Importance of company core values
What are company core values? A business’ culture emerges as a result of its company values, impacting everything from the company’s staff retention to its bottom line. Thus, the importance of company core values cannot be overstated in any conversation on how to run a successful business. Take action now and commit to cultivating your company values into every facet of your work, and you’ll develop the action plan you need to take your business to the next level.
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What are company core values?
Company values, also referred to as corporate values or company core values, are the fundamental principles or philosophies that guide an organization’s business decisions. Rather than a set of rules, company core values are more akin to a mission statement by which the business prioritizes its values as they play out in the market. When formed and implemented properly, company values govern everything from internal affairs to external consumer relations.
Importance of company core values
What is the importance of company core values? Forbes reports that more than half of executives agree that company core values influence all aspects of a business, from profitability to creativity. Company values create the intangible culture that defines your company, for better or for worse.
Given the impact of company values on the day-to-day viability of your business, the importance of company core values emerges as a tool for fine-tuning the direction in which your business is going. By taking care to establish transparent core values that genuinely reflect their team and product, businesses are able to resonate with consumers and staff alike.
Selecting company values that resonate
Company values can even be toxic and destructive when they do not align with the company’s actual day-to-day practices. When a company’s values are not readily apparent in everything the business does, cynicism quickly sets in among staff and clientele, poisoning the company’s reputation from the inside out. The impact of a company’s alignment with its value system is so pivotal, experts assert that it may be better to skip articulating your values if you don’t intend to stick to them. So, as you work to nail down your company core values, prioritize authenticity and understand that company values are meant to inspire employees into action versus punish them.
Leveraging company values to grow your business
The influence of company values on your company’s success is so substantial you must learn to manage values effectively. With the right approach, you can leverage your company values so that they contribute to your business’ growth.
Align employees and management around company values.
For a business to be successful, it is absolutely essential that employees and management share the same company values. Make sure that all your training materials and marketing materials express the same message regarding your company core values.
Hand-pick your company core values.
As a small business owner, you must be careful to choose company values that are both authentic and expressible. If you’re unable to live up to the values you espouse, you risk turning off your market due to your inconsistency.
Find a mentor for building company values into your business operations.
To better understand the importance of company values, let’s consider Zappos as an example. Zappos is a company well-known for intentionally cultivating its (zany, creative) corporate culture to attract and retain committed staff and raving fans. To create its company culture, Zappos developed 10 core values (including “create fun and a little weirdness”), which it then incorporated into everything from staff job descriptions to hiring protocol to on-the-job training. By creating a value-based method of operations that’s obvious to everyone engaged with the company, Zappos now enjoys record success.
Find inspiration to transform your company core values.
Few people understand the importance of company values as well as Tony Robbins’ Business Mastery panel guests, all of whom have walked the gauntlet of launching and managing a successful business. Look to the experts to uncover how to manage company values so that they propel your company in the right direction. For example:
SoulCycle CEO Melanie Whelan.
created SoulCycle’s company core values to include an innovative workout culture and a tailored hiring process. Her efforts were met with success, and SoulCycle is now well known for its ability to attract loyal customers as well as staff.
Airbnb co-founders Joe Gebbia and Brian Chesky.
recognized the vitality of company core values in re-launching their business a number of times. Now, due to its diligence, Airbnb is one of the most well-recognized brands in the travel industry.
Shake Shack founder Danny Meyer.
created a world-class company culture demonstrative of the firm’s core values. Shake Shack is now nationally recognized not just for its product, but for its hospitality, too.
Take the first step and jumpstart your company’s growth by mastering your company values. Tony Robbins’ Seven Forces of Business Mastery will lead you through the process of refining and leveraging your company’s true vision.
Ready to take your company values to another level?
Learn how to improve your company values with Tony Robbins’ 7 Forces of Business Mastery free content series.