Establishing solid core values for your business is important. All companies have core values whether they realize it or not. You, the company founder, have a vision for the business that includes how it's run, what it does, a focus on what's important to the company and the people who work there, and how the work gets done. The best company core values are ones that push the company forward and outward, keep it flexible and lean, and make it a place that people are proud to work at. The core values you introduce can create a successful and motivating place to work, mirroring your own passion for the business. Core values can also help an entrepreneur determine if they are on the right path to fulfill their business goals.
Don’t confuse “code of conduct” with your core values. A code of conduct is a list of dos and don’ts about behavior. Core values outline a mindset to guide in decision making. Here's a look at essential core values that help a company thrive and encourage accountability.
The word integrity suggests strength and honesty from an individual or company. Integrity is often defined as doing the right thing even when no one else is around. This is a value that should be expected by customers and your staff and included in your core values.
Applying integrity as a core value to a company means that the company will always stand behind its word, will never cheat a customer, and will always be fair and honest in its dealings. That's not to say the company is infallible, but it does show the outside world that the company is worth trusting and having faith in its ability to do what it says it's going to do. A good example is Google's old motto of "do no evil." While the company has retired the motto, Google has been reliable, stable, and hasn't abused the trust of its users. That's integrity.
Improving your products, services, or processes should be an ongoing process. The improvements your business works toward might be incremental over time or achieved through a breakthrough. Improvements should always be acknowledged and celebrated with your team. You can even share improvements with your customers.
Companies that stagnate are frequently left behind and become less relevant over time. Customers see lack of improvement as a sign that a company cares less about them and more about staying safe and avoiding risks. It's true that companies need to maintain a conservative approach when it comes to taking risk, but that doesn't mean a company needs to take no risk at all. A company that makes it a point to perform self-audits and look for areas it can improve as a company that wants to stay current and relevant. This is rewarded by attracting dynamic customers who want to share the excitement that comes with improvements and changes.
Greek philosopher Heraclitus wrote that, “the only constant in life is change.” This core value should help your team strive to redefine the standard of excellence to stay relevant and keep up with changing needs. Creative thinking that sparks innovation should be encouraged and rewarded.
Customers can find sub-par products everywhere they look and at a price that reflects the low quality. Many are sick and tired of dealing with the hassles a sub-par product delivers and are seeking out businesses that offer quality as a core value along with the finished product. A company that puts quality first as a core value is one that will attract a type of customer that's not afraid to pay the price for a product that works well and does the job straight out of the box. You also gain a reputation for high standards of quality that helps your business stand out from the rest. Every business owner should take pride in providing high value products and services. Quality ensures customer satisfaction, increased profitability, and overall growth.
Teamwork makes the dream work! Teamwork involves employees across all departments of your business working together to maximize efficiency and reach a common goal. Gone are the days of one person taking credit for the work of the group they manage. Employees have a voice and want their contributions to be credited instead of taken by someone who hasn't earned the accolades. Teamwork has emerged as a core value for companies that want to be viewed as dynamic and innovative. This involves recognizing the fact that everyone has a role to play in their project, no one is working in a bubble by themselves, and everyone is contributing to the greater good of the project. A company that employs teamwork as a core value is one that attracts the best talent and produces the best results. The benefits of teamwork include better efficiency, financial savings, and increased morale.
Having a company commitment to the customer means providing top-notch customer service. There's a saying that "the customer is always right." It's shorthand for the fact the customer is paying you to do a job to their specifications. Let your team know how important it is to develop customer relationships that make a positive difference. Many companies lost sight of the need to satisfy the customer and delivered products that didn't match what the customer ordered. Setting goals and objectives when it comes to customer service doesn’t just improve your bottom line-it’s a great way to help your employees understand their value. Make sure all employees are well-trained and on the same page when it comes to customer commitment. The way you treat customers can make or break your business.
Reliability and personal responsibility are the core of accountability. This part of your core values should show that you and your team honor commitments to clients, customers, vendors, suppliers, and each other. Accountable people take ownership of their work and promptly correct mistakes.
Media mogul Oprah Winfrey says, "Passion is energy. Feel the power that comes from focusing on what excites you." People who are passionate about what they do enjoy the challenge of coming to work each day. People with passion are continually growing personally and professionally.
Leadership is the art of motivating a team to achieve a common goal. In a business setting, this can mean directing staff with a strategy to meet the company's needs. Leaders foster inspiration and spark action.
When you think about Amazon, you probably think about Jeff Bezos and the amazing changes he brought to the retail scene. He's maintained leadership of Amazon since its inception and has guided the company to soaring heights that no one ever imagined. You are the leader of your own company the same as Jeff Bezos, and your ability to lead is what makes your company dive or soar. Make your management standards known and stick to them as much as you possibly can. When your officers, managers, and employees see that you put your money where your mouth is, they will do the same for you.
Here are some well-established big brands with clearly defined core values. Of course, your core values should be tailored to your particular business. Don’t just cut and paste.
On their website, Airbnb defines “embrace the adventure” as the following:
Brian Chesky, Airbnb CEO says, “Having a clear mission and making sure you know that mission and making sure that mission comes through the company is probably the most important thing you can do for both culture and values.”
The GoDaddy Core Values are:
CEO Blake Irvings says, “My philosophy for leading is get out in front, set the pace and live the culture you want everyone else to live."
On their website, Zappos reports that their 10 core values are a way of life for their employees.
Tony Hsieh, Zappos CEO, says, "We believe that it's really important to come up with core values that you can commit to. And by commit, we mean that you're willing to hire and fire based on them. If you're willing to do that, then you're well on your way to building a company culture that is in line with the brand you want to build."
Online marketplace Etsy outlines their core values:
"The main thing is keeping the main thing the main thing," says CEO Josh Silverman, speaking about the focus of his company and commitment to core values.
SnackNation delivers delicious and healthy snacks directly to offices. Their core values are clear:
“… live and breathe your culture, and take stock of it daily. Listen, get feedback, and get a very good sense of how people are feeling in your office. Pay attention, be present and realize that building an amazing culture is a never-ending process,” says Sean Kelly, CEO
Core values are best implemented during the early days of a company, but they can be introduced at any time. Implementing core values creates a framework from which to operate, act, decide, and function on a daily basis. Your customers will always know where they stand with you when it comes to doing business.