How Big Businesses Live by their Company Values and How to Apply it to Your Business
Our big banks don't seem to live their core values, so do I need core values if I am building a successful business?
The misconduct recently exposed at Australia's largest banks by the high-profile Hayne Inquiry may cause us to wonder what those institutions' core values are. After all, their websites are filled with statements about the depths of their commitment to customer service and integrity, among other platitudes. But, such values aren't supported by the banks' actions, as revealed by the inquiry. With some of the nation's most successful enterprises violating their stated values, some business leaders may ask themselves how relevant to success their own companies' core values actually are.
Modelling Values in Your Own Company
You can find messages promoting core business values pasted all over the walls in their office building entryways, floating across desktop screen savers and splashed across company websites throughout the country. Does any of that ensure that the values are being practiced? Unfortunately, the answer is no. Here are some questions to ask about your company's record of adhering to core values:
How apparent is it that your employees live and breathe your core values in their interactions with each other, with customers, suppliers, and other stakeholders?
Does your company culture celebrate exemplary practice of its core values?
Do employees reject actions that conflict with stated company values?
How clearly aligned are employees' conduct in and outside of the workplace?
The bigger question is, does any of this really matter? Or, are core values just seminar bells and whistles in presentations on business growth made easy, without any real-world business leverage?
Do Core Values Really Matter?
Yes, business core values do matter! Core values are the soul of your company. They're represented by those few company rules that remain constant throughout the organization over time. They ground the business, and drive positive employee behaviours, internally and externally.
Using statements of core values merely as a marketing façade to attract customers and the best talent into your business is not in line with best practice organisations. Your company's core values are the unifying force that sustains your business as a profitable venture and a leader in your market.
Adhering to core values is the foundation upon which relationships with stakeholders, community, and even the environment are all built. And, those are the successes upon which a client base, referral business and valuable word-of-mouth are all developed and multiplied.
Not establishing and honouring core values inevitably leads to a number of negative impacts on the business. These can include disengaged employees and other stakeholders, dissatisfied customers, and even the kind of damaging public exposure that the banks are experiencing. So, ensure that your leadership team unit is championing your business's core values. Familiarize your team with business growth best practices. Articulate a new set of core ideologies, or revive your existing set, as necessary to inspire your staff to commit to your company's essential values.
Company Values Self-Evaluation
Here are a few rules to test the appropriateness of your organization's core values. Start your company values analysis with these few basic questions:
Does your business have the right set of core values to help it grow and be sustainable?
Would you take a financial hit to defend and support these values?
Would you fire an offender of the core values?
Is your leadership team alignment on policy enforcement strengthening your core values?
Some Sample Core Values
If you are creating your business's core values, first ensure they meet the tests mentioned above. Each core value should then be represented by a simple, powerful statement that everyone can relate to - from the heart (not the head). You want these to resonate across your business!
To help guide you, here are a few core value statements from my clients: "we are obsessed about delivering the world's best customer experience" (to underline customer focus); "we've got your back" (to emphasise a team, supportive environment); "say it like it is" (to highlight a direct, no surprises communication environment); "we catch people doing the RIGHT things" (to capture a culture of positivity, encouragement and freedom from blame).
For More Information
For more information about strategic planning and simplifying growth, contact Visage Growth Partners to speak to a business Growth Advisor. Our role is in demystifying growth for Australian and Southeast Asian business owners who want to take their companies to the next level, without the growing pains. We invite you to complete the free business health survey on our website. This will take you about 10 minutes, and you'll have access to the output of your survey and a no-obligation debrief from Visage Growth Partners. Visit us at www.visagegrowthpartners.com.au.