Core Values: Why they are Essential for Business Success

What is a Value? 

A “Value” is a principle or standard of something that has importance, worth, use or meaning.

They drive behaviours and opinions.

In business, Core Values are a cluster of key standards that influence the culture, the delivery of service to customers and the brand’s integrity. 

Why Company Core Values are Essential for Service Delivery, Brand Strength, and Company Culture:

Service Delivery: When Core Values are integrated into every aspect of the customer experience, they serve as a guide for employees in their interactions with customers, how processes are developed and the end product or service that the customer receives. This is an essential block for customer loyalty, satisfaction and recommendations to others. 

For example, Values such as integrity, empathy, and excellence set the standard for the level of service customers can expect, ensuring consistency and quality across all touchpoints. 

Brand Strength: Core Values are the heart and soul of your brand. They create a tone of voice and it’s jolting for customers and employees when the tone isn’t consistent. They define what your company stands for, its beliefs, and its mission. When Core Values are clearly articulated and consistently upheld, they resonate with customers on a deeper level, which builds loyalty and trust. A strong brand built on authentic values sets you apart from competitors and creates a lasting impression in the minds of your customers and how you have made them feel. 

Company Culture: Core Values are the building blocks of a positive company culture. They set the standards for behaviour, decision-making, training and relationships within the company. When employees are aligned with the company's values, they feel motivated, engaged, and connected to their work. This sense of belonging provides a supportive and productive environment where individuals thrive and contribute their best efforts towards common goals. It is essential that all team members who are in a leadership role are leading by example in line with the Core Values at all times. 

In essence, Core Values are not just words on a wall; they are the driving force behind every interaction and decision within a company. They provide an operational structure and tone. They must be respected by all and they must be sincerely felt. Core Values are fantastic, but if they’re not adopted then it’s a complete waste of time.

By operating in line with the values across all areas of your business, you will ultimately achieve sustainable success.

Actionable Daily Tips:

1. Define Your Core Values: Take the time to identify the fundamental principles that guide your business. Reflect on what matters most to your company and its stakeholders.
2. Integrate Values into Decision-Making: Use your Core Values as a reference point when making strategic decisions or resolving conflicts. Ask yourself, "Does this align with our values?" or “Is this new recruit the right match in line with our values?”
3. Lead by Example: Demonstrate your commitment to the Core Values through your actions and decisions. Your leadership sets the tone for the rest of the business.
4. Communicate Regularly: Keep your Core Values visible and alive within the business by incorporating them into meetings, presentations, appraisals and everyday conversations.
5. Recognise and Reward: Acknowledge and celebrate employees who embody the company's Core Values in their work. This reinforces their importance and encourages others to follow suit.

Case Study: How We Helped a SME Develop Their Core Values

We recently worked with a small online retail company struggling to differentiate itself in a competitive market. We held a 2 hour consultation meeting where we helped them identify their Core Values: Quality, Integrity, and Care.

These values became the foundation of their rebranding efforts, guiding everything from their logo redesign to their customer service approach. By aligning their brand with these values, the company was able to place themselves into a unique position within the market and attract a loyal customer base whilst operating in a more authentic manner.

Call to Action

As you navigate the challenges and opportunities of running a business, remember the power of Core Values to guide your journey. Take the time to define, communicate, and embody these values within your business, and watch as they become the driving force behind your success.

If you’re interested in developing your Core Values further, book a discovery call or look at booking our Core Values & Value-led Culture course.

Article written by Charlotte Steel