Business values – why and how to make them real life?
“It’s not hard to make decisions when you know what your values are.”
Roy E. Disney
Hi, this is our series on how to run a business. We develop it to share with you our experience and put together what we learn studying and meeting best entrepreneurs. Today we are talking about ways to get your values work. Let’s get started!
What you will learn?
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Why there are problems with corporate values?
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Why companies need values?
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What are examples of business values?
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What are examples of values applied in practice?
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How corporate values impact legal side of a company?Why there are problems with corporate values?
Many companies list values. But do they really follow them? Thlousands employees around the world do not believe in their company’s values (In U.S. just 27% of employees believe in values of their firms). If values are not really in use – there are solutions how to convert values into a set of guiding principles and working standards.
Why companies need values?
Values are set of indicators that help to shape organizational culture, reflect company standards and vision. Core values help employees to recognize the difference between right and wrong, and help companies determine if they are on the right path to fulfilling their business goals. People value different things so managers need to gather them around common motivators to achieve the best results.
As a result, your employees are more likely to make the right decisions — the decisions that help them achieve the company’s vision and goals. If company does not have clear standards it might leads your employees and contactor to different expectations, misunderstanding, confusion. Let your values drive your business!
What are examples of business values?
There are countless variants of values, which you can integrate to your company but the best you can do – is to choose up to 10 values that best suit your business.
Here are some examples of core values from which you may wish to choose:
- Integrity
- Boldness
- Honesty
- Fairness
- Trustworthiness
- Accountability
- Learning
- Customer Experience
- Passion
- Balance
- Fun
- Discipline
- Humility
- Ownership
- Result oriented
- Constant Improvement
- Leadership
- Hard work
- Diversity
- Employee Development
- Innovation
- Quality
- Teamwork
- Simplicity
- Collaboration and Partnership
- Idealism
- Courage
- Unselfishness
- Self-Discipline
- Self-Respect
Also you might create core values according to the business categories your company has.
Examples of business categories
- Business growth
- Business associates
- Work
- Customer service
- Decision making
- Teamwork
- Leadership
- Business improvement
- Staff
- Market identity
- Financial material
- Social community
What are examples of values applied in practice?
Let’s take an example of well-known Coca Cola – the largest non-alcoholic beverage brand in the world. On their website there is a list of core values https://cocacolaunited.com/core-values/:
- Quality
“We are committed to the highest quality standards in the products we produce, the services we deliver, and in our market execution”.
- Excellence
“We will always strive for excellence and work to exceed expectations”.
- Integrity
“Integrity is the foundation of all enduring relationships and every successful business. We will always do the right thing, even when no one is watching”.
- Respect
“We respect our diverse team of associates, with their unique perspectives, ideas and experiences, provide an inclusive culture for all associates to have a rewarding career and reach their full potential”.
Actually values messaging of Coca Cola refers to the language they use in marketing campaigns. It’s what makes buyers or employees relate to their brand by inspiring them, persuading them, motivating them, and ultimately making them want to buy a product or work for the company.
How corporate values impact legal side of a company?
Beside covering business aspects, values help to achieve compliance with law.
Sometimes company values bring even higher standards than legal requirements and allow you to get competitive advantage – for instance implementing ISO standards on quality, information security etc.
Thank you for reading this article. Which values do you choose for your business? Share with us your experience, leave your message and let us know your questions.
