Business Values
At the Positive Action Club (PAC) we firmly believe in the power of business values as a mechanism for establishing a competitive advantage. Research suggests that the businesses which are the most successful have a firm set of values which they abide by and use to guide their decision making. They also ensure the alignment of the values of the business with the values of individual who constitute the business and also the alignment to their customer's values.
To help with this PAC gives 4 tips which will help the business leader(s) to identify and communicate their business values.
VALUES
Business values are the bedrock on which every business is founded on, unfortunately however too often than not these guiding principles are forgotten about. If you can't articulate what your business stands for, how then can you be expected to communicate this to potential clients and other stakeholders?
Business Values
At the Positive Action Club (PAC) we firmly believe in the power of business values as a mechanism for establishing a competitive advantage. Research suggests that the businesses which are the most successful have a firm set of values which they abide by and use to guide their decision making. They also ensure the alignment of the values of the business with the values of individual who constitute the business and also the alignment to their customer's values.
To help with this PAC gives 4 tips which will help the business leader(s) to identify and communicate their business values.
VALUES
Business values are the bedrock on which every business is founded on, unfortunately however too often than not these guiding principles are forgotten about. If you can't articulate what your business stands for, how then can you be expected to communicate this to potential clients and other stakeholders?
Tip 1
The business leader usually sets the business values which are based on their own personal values.
Action 1
Take 10 minutes out from the business in a quiet room. Think about what you really passionately believe in. Write these thoughts down. It doesn't need to be neat or tidy you will revisit them later.
Tip 2
It's the business leader, by word and action, who drives the values through the business.
Action 2
Survey your staff, clients and suppliers ask them what they think the business stands for. Collate the responses and check against your own definitions. Themes that are repeated are most likely to be the real perceptions. Are they what you want the business to be known for?
Tip 3
If you are happy with the themes which have been identified it is now time to define what each value means. If you're not happy then use the themes you previously identified as the basis of the desired values.
Action 3
Create short and concise sentences for each value. Try and capture what the essence of each value means to you. Think about how this will be communicated to all other stakeholders. Are the value statements clear, will everyone derive the same meaning from them. More importantly do the statements really reflect your business.
Tip 4
The power of values is in their communication and adherence to them. It is the business leader who must take responsibility for ensuring that the values are effectively communicated and that there is a commitment at the top to live by these values.
Action 4
To be effective values need to be "lived". Stakeholders need to see and believe that the business is true to its values. Failure to live by your values can have a lasting and detrimental impact on how the business is perceived.