In business where everyone is competing for attention, one thing stands out as a key to long-term success: core values. But what exactly are core values, and why should every business have them? If you’ve ever felt disconnected from your company’s goals or puzzled over certain decisions, you’re not alone. I’ve felt that way myself. Over time, I’ve learned that core values aren’t just trendy phrases; they’re essential principles that shape a company’s culture and drive its success.
We all want our businesses to grow, and for our teams to stay motivated and united. Yet, how often do we stop to think about the core values that guide our business? It’s easy to get caught up in daily tasks and forget that core values are not just abstract ideas—they’re what truly make a company great. Embracing strong core values can improve decision-making, build a more cohesive team, and provide a clear direction for the future.
In this article, I’ll share seven core values that every business should adopt. If you’re launching a new business or looking to refresh an existing one, these values will help you build a solid foundation for success. We’ll go over how to identify your core values, what makes a core value strong, and positive examples of core values that can set your business apart.
How Do I Identify My Core Values?
Identifying your core values is a key step to shaping business culture and direction. Here’s a straightforward way to find them:
- Think about times when you felt really proud or satisfied. What values were being honored during those moments? This can help you understand what principles matter most to you and your team.
- Your core values should resonate with everyone in the company. Have conversations or workshops with your team to get their views on what values they think are essential for your business.
- Check your existing statements to see what values are already included or missing.
- Checking out a list of core values from other businesses in your field can give you ideas and help you find values that are relevant to your industry.
- The values you choose should be authentic and not just mere wish. They need to truly reflect how you want to run your business and interact with others.
Read: The Role of a Performance Coach in Achieving Business Success
What are Positive Core Values?
Positive core values are the principles that help create a healthy and ethical work environment. They often highlight qualities that support personal growth, teamwork, and giving back to the community.
Here’s how I see it:
- Integrity: Integrity is the bedrock of trust in business. For me, it means being honest and clear in everything we do, both within the company and with our customers and partners. By sticking to integrity, we build a reputation for reliability and ethical behavior, fostering strong, lasting relationships with everyone we interact with.
- Customer-Centricity: Putting our customers first is essential. This means focusing on their needs, delivering outstanding service, and always looking for ways to improve based on their feedback. When we prioritize our customers, we earn their loyalty, create positive buzz, and set ourselves up for ongoing success.
- Innovation: Embracing innovation is about staying open to fresh ideas, new technologies, and creative solutions. It’s all about fostering a mindset where we’re willing to experiment and adapt. Innovation helps us stay ahead of the curve and relevant in a fast-changing business world.
- Teamwork: Encouraging teamwork in our organization means promoting collaboration and cooperation among team members. It’s about creating a supportive environment where everyone works together towards shared goals. Teamwork boosts productivity, problem-solving, and overall job satisfaction.
- Diversity and Inclusion: Valuing diversity and inclusion means appreciating and welcoming differences among our team. It’s about building a workplace where everyone’s voice is heard, no matter their background or identity. Embracing diversity leads to more creative solutions, better decision-making, and a wider range of perspectives.
- Sustainability: Committing to sustainability means being mindful of how our business impacts the environment and society. It involves practices that reduce our carbon footprint, cut down on waste, and ensure we source responsibly. Not only does this benefit the planet, but it also enhances our reputation and attracts customers who care about social responsibility.
- Accountability: Holding ourselves and our team accountable means taking responsibility for our actions, decisions, and results. Accountability leads to better performance, clear communication, and trust within our organization. It’s key to driving growth and continuous improvement.
What is a Strong Core Value?
A strong core value is a guiding principle that truly impacts how we do business. By focusing on these aspects, we ensure our core values truly guide our actions and shape our business effectively.
Here’s what makes a core value strong:
- Authentic: It should reflect what we genuinely believe and stand for, not just sound good. Genuine core values resonate with everyone involved, from our team to our customers.
- Actionable: It should offer clear direction on how to act and make decisions. Strong core values need to be useful and applicable in our daily work.
- Aligned: It should match our company’s mission and vision, supporting our overall goals and purpose.
- Enduring: It should stay relevant over time and be flexible enough to adapt without losing its core meaning. Strong core values are enduring and adaptable.
- Inspirational: It should inspire and engage our team, creating a sense of pride and dedication to our company’s objectives.
Related: The Benefits of Setting Short-Term Goals in Business (+ Examples)
Scorecard on Core Values (Pdf.)
Here are some scorecard questions designed to help you evaluate and reflect on the core values of your business:
Frequently Asked Questions
Why are core values important for my business?
They are important because they help shape the company’s identity, influence how employees interact with each other and with customers, and drive strategic decisions. Strong core values can lead to a more cohesive team, improved customer relationships, and a clear direction for business growth.
How do I identify the right core values for my business?
To identify the right core values for your business, start by reflecting on what principles are important to you and your team. Consider the values that have guided your company’s successes and challenges in the past.
How can I involve my team in defining and embracing our core values?
Involve your team by conducting workshops or meetings to discuss potential core values and their importance. Encourage open dialogue and solicit feedback to ensure that the values resonate with everyone.
How often should we review and update our core values?
Core values should be reviewed periodically to ensure they remain relevant and reflective of your company’s evolution.
Conclusion
Embracing core values isn’t just a smart business move; it’s essential for building a successful and lasting company. When you identify and put into practice a set of core values for your business, you’re setting the stage for a strong, positive culture. These values should grow and change along with your business.
