Why Are Core Values Important In Business - Holistic Business Consulting

Business coaching and setting core values

Why Are Core Values Important In Business

May 15, 2023 Audery Clark Comments Off

Explore why company core values are crucial and how to set them

From a business perspective, having guiding core company values has several benefits
It makes it easier for a business to:

  • Make decisions when there are challenges.

  • – Communicate principles that are consistent and unwavering to clients, team members and the business community.

  • – Attract team members with the right attitude and with as many shared values as possible.

  • – businesses discover that employees who are aligned and of the same mindset with their company core values are much more engaged in their role at work and in the work they create.

  • – A good set of core values helps us to make those important decisions.

Good business core values act as a guiding light in
times of difficulty, confusion or times of change such as the past several years.
What core values drive your business? Remember, core values serve as the compass that keeps your organization focused, authentic, and aligned with its purpose, ultimately driving long-term success.

Make your business values a part of your team’s daily life.

Today’s team members are seeking a work environment of working together towards a common goal and where they know they can make a difference in their organization and the world. However, according to the Achievers Engagement and Retention Report, 45% of employees say that their leadership is “minimally” or “not at all” committed to improving company culture.
Businesses have the opportunity to focus on building their culture that aligns with business core values. By making core values the heart of the business culture, your business can increase the motivation and engagement of its team.
Acknowledging the employees who personify your business values connects your team and unites them in support of developing your culture around your values.
This data shows that every time a business doubles the number of individuals recognitions in their organization, it directly increased employee engagement. And companies with culture alignment are 6 times more profitable because there is far less employee turnover and far more employee engagement in their job.

Consistently acknowledging employees in a public way allows the companies to build a culture that makes “showing appreciation to employees for actions that represent the core values” the highest of priorities, and results in creating a recognition process for the team. It helps encourage team members to build cultural alignment with the company’s core values.

Writing your Core Value Statement:

Listing your potential core values is one thing, but writing an actual core value statement can feel overwhelming for any person or business.
How do you boil down your central beliefs or the central beliefs of your company?  It’s not easy, but with a little guidance and plenty of thought, you can write meaningful core values for your business.

Ask Yourself What’s Important.
Do a brain dump. Some people call it a mind map. Ask yourself what’s important to you in your business.
– Is it flexibility at work?
– Is it about creative, new ideas and innovation that is valued?
– Is it a happy environment?

As the thoughts start to pour out of your mind, write each concept on a separate index card. Don’t worry if you have five or thirty ideas. At this stage, include anything you’re thinking. Write freely and
see and feel the company of your wildest dreams. After, you can arrange, consolidate, and rank the
cards as you see fit.

Keep It Clear and Concise
While you can have deeper discussions about what your core values mean to your business and team, you should generally keep your core values as clear and concise as possible. You want to keep the core values short because shorter often means easier to memorize and easier to share.