So many skip, avoid, or just don’t know about this most vital feature of developing a business. It is an aspect that might seem almost pointless at first. And, to be honest, it might not even be utilized for the first few years of existence. BUT, as time goes on, and your business grows, you’ll need your Core Values to make sure you stay true to who you are as an organization.
Core Values can hold your company together in tough times
People are starting business left and right these days. Everybody is getting a bright idea and just going for it. I applaud all of these people as they are laying a foundation for greatness in our nation. BUT, these same people are skipping the foundational aspects of building a business and finding themselves in trouble sooner than later. People start businesses today with no business plan, no missions statement, no vision statement, and most importantly, no core values.
If you don’t know what Core Values are, they are simple. Your company’s core values are the essence of what you stand for as an organization. They proclaim to all stakeholders, customers, clients, vendors, investors, and most importantly employees, “This is what we believe in!” Without a defined set of core values, companies run the risk of floundering when tough times hit or hard decisions must be made.
“Projects are completed quicker, hiring becomes easier, retention rates rise, repeat business increases, and sun shines brighter, (okay maybe not the sun) all because of this!”
You Want More Than Money!
We all know the ultimate goal of every company is to make money. But, when you first got started there was a deeper reason. There was a problem you identified, that you felt you were best suited to address or solve. The drive to solve the problem is why you started your own company. Even if you’re a cake baker, at some point in time you felt, “The cakes these other people are making just aren’t cutting it!” Thus, you decided to build a better cake. Maybe you started your business as a hobby and friends or family convinced you to begin making money off your craft. Either way, there is something deeper than the acquisition of revenue that drove you to begin the entrepreneurial tract. That deeper meaning is the foundation of your company core values.
The beauty of the well-crafted core value statement is that it keeps your company on track. No matter how hard the winds blow, no matter what difficulties arise, even if your company falls into bankruptcy, scandal, or becomes WILDLY profitable, your core values reminds you, and everyone associated with your organization, WHY they are working hard.
People will often skip Core Values and go straight for Mission and Vision statements. But I always advise against this. In fact, I advise all my startup clients, they should establish Core Values before even considering mission or vision statements. Whereas mission statements outline what you do, who you do it for, and how you do it, and vision statements show a picture of where your company aims to go, core values establish a fundamental culture for your business.
Projects are completed quicker, hiring becomes easier, retention rates rise, repeat business increases, and sun shines brighter, (okay maybe not the sun) all because you’ve taken the time to outline what you stand for as an organization.
Ovia’s Core Values Are:
Integrity – Above all else, we will be honest in everything we do, conducting only ethical practices in our pursuits as an organization.
Strategy – We will remain meticulous in developing highly effective plans for our clientele and our future as a business.
Care – We not only serve people, we serve dreams, ambitions, hopes, and desires. These are delicate and must be treated with the utmost care. We always will truly care about our product.
Value – We will be a valued resource for all we encounter. We will give each client exceptional service value, while never losing sight of our own value as an organization.
Results – We understand and remember that results eclipse all. Our efforts will be to always produce beneficial results for our clients. We will not be paralyzed by planning and evaluation.
You will be able to determine exactly how you’ll create your core values for your company. It can either be in statement form, or it can be a listing of what you stand for as a company. Either way, your core values are a top priority before you begin your new business. YFS Magazine recently featured 100 core values from 15 companies who truly get it. Follow that link to get a little more inspiration.