Corporate values are how organisations define their identity and their methodology of doing business. Every organisation, whether small or big, has a set of unique core values that pave the way for setting the vision and mission of the company.
Defining the core values is extremely important. They are the guiding force behind growth of the company. Organisations with strong corporate values know that:
- Every business has its own unique story behind its values, and there is not a single right way to go about them.
- More than setting core values, it is about living them.
Intention plays the biggest role in deciding corporate values. The kind of business you are planning to begin and the reason why you’re doing it, is the basis of your intention. What worked for one business might not be the foundation of your core values.
For instance, both lion and deer are quick and nimble, but a deer runs for survival while the lion runs to attack.
How to define your company’s core values?
Corporate values are not just about maintaining the profit and sales of a company, they also help uplift the identity of a company.
Coca Cola’s core values include leadership, passion, and quality. These are reflected in their products. Adidas focuses on performance. Adobe’s core values include genuity, being exceptional, and innovation.
Ask yourself the following questions to identify core values of your company:
- What do you value over profit-making?
- Under what circumstances will you put the needs of your team above those of your customers?
- How and when will you reward the success of your team, and not just those who ‘appear’ to be superstars?
Core values can be measured in behaviours – you and your team must live your values, not just adhere to them. When you use these values to make decisions for hiring new employees, taking customer service decisions, developing company policies, you start celebrating and enjoying your entrepreneurial journey.