Company values are imperative for any organization.
If you’re involved in business in any way, then chances are you’ve heard the term company values being used more than once. But do you actually know why company values are so important to your business and customers?
Big or small, start-up or established, the importance of values in business cannot be overstated. It’s often the core values of a business that steer its course and contribute to its long-term success.
If you’re yet to implement the importance of company values into your business, we’re breaking down what you need to know about company values, and why you should implement yours today.
What are company values?
Simply put, your company values are the core essence of your business, which makes the importance of company values akin to the importance of every business decision you make.
Company values are your company’s beliefs, philosophies, and principles that combine together to direct your business and form a company culture. They have a huge impact on employee experience and that of customers as well.
Why are company values so important?
Important business values are the first step you should take in directing your employees into working towards a common goal and aligned with your business vision differentiating you from the competition?
Not only that, but they play a crucial role in how likely you’re to be viewed in a positive light by the general public and potential customers.
Therefore, setting out clear and important business values for your organization from the outset is key as it helps everyone involved to understand who you are and what you care about.
Once you’ve agreed on what these are, there are many ways to communicate them to everyone involved in your business. They should be integrated into everything you do, from your marketing materials to your staff training, but also through the actions of the business and its employees.
The following are three key areas where your important business values should be on full display.
Customers
Having well-defined values that run through all you do helps your customers recognize what your organization stands for and what they can expect from your products or services.
The importance of values in business can be highlighted here by demonstrating how they help to build a strong brand with substance, which truly means something to the people who interact with it.
Increasingly, people make their purchasing decisions based on more than just the product or service offering. We all have a social conscience, and as consumers, we’re more aware than ever before of the impact our buying decisions can have.
Having clear, strong, values can help customers feel aligned with your brand. It can also be an important factor in positioning a business and helping your organization to stand out from the competition.
Demonstrating the importance of company values in your eyes gives your customers a reason to choose you over the competition because they share your values, rather than basing their decision purely on factors such as price or location.
Employees
Employees gain a better idea of what is expected of them through their understanding of the organization’s values. They contribute to company culture and help to shape the business over time.
One of the first things you should do is reveal the importance of company values in your business to them, using these defined values to show how the business operates and empowering staff to make decisions.
Often, this is subconscious, but staff feel more confident to be proactive and make crucial decisions when they feel comfortable that it’s aligned with the overall values of the business.
A clear signposting of the importance of values in business to your company is also crucial for attracting those individuals who are best suited to working with your business.
If your company is committed to sustainability, then make sure you are communicating that, as there will be environmentally conscious individuals who will want to join you.
Equally, if your organization holds a work-life balance in high regard and prioritizes family as part of its culture, then shout about this. It might just help you to recruit talented and experienced working individuals who are looking to add value to a business that respects and understands its priorities.
Prospective employees, stakeholders and suppliers
People want to work with organizations that share their values and priorities. This is often overlooked by employers who assume that the most important factors in the recruitment process are the role and salary.
If your company is committed to sustainability then make sure you are communicating that, as there will be environmentally conscious individuals who will want to join you. Equally, if your organization holds work-life balance in high regards and prioritizes family as part of its culture, then shout about this. It might just help you to recruit talented and experienced working individuals who are looking to add value to a business that respects and understands their priorities.
Remember that suppliers and other stakeholders will also be looking for partners to work with that share their beliefs. This can be key to building strong business partnerships which stand the test of time and become more than the sum of their parts.
Our company values are at the heart of everything we do at Moneypenny and we firmly believe this has contributed directly to our growth and success. What’s more, 89% of our staff agree that our organization is run on strong values and principles* – a stat we’re incredibly proud of!
And when it comes to the values of our customers, we’re dedicated to providing you with a world-leading service that feels an integral part of your business while reducing your overheads.
*Source Best Companies 2019
Get in touch today to see if our phone answering service or live chat option is right for you, we even offer a 7-day free trial for those looking to try our services. There are no set-up costs and no commitment to sign on, so you’ve got nothing to lose by taking it for a spin! For even more blogs like this one, why not head over to the Moneypenny blog where we have even more in-depth articles designed to help support your business.
