First published on Thursday, June 4, 2020
Last updated on Tuesday, December 10, 2024
As a business owner, it’s easy to get caught up in the race for profits, productivity and innovation. However, at the heart of every thriving business lies a set of core company values—principles that define what your business stands for and guide how it operates.
These values aren’t just lofty ideas to put on your website or office wall. They're the foundation of your company culture, shaping employee behaviour, driving decision making, and fostering loyalty.
Understanding and implementing core values effectively can be the difference between a team that merely works together and one that thrives together. In this article, we’ll delve into why core company values matter, how they impact your business, and how to incorporate them into your daily operations.
What are core values?
Core values are the fundamental beliefs and guiding principles of your business. They reflect your company’s mission, vision, and identity. While they vary from company to company, some common company value examples include:
• Integrity
• Innovation
• Collaboration
• Customer focus
• Accountability
These values should resonate not only with your leadership team but with employees, customers, and stakeholders. They set the tone for what’s expected, valued, and celebrated in your business.
Why core values matter
They define company culture
Core values shape the way people interact, make decisions, and solve problems. A positive culture grounded in clear company values can boost morale, foster teamwork, and create a sense of belonging among employees.
They attract and retain talent
Job seekers are increasingly looking for employers whose company values align with their own. Core values can act as a magnet for top talent, while also helping to retain employees who feel a sense of connection and purpose in their roles.
They guide decision-making
In moments of uncertainty or challenge, core values provide a compass. Whether it’s navigating a tough client relationship or making ethical business decisions, having clear company values ensures consistency and integrity.
They strengthen brand identity
Customers are drawn to companies that stand for something. So, core company values not only build trust and loyalty but also help differentiate your brand in a crowded marketplace.
They drive long-term success
Businesses that live by their core values are more likely to succeed in the long run. Company values like innovation, accountability, and adaptability can position businesses to weather challenges and seize opportunities.
How to define your core values
If your company doesn’t have established core values, it’s never too late to create them. Here’s how:
Involve your team by gather input from employees and leadership to ensure the company values reflect the collective identity of your business.
Reflect on mission and vision as your core values should align with your overall goals and the impact you aim to have.
Keep it simple and avoid jargon or overly complex statements. Company values should be clear, concise, and memorable.
Be authentic and choose core values that genuinely reflect your company’s priorities, not just what sounds good on paper.
Once you’ve defined your core company values, you can relate them to staff behaviour within your business. Every employee should understand what your core values mean, and most importantly, how they affect daily work.
For example, if one of your core values is ‘adventure,’ you might encourage employees to be bold and try new approaches. If you’ve identified ‘simplicity’ as a value, you might find ways to simplify internal processes and communications.
How to implement core values in your business
Communicate them clearly
Share your company values with everyone in the business. Include them in onboarding materials, employee handbooks, and team meetings.
Lead by example
Leadership plays a crucial role in demonstrating core values. Leaders should model behaviours that align with these principles, setting the tone for the rest of the team.
Embed them into policies and practices
Incorporate core values into hiring, performance reviews, and decision-making processes. Reward employees who embody these values and use them as a benchmark for success.
Make them visible
Display your company values in the workplace, on your website, and in marketing materials. Regular reminders help keep them top of mind.
Revisit and evolve
As your business grows and evolves, revisit your core values to ensure they still align with your goals and culture.
Keeping your employees in line with your values
After first defining and communicating your core values, they can risk getting lost in the routine of daily work. To keep them within reach, you could:
Create a brand for core values and make it a prominent part of internal displays, company meetings or visual branding.
Reward staff for actions that resonate with your core values. You could implement an employee recognition platform, or give gifts or additional holiday days.
Get line managers on board. Ask them to be aware of behaviours that reinforce core values, and acknowledge them positively.
Remember, core values are more than just words—they’re the backbone of your business. By defining, communicating, and living these principles, you can create a workplace where employees thrive, customers trust, and your business flourishes.
For employers, the commitment to core values is an investment in your company’s future. Start today, and watch the transformative impact these guiding principles can have on your business.
