What Are Business Values, Why Do You Need Them?
What are business values? Why do you need them? In today’s competitive environment, it is common for companies to have a set of core values.
Hi Trish Davies here and today the focus is on what are business values and why they are important. Some of the most common values are honesty, equality, and integrity.
Business values represent the standards by which the company conducts itself. They help guide employees on how they should make decisions and what they should focus on when doing their jobs.
Values also help determine how a company is perceived by customers and other businesses. This article will teach you what business values are and why you need them in your organization. Also how to create your own set of core values that work for you.
What Are Business Values?
Business values help your company determine the best course of action when making decisions. They are a set of standards that guide employees in how they should make decisions. Also how they should go about doing their jobs. Values also help determine how a company is perceived by customers and other businesses.
A value system is an important aspect of any organization in today's competitive world. Values can be things like honesty, equality, integrity, empathy, family or teamwork. Values are often used to describe an organization's culture.
Why Do You Need Them?
If you have a set of core values, you will be able to create a better company culture. The values that you choose should reflect what is most important to your organization.
For example, if your company is all about transparency and fairness. Then those values should be reflected in the daily tasks and decisions that employees make.
Creating a set of core values will also help with employee recruitment and retention.
How To Create Your Own Set Of Core Business Values
There are a few different methods for creating your own set of business values. One of the most common ways is to start by writing down your own personal values and then grouping them together.
Then, you can compare those values against what you want for your company. There are also more in-depth methods. For example surveying employees or customers on values they would like to see in the company.
Regardless of which method you choose, it will be important to come up with a set of core values. Ones that reflect your organization’s goals and vision. They should also align with your company's culture.
You don't want an employee who is laid back to work in a high-pressure environment. An environment where management demands hard work from their employees, as that won't work out well in the long run.
Business values are also important for determining how employees interact with each other and customers. A set of strong core values can help make hiring decisions easier for managers. Also they will provide guidance when dealing with people in general (including prospective hires).
It will make it easier for managers to know what type of person should fit into the culture of their company. Especially when evaluating resumes or interviewing new hires. They may not even need to hire someone if they find someone who fits their company's culture just right.
Start With A Value Statement
A business value statement is a set of words that convey the moral principles that guide your company. It should be short, concise, and easy to understand.
Begin with a sentence or two about what you want your company to stand for. For example, if “integrity” is one of your values, then you could write: “We value integrity above all else.”
Next, list three or four statements that follow the same theme as your first sentence. This will help frame how your organization conducts itself. It should also include at least one value that resonates with you personally.
Finally, summarise your values by concluding with another sentence or two about what this means for employees and customers.
For example: “We are committed to living our values every day through our actions and interactions.”
Develop And Discuss Value Statements With Employees
To start, you should create a list of values for your company. This can be done with input from employees or just by yourself. Once you have an initial list of values, you need to discuss it with employees to see how they feel about those values.
You want to make sure the values are aligned with their perspectives on the world and that they are comfortable living up to them.
Review The Values With Employees And Implement Them
The first step to creating your own set of business values is to do a review with all of your employees. This should be done in a meeting that creates an open environment for employees to ask questions and share their thoughts.
This meeting should also create a space where everyone can contribute their ideas. It is important to always have an open dialogue when it comes to company values because they are so important.
After the meeting, you will want to take all of the feedback and start organizing it. Give each value a title, write possible examples, and then prioritize them. Once you have finished, go back through them one last time and make sure they are still relevant in your company’s current state.
Once you have made sure that the values still reflect your company’s culture, start implementing them! If there are any policies or procedures that don't align with the core values, remove them or update them accordingly.
Make sure that the values are written down on paper so everyone knows what they are. Stick up posters with pictures related to the core values on your walls and in other places throughout your office. Make sure people can see them every day as well!
You landed on this webpage searching for clarity on what are business values. Hopefully I have given you that clarity but if you still need help then register for my free Build Your AU program.
The program has authenticity and authority as two core subjects which align with business values. By going through the program you will define your core business values and build your business upon those principle.
Register for the program here.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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