Why is it important for a business to recognize its core values?
The core values of a business create alignment in the members of the company and alignment of the important values that your company stands for. Many owners believe this to be “fluffy” stuff that does not ring the cash register, but I am here to tell you it does on so many levels.
More productivity – When you hire based upon your core values, the team moves your business farther and faster than you can even imagine. The team believes in your mission and gets behind the goals easily because they value the same things that your company does.
Employee Retention – Hiring & training can cost upwards of 1 ½ times the annual salary. Hiring based upon your core values can increase the likelihood that the employee is a good fit and stay longer. Team morale remains high too when employees feel that they belong.
Influence Behavior – When your values align with your customer's own values, they become raving fans wanting to support what you represent. Your employees also live up to your standards of excellence in delivering your product to market
Differentiation of Brand – When you let the market know of your core values, they will set you apart from the competition. Given the choice, your customer will choose what attracts them to you. If you can stand out with your values, it is just one more reason for customers to choose you.
Choosing Your Core Values
Here’s a quick way to choose your core values. Remember to do this exercise at least annually to see if anything has changed or can be improved.
1. List 3-5 of the most influential people in your life that developed who you are
2. List the details of what you saw in those 3-5 people
3. The details that shape who you are really your core values
4. Search online, there are many sites where you can gather ideas of values.
5. Choose 4-10 core values that represent you & your company
6. Develop a combination of statements that represent your core values
7. Remember, these are non-negotiable, minimum standards for you
8. Use your new core values for hiring, offerings, & client alignment
Now that you have chosen your core values. Make them public to your team, advisors, partners, and your customers. Make a large sign in your office and on your website! Use them in hiring, marketing, and standard operating procedures. When you stand for something, you stand stronger.
Marcia Riner is a business growth strategist & CEO of Trajectory Consulting. She helps professional service firm owners to optimize their business, drive growth, & prepare for an eventual sale. Together, create your roadmap to improve, scale, & maximize the value of your company.
She runs a Masterclass that teaches business owners how to scale their business so that they can sell it someday @ www.Scale2Sell.biz
Want more great ideas, download Marcia’s newest eBook “Think Outside The Box – 10 Reasons To Get Your Business Sale-Ready” available on www.TrajectoryBiz.com