do you make sure they’re lived day in and day out? How do you ensure your core values influence every business decision, resonate with your customers, and keep employees working cohesively?
Here are some top tips to help you start implementing your company values today:
Get Buy-In Early On
Whether or not you believe you’ve got a strong set of values already, consider this: What do your employees think? Did you talk to them before finalizing them? Perhaps you wrote them when it was just you as a small start-up, and they could do with a refresh.
Values don’t have to be set in stone. Brainstorming with employees and other stakeholders can make a huge difference in how successfully and quickly you implement your values. This is a prime example of business support in action.
Keep It Pure and Simple
It’s much easier to live values if you can remember them. It can be tempting to include too many, and that’s okay. It’s only natural to want to showcase how great your business is. But clear and concise values, on a smaller scale, work far better and convey 'We know who we are' much more eloquently. This is crucial business advice.
Align Goals and Processes
Your business needs to walk the talk. It’s no good having a set of values if the way the company operates doesn’t reflect them.
Treat your staff the way you want them to treat your customers. Make sure the way you manage performance aligns with what your company stands for.
It’s simple stuff that can easily get lost in the busyness of modern business life, but it can make all the difference. Do you want happy employees and successful teams, or unmet goals and violated values?
Implementing core values effectively provides essential business support and invaluable business advice. Your values are not just words; they are the foundation of your company's culture and success.
Assign Behaviours To Your Values
You can’t expect core values to naturally cascade down through your business if they’re not actionable.
Avoid selecting aspirational, pretty words and statements purely because they sound good together. Rather, define values that your employees can fulfill through their actions and behaviors.
How do you want your employees to be daily? If you want them to be innovative, what does that look like? If honesty is high up on your value list, can your people feel secure in questioning policies and processes they don’t feel aligned with the company values themselves?
Training And Internal Communication
Your values need to be front and center. Your people need to know about them and understand what they mean.
Providing values-based training sessions for all employees is the perfect way to get the message across. Make sure that your material isn’t dry - these sessions should feel rich! Personify the very values you’re promoting by planning activities and exercises that embody them.
Internal comms is also a core part of maintaining the buzz of values consistently so that they remain front of mind for everyone. Big bold printed signs in offices and reception areas, email signatures and internal newsletters are all great ways of reminding your employees how you’re all in it together, working to the same standard and achieving the same greatness.
Recognition And Reward
Incentives make it easy to promote your core values, and employee recognition increases productivity and engagement.
Giving your people thank yous for living your values through actionable behaviors encourages them to keep doing what they’re doing. A 2021 Deloitte report tells us that performance is 14% higher in organizations with recognition programs than those without.
Core Values Engage Employees, Unite Teams, And Drive Greatness
Without a set of carefully defined company values, you will likely employ the wrong people, see teams clashing, and have trouble achieving business goals.
Whether you’ve already set yours or you are embarking on the first stages of involving your people in the discussion, remember to keep it simple and actionable. With that in mind, behaviors and measures will be much easier to build upon, and you can track your results more readily.