Establishing Core Values
Creating a successful small business takes more than just executing a well-oiled strategy and implementing the right strategies. Establishing core values is an essential ingredient for long-term success that requires articulating the vision and creating a set of standards that all employees of the business adhere to. Core values help to shape the culture and the day to day operations of a small business.
Every small business is different, so it’s important to distinguish what makes yours unique. Establishing core values provides the tone and the purpose of the small business. Core values also help employees to remember why they work for the company and stay connected to the overall goal which can help to boost morale.
The process of establishing core values for a small business should involve a give and take approach to ensuring that the small business can successfully embrace the values and ensure that the values reflect the philosophies of the business.
Defining Your Values
The process of establishing core values for a small business should involve a give and take approach to ensuring that the organization can successfully embrace the values and ensure that the values reflect the philosophies of the business.
It’s important for key stakeholders to get together for a discussion about what core values are important for the business. This is an opportunity to identify what type of culture the business wants to cultivate. Core values also shape how decisions are made, so having values that focus on the welfare of the business and that align with the core concepts of the business are essential.
By discussing the core values desired, small business owners and key stakeholders can identify what attitudes and behaviors everyone should strive for. Having set values that define how the business interacts with customers, vendors, suppliers, and other key players is important.
Once core values have been established, they should then be communicated to the rest of the staff. This is an opportunity for small business owners and key stakeholders to be able to showcase what type of behavior, attitude and service are expected from everyone in the business.
Communication should include an explanation of the values and why these values are at the center of the business. It’s also important for staff to be able to identify examples of how these values have been applied throughout the business operations.
Small business owners should also ensure that the core values are implemented and reflected in the day to day operations. This includes verifiable and measurable goals to ensure that the values are being adhered to, and that everyone is on board with the expectations.
Encouraging Employee Buy-In
Values should be linked to rewards. Having core values that are still only words on paper won’t help motivate employees. Employees should recognize when their actions align with the core values of the business and when they are met with recognition or incentives.
Small business owners should encourage staff to take ownership of their actions and to feel like they are part of something bigger. Employees should feel that their contributions and actions are aligned with the core values of the company and that they are driving the company forward.
Creating a culture that recognizes core values and rewards employees for their contributions can help to increase morale and productivity which can result in increased profitability.
Evaluating Core Values
Core values should also be evaluated on a regular basis. This helps ensure that the core values are still relevant and that the goals of the business align with the core values of the business. This also ensures that the core values are not stale and that employees are still truly embodying the core values of the company.
Evaluate core values by surveying employees and staff, holding meetings, and focusing on developing key performance indicators that highlight how well the core values are being adhered to. This allows the business to be able to make any necessary changes to ensuring that the core values currently represent the organization’s culture.
Establishing core values is an essential component to creating a successful small business. Core values help to shape the culture and operations of the business.
When defining core values, it’s important for key stakeholders to get together and collaborate to ensure that the values reflect the philosophies of the business. It’s also important to communicate the values to the rest of the staff and implement those values in the organization.
By encouraging employee buy-in and evaluating core values on a regular basis, small business owners can ensure that the core values currently represent the organization’s culture. Establishing core values can be an effective way of establishing a successful and profitable small business.