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The Importance Of Core Values For Your Small Business

May 10th, 2017 Entrepreneur

Core values play an important role in helping us achieve our company’s mission statement. You may not realize that you’re using core values to achieve your goals, but they’re an essential part of every business plan. In this week’s episode of Small Business Television, I will help you figure out how to identify your core values and use them to your advantage in your daily work.

What’s a sure-fire way to make your small business succeed? Identify your company’s core values, then strive to honor those values in your day-to-day work. Because your core values play such an important role in your company’s success, it’s crucial that you’re able to put into words exactly what they are.

But what are core values, exactly? They aren’t the same for every company; core values vary, based on each company’s goals. For your small business, your core values clearly define how you’re going to achieve your company’s mission statement and reach your goals.

If your mission statement is to run a successful business, then your core values will help you achieve that mission. If your mission statement is to expand your organization, then some of your core values should be focused on growth, so they would differ from the core values of a company that’s simply working to succeed.

Once you know what your company’s mission statement is, take time to come up with a list of core values that will help you achieve that goal. It can be a short list, if you’d like, with only 5 or 10 core values. Or it can be a more elaborate list, with 20 or more core values. You can even rank the core values, with those that are most important at the top of your list.

If you’ve never tried to come up with a list of core values before and you aren’t sure where to start, you can go online to search for the core values of established companies that you admire and model yourself after them in different ways. I’ve looked at the core values of companies like Yahoo!, Google, Colgate-Palmolive, Procter & Gamble and more, to get a sense of what successful companies choose as their core values. You might come up with a list of 200 or more core values that successful companies use, as I did.

Once you’ve got a substantial list of core values to pore over, you can look them over and see which qualities stand out. Choose the core values that mean the most to you. You can even do this with your employees as a team-building effort, as I did, to see what everyone else thinks would be the best core values to adopt to help your company best achieve its mission statement. When several people provide input, you’re likely to see overlap in some crucial core values. Then you’ll be able to see what your company’s well-established core values are.

Some key core values that may be useful to your small business include:

Teamwork

If you focus on teamwork, then all of your employees can work together to help your company achieve its goals.

Communication

Being able to convey your ideas is crucial in your work, whether you’re communicating with a client, a social worker, a colleague or a boss.

Integrity

When you and your employees hold yourselves to the highest ethical standards, it comes across in your work, and your clients will take note.

Don’t Complain – Improve

Instead of making excuses when things go wrong, own your mistakes and aim to put a plan in place to avoid the same shortcomings next time. This will make it easier to achieve your goals with less stress.

Once you’ve identified your core values and can work toward achieving your mission statement every day, this is just one way that you’ve learned to Blow Away The Competition!

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