It’s time to reflect. Your business wasn’t born overnight. There were probably sweat, blood, and tears involved (hopefully only a few paper cuts!). And much of your foundation is based on your core business values. But it may be time to reevaluate those values and ensure they match up with who you are today and who’ll you be in the future.
We put together this handy guide to help you tap into what makes your business unique and how to reevaluate your core business values.
What are core business values?
Each person has a set of values that help him or her make decisions and navigate life. Businesses can as well. Core values are what your company finds most important, and they guide you through changes, growth, and setbacks. Your core values not only define the spirit of your brand but also the people behind it.
HubSpot, an inbound marketing platform, suggests core company values help get everyone on the same page when it comes to goals and their larger purpose as employees.
Further, experts say that having core values gives you a “why” and can help with attracting loyal employees and customers.
Should you reevaluate your core values?
Assuming you already have core values (and if not, no worries, all this still applies), they may have become outdated or not encompass your current “why.” Your company has probably evolved since its inception. As you want to be agile in all areas of your business, from operations to IT services, your values can be as well.
What are the core values of some of the most successful companies?
If you need inspiration for your core values, it’s a good idea to look at those that some of the most successful companies have in common, including:
- Passion: Passion for what you do is a value that leads to loyalty and high productivity. Embracing passion has worked well for brands like Coca-Cola and Zappos.
- Continuous learning: This value can be relevant to both employees and customers. Having this as a core value shows that you are always improving.
- Accountability: Creating a culture of accountability means you do what you say you’re going to do. Living this every day will keep employees and customers faithful to you.
- Innovation: Having a creative and innovative core value means that you encourage new ideas and don’t keep doing things the same way just because. It means your nurture collaboration among team members, too.
- Transparency: Being honest and genuine are traits that your customers will respect. It means that there’s no smoke and mirrors. How refreshing to be who you say you are!
- Being customer centric: Every business certainly wants to be customer centric, but most fail. Why? Because it’s not part of their culture. Southwest Airlines and American Express are two excellent examples of brands that deliver. Consistently improving customer service will pay off in dividends of customers that stay.
- Altruism: Giving back to the community sets your brand up as having a moral aptitude to do more than just make a profit. TOMS is a great example of this value.
How do you build your core values?
Consider these tips when reevaluating your core values:
- Identify shared values of leadership.
- Analyze your commitment to these values and determine if you are truly living them.
- Ensure that leadership embodies values and demonstrates them too.
- Think about your “why” and how to express that in attributes.
No matter how old or new your business is, having core values is essential. They’ll keep you grounded and on the right track for success.