How do your business values influence day-to-day decisions, priorities, and business growth?
Do you even have defined business values?
And can you use them in practice, or are they simply statements on your website?
These are all questions we asked ourselves at Hello Business Support when we went through our own rebrand.
We wanted our values to represent how we operate and our beliefs, and we also wanted to turn these values into practicalities, because our business values become most valuable when we’re confident that we can use them to guide us in difficult decisions.
Influencing customer relationships and experiences, strong values are the foundation of a successful company.
This post looks at how business owners can move beyond values as simply statements we push out online and instead look at how we can and should be using our values as practical tools for decision-making.
Challenges of a small business owner
When we first start out in business, the values that we set, feel and are meaningful. However, as the business grows, they can become harder to maintain and decision- making becomes more complex, whether this is in hiring, partnerships, pricing, customer relationships, or new opportunities.
In addition, when your purpose no longer aligns with your business decisions, values can quickly become disconnected from how the business actually operates, and with business owners constantly making choices that shape the future of your business, this disconnect can have negative consequences.
How do you know if your values are working, practically, for you? When was the last time you took a minute to review them? Communicate these with your teams, customers, and suppliers?
Business values
To take a formal definition of business values, values are a set of standards that you decide upon, which guide how you will operate as a business.
They are created by your beliefs and concepts, things that you value and hold true.
In this sense, think of values as your strategic compass that you are then able to use to guide your decision-making and the future direction of the company.
Once set, values provide the framework for making those business decisions consistently and confidently.
We use values across all business areas; from the decisions you make to how you communicate and treat your customers – values are at the heart of all touchpoints.
For example, businesses paying suppliers before the 30-day period or employees being rewarded for going the extra mile to provide exceptional customer service.
More than just a branding exercise, businesses are more likely to build trust, maintain focus, and grow in a way that feels aligned with their purpose when they use their values to influence their actions.
Reasons why we need defined values as a small business
Values:
- Help with decision-making – difficult decisions can be made easier when you can refer back to your values, trusting that the decision you make is the right one for the business.
- Help attract and retain the right people – when company values align with personal values, employees can feel happier, more motivated, and more productive.
- Builds consistency – consistency across teams, partnerships, suppliers, and the customer experience. This consistency builds a strong culture and, most importantly, trust.
- Helps drive business in the right direction – acting as a filter when evaluating opportunities and priorities, following your values can support business development and growth.
- Sets you apart from the competition – our values are unique to us, and this is something your competitors cannot take from you.
How to move values from statements to practical tools
Think about a recent business decision. Consider what factors helped you reach the outcome that you did. How are your values embedded within these factors, i.e., what role did your values play in this outcome?
When our values are right and align with you and your beliefs, every business decision will then begin to have values at the heart, leading to the desired outcome.
Moving your values from statements to practical tools means leading from the top and showing, very clearly, in your own behaviours and work, how you live and believe in the values set.
Make values actionable. For example, what does it mean when you say, “our customers are at the heart of everything we do”? Does this mean you answer the phone within a set number of rings? Do you respond to emails within a day? Or maybe you say you’re “open and honest,” but how? Do you have clear costs, with no hidden charges? Is the information on your website clear and easy to find?
Bring your values into the interview process. People now look for businesses that they align with, and they feel a connection to. This is a positive sign for businesses as you recruit people who genuinely want to help build and grow the business as they believe in what you are doing. Share your values at the interview stage and look to ask interviewees to provide examples linked to your values so you can draw out suitability.
Keep values at the heart. Use your values within recognition and reward systems and within annual appraisals. Ask employees how they have demonstrated values, and reward employees when they have met a core value.
Using values to guide decision making
Questions business owners should ask themselves when faced with a challenging decision linking to values:
- What is the risk?
- What are the opportunities?
- What is the impact?
- Will the decision be consistent?
Guiding business decisions – values
Values help with decision-making, consistency, and growth. They help to bring us back to our “why.” Why we do the things we do.
However, values only help when they are right, believed, and actionable.
Is now the right time to reflect on whether your values are actively influencing the way you run your business, and could you identify further opportunities to bring them more intentionally into everyday operations and decision-making?
Book a sound boarding session with our team to explore challenges, opportunities, and decisions through a fresh perspective.
