Company values serve as a guiding North Star to inform business decisions and show the customer what your priorities are. From these values come your company’s culture—an intangible substance that infuses itself into every aspect of your business and plays a role in its profitability and growth. If your business were a person, what would be his or her quality traits? Here are six core values that matter for a business at any stage of its growth:
Integrity is a core value that helps your business stay true to everything it was founded upon. In business, your integrity is what makes it possible to gain your customer’s trust. When it comes down to it, customers feel better going with the company that’s more transparent, honest and ethical, because they aren’t expecting to be ripped off. When there’s a focus on integrity at your company, your employees also know you value honesty and that cheating the company or customer won’t be tolerated.
Strategic partnerships help your business stay strong and stand a fighting chance against its larger competitors. By aligning your goals with those of another business, you have the potential to achieve more than you otherwise would alone. For example, Amway’s partnership with small business owners enables it to expand and grow worldwide because both the company and the independent business owners selling Amway products have the same goal. As opposed to the scam Amway is sometimes rumored to be, a strategic partnership benefits all parties involved and provides sustainable profitability.
3. Personal Worth
Personal worth may seem like a value that’s out of place with other business goals. However, businesses consist of people, and every person should be valued for what he or she brings to the table. Businesses focusing on personal worth can better motivate their employees and make their customers feel valued.
As a company value, the achievement isn’t just about numbers and goals. It’s really about the motivation that propels success and the importance of celebrating milestones attained along the way. By teaching your employees to value achievement, you can enrich their lives and increase productivity and outcomes at your business.
5. Personal Responsibility
Personal responsibility means that each person in an organization is accountable for his or her own actions. Instating this as a company value can help employees and partners understand that everyone’s success depends on each person doing their job. Everyone is more effective and productive when focused on what’s in their control, so it’s important to make each individual in an organization fully responsible for at least one thing that is important to the whole team.
6. Free Enterprise
Free enterprise is the economic system that allows each person to have the opportunity. When this is valued at a company, there are infinite possibilities for expansion. When everyone has the chance to succeed, innovation thrives and creativity flourishes. According to analytics and advisory company Gallup, opportunities to learn and grow is one of 12 key dimensions that describe great workplaces. Harnessing this power within your company is important for growth, so giving your employees and partners as much opportunity to grow along with you is important for incentivizing high levels of productivity.
Leading by example is important in a company, and having core values that employees can adhere to helps them each represent the organization and be able to contribute better. While a company’s values are different from its policies, they should be written where all company employees, independent contractors, and customers can read them.