Business Core Values: Why Are They Important?

Your business core values or “corporate values” has been a buzz-term thrown around in business literature for many years. So, what are they? Are they important?

Yes – the idea of corporate values has been diluted in recent years to include almost every virtue under the sun, but it’s important to find your specific company’s corporate values for a long-term strategy. It may seem obvious that an insurance company will have different corporate values than a sports organization.

Here’s how to find out what drives your company:

Once you’ve put together a list of these values now you can ask yourself – Why are they important for my company’s success?

Strategic Recruitment

If you are happy with your company’s values – you can now hire strategically based on if the candidate embodies these values themselves. This way, your corporate culture will be reflective of the company’s goals, and you’ll know if they’re a potential fit. Vice versa, employees with these values will seek out employment at your firm.

Strategy Pivot

If you determine your corporate values are not positive, or beneficial to the long-term strategy of the business you have a strong indicator of change. You can set ideal corporate values, and begin to take action through practical operational changes to reflect your new values.

Decision-Making Process

When you know your corporate values, decision making becomes much easier. You simply ask yourself “does this decision contribute to or hinder my corporate values?”. Continuously making decisions in line with your corporate values will lead to meeting the long-term goals you’ve set out to accomplish. It removes “noise” from the decision-making process at a high level, and guides towards company vision.

Ultimately, your business’ organization success should not only be determined by numbers. You must set core values and reaffirm it regularly at staff meetings. You can also post them around the office as a reminder to your employees. Having solid business core values will essentially reinforce your business relationships and help your employees and management represent your business positively and ethically.

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