There is never a bad time to be establishing or revisiting your purpose, vision, and values. It is not the easiest of exercises, however, it can be a highly valuable one. A business without values can struggle with a lack of direction, inconsistent decision-making, poor reputation, low employee morale, and a lack of accountability.
Over the past few months, we have been on a journey of our own. Call it the 10-year itch, or the Covid hangover. Whatever the reason, it felt like the right time for us to take stock, ask ourselves some soul-searching questions, and try and come up with some answers.
Why are values important?
1. Values help define the culture of your business.
By articulating and living out your values, you can create a positive and productive work environment that attracts and retains talented employees. It can lead to happier and more engaged employees who are more likely to stay with the organisation, be productive, and work well together. This, in turn, can lead to better business outcomes, including higher profits, improved customer satisfaction, and a better reputation. Therefore, investing in creating a positive work environment is crucial for the success of your business.
Your values can also help guide decision-making, as they provide a framework for evaluating options and making choices that align with your company’s core beliefs. It motivates employees and builds trust and loyalty with customers. By staying true to your core beliefs, you can build a successful and sustainable organisation.
2. Values can help differentiate your business from competitors.
By clearly communicating your values to customers, you can demonstrate your commitment to certain ideals and build a reputation for ethical and responsible practices. This can be particularly important in crowded or competitive markets, where customers may be looking for businesses that share their values. When customers identify with a business’s values, they are more likely to feel a sense of loyalty, trust, and connection to the brand. This can lead to increased customer satisfaction in the long run.
3. Values can help provide a sense of purpose and direction for your business.
By identifying what matters most to your company, you can create a vision for the future and set goals that align with your values. This can be particularly important for businesses that are just starting out, as it can help to provide a clear sense of direction and focus. This can help ensure that the business is meeting its commitments and delivering on its promises. It informs strategic planning and helps prioritise efforts and resources and keeps employees motivated and engaged.
Overall, identifying your business’s values is essential for creating a strong and successful company culture, and differentiating yourself from competitors. By taking the time to articulate and live out your values, you can create a business that is not only profitable but also gives you and your team a sense of purpose and commitment to a greater cause.
We hope that this article might inspire you to revisit your purpose, vision, and values to make sure you are on the right track to building your sustainable and profitable business.
In next week’s article, we’ll talk about the values that our team zeroed in on, which are now helping us to drive our business forward.