(Getty Images)
Building your brand's core values is essential as a business owner, as these fundamental beliefs will underpin your company's actions and guide all of your decisions.
Having clearly defined core values is critical to the success of your business, as achieving corporate goals becomes a real challenge without a way to distinguish between right and wrong within the walls of your company.
So, how do you set about building your company's core values? Here, we’ll discuss how to successfully identify these fundamental beliefs, one step at a time.
The importance of having clear core values
If someone asked you to describe your company's mission, you would probably be able to define exactly what your company does easily. But would you be able to define your company's core values as easily? Probably not, and neither can your employees. According to Officevibe's State of Employee Engagement survey, nearly one-third of all employees either don’t know or don't understand their company's core values.
Core values are a key driver of employee engagement; they can increase employees' overall loyalty to your company, boost their morale, and provide a goal to work towards while distinguishing desirable behaviors from undesirable ones. They're also what makes your company unique, and they outline the qualities people will associate with your brand.
In short, core values are the essence of your company's identity.
Brainstorm with team members
When done correctly, brainstorming can provide significant insight into your company's core culture and values. What better way to define your values than to ask the people who make up your company? Specifically, you should consider those employees who are intimately acquainted with your company culture and whom you consider 'ideal.'
Having one or several brainstorming sessions over a few weeks or months will allow you to combine your team’s thoughts and observations into an accurate and realistic set of core values that define your company.
Look at your mission statement
Your company's mission statement can be a powerful tool in building your core values. After all, it's highly possible that you already identified some of these values when you prepared your mission statement. For example, if you're an accounting firm with a mission to provide a highly transparent service to your clients, then transparency might be one of your company's core values. And if you don't already have a mission statement prepared, you might want to consider writing one.
Ask the right questions
Another way to cultivate your company's core values is to ask yourself the right questions, recommends MasterClass. One important question to consider is what the company should value above profit. Perhaps the answer is your entrepreneurial spirit, ambition, and open-mindedness — or it’s transparency, honesty, and hard work. Or maybe you prioritize a healthy work-life balance that emphasizes your employees' long-term well-being.
Consider asking this question during your brainstorming sessions — allowing your team members to share their thoughts and feelings on the matter will help you formulate a clearer picture of your company's core values.
Don't rush it
If you expect to finalize a clear set of core values after one or two brainstorming sessions, think again. Developing core values takes time, patience, and a lot of effort — and they will likely need to be revisited several times before they are finalized.
For example, you might identify the values of "taking initiative" and "being proactive" as important during one of your team brainstorming sessions. But the next time you meet, you'll realize that both values could be used interchangeably and don’t need to be listed twice.
Remember that your company's core values will likely change over time, so consider revisiting them periodically. You may also need to introduce a new core value or replace one with something that reflects your company more accurately.
Ready to define your company's core values?
It’s no secret that companies with strong cultures and clear core values outperform those without. While defining these values might seem daunting and fruitless, the effect on your employees' engagement and morale will more than pay off. Plus, it will strengthen your company’s identity in the minds of your stakeholders, employees, and customers.
Visit BBB.org/get-accredited to learn how trust, honesty, and integrity can play an integral part in your business’s success.
For more information
Visit BBB Business News and the Biz HQ.
Have a business? Take a look at BBB Business Resources.
BBB of Southern Piedmont and Western N.C. contributed this article.