I was recently on a flight back from Adelaide and was sitting next to a young entrepreneur who was in their second year of running their own business. They were full of energy and very excited about the opportunities ahead. We got chatting and as is often the case, the conversation got around to the question on the secrets to growing a successful business.
Whilst there is no one magical answer to this question, I picked what I felt was the most important piece of advice.
Understand you companies core values and look to work with customers and staff that share those values.
Core values are what support the vision, shape the culture and reflect what a company values. They are the essence of the company’s identity – the principles, beliefs or philosophy of values. Many companies focus mostly on the technical competencies but often forget what are the underlying competencies that make their companies run smoothly — core values.
Establishing strong core values provides both internal and external advantages to the company:
Core values help companies in the decision-making processes. For example, if one of your core values is to stand behind the quality of your products, any products not reaching the satisfactory standard are automatically eliminated.
Core values educate clients and potential customers about what the company is about and clarify the identity of the company. Especially in this competitive world, having a set of specific core values that speak to the public is definitely a competitive advantage.
Core values are becoming primary recruiting and retention tools. With the ease of researching companies, job seekers are doing their homework on the identities of the companies they are applying for and weighing whether or not these companies hold the values that the job seekers consider as important.
Once our HR team helped us understand our core values, we identified quite a few things hadn’t been working well for us in our business and made a change for the better.
To see SignManager's core values click here.
I would strongly encourage anyone in business to understand their own company values and put it at the heart of everything you do.