Clearly defined business values aren’t only part of a well-defined business plan; they also translate into customer and employee confidence. In turn, this impacts the very reason most companies exist – to make profit.
An organisation that pays attention to values and, very importantly, makes these crystal clear through day-to-day and longer term strategies, benefits in both a direct and indirect manner. The following delves deeper into what this means and why concentrating on defining core values can be so advantageous to everyone involved in the business.
8 Core Values that Define a Company
Core values are a vital element – yet oft-overlooked – element of commercial planning. Principles are what defines great human relationships, and this is just as true in business as it is in personal connections. These moral codes of behaviour include:
- Commitment (to customers and employees)
Communicating a direct message through advertising and engagement shows current and potential customers what they can expect from you. It’s not enough to simply state facts, great communications showcase both what your company offers and the reasons why.
Take Google, for example. One of their core values is, “You can make money without doing evil”. This is a powerful statement backed up with clear messaging that explains what this means, referencing the banning of pop-ups and only displaying relevant advertising.
Or consider Coca-Cola, who has a Global Diversity Mission page where they state, Diversity: As inclusive as our brands”. Straight to the point and clearly communicates their passion of inclusivity.
The importance of clarifying a company’s core values can’t be over-stated. Not only does it impact the desire of a customer to connect and remain loyal to your brand, but it also gives purpose to employees. From board level to blue collar workers, formalising company values means everyone is working towards the same common goal.
Company Values Equal Benefits for All
From employees to customers, there’s a measured benefit to all involved.
- Employees: The feeling of inclusion and a clear pathway leads to job satisfaction. Workers that feel valued have higher motivation and increased loyalty to a company, leading to better staff retention and production. This translates to an enhanced service and the related benefit to customers.
- Customers: The evermore aware consumer makes purchasing choices according to multiple reasons. From trust and expertise through to important aspects, such as ethics and diversity, having a clear mission statement is a powerful communication tool that speaks directly to customers.
- Your bottom line: Core value inspiration trickles through the whole chain. Prioritising purpose for all involved directly impacts the success of the business – and that equals increased profits.
The potency of great company values can’t be overstated. Taking the time to review or overhaul them on a regular basis is a habit that the most successful companies share. In today’s competitive market, this is a critical element of any game plan to ensure ongoing prosperity and growth.