Values are the core principles and beliefs that guide your business’s actions and decision-making. They define what your business stands for and influence its culture and identity.

I love working with business owners on their values, it gives you an insight into them as individuals but also on what makes them tick, the legacy they want for their business and how they want their clietns to feel.

Let's explore the importance of defining your values, the key components of a strong values statement, and how to craft one that truly represents your business’s core principles.

Why Values matter

1. Guiding Principles:

Values serve as guiding principles for your business’s actions and decisions. They ensure that all activities are aligned with your core beliefs and principles. They are your decision maker - as a business owner with values you can make decisions with ease.

2. Building Trust:

Clear and consistent values help build trust with customers, employees, and other stakeholders. It demonstrates that your business operates with integrity and is committed to its principles.

3. Shaping Culture:

Values influence the culture of your business. They define how you and employees interact with each other and with customers, and create a positive and cohesive work environment.

4. Driving Engagement:

However, your team is made up, a team that shares the same values as your business are more likely to be engaged and committed. Strong values can inspire and motivate your team to work towards common goals. Customers who feel aligned with your values will be your greatest advocates.

5. Differentiating Your Brand:

Values help differentiate your brand in the marketplace. They create a unique identity that resonates with customers and sets your business apart from competitors.

Key Components of a Values Statement

1. Core Beliefs:

Core beliefs are the fundamental principles that your business stands for. These should reflect your business’s identity and culture, and guide its actions and decisions. For example, a core belief might be a commitment to sustainability or a focus on customer satisfaction.

2. Guiding Principles:

Guiding principles are the specific actions and behaviours that align with your core beliefs. These should be actionable and measurable, and provide a clear framework for decision-making and behaviour. For instance, a guiding principle might be to operate with transparency and integrity.

3. Cultural Elements:

Cultural elements are the aspects of your business’s culture that reflect its values. These should be evident in the way employees interact with each other and with customers, and in the overall work environment. For example, a cultural element might be a collaborative and inclusive work environment.

Steps to Defining Your Values

1. Identify Core Beliefs:

Begin by reflecting on your business’s core beliefs. What principles and beliefs drive your actions and decisions? Write down your thoughts and refine them into a clear and concise list of core beliefs.

2. Define Guiding Principles:

Identify the specific actions and behaviours that align with your core beliefs. These should be actionable and measurable, and provide a clear framework for decision-making and behaviour. Write down your guiding principles and ensure they are realistic and attainable.

3. Describe Cultural Elements:

Think about the aspects of your business’s culture that reflect its values. How do you or your employees interact with customers and each other? What is the overall communication and work environment like? Write down the key cultural elements that align with your values.

4. Draft and Refine:

Combine the elements of core beliefs, guiding principles, and cultural elements into a draft values statement. Review and refine it to ensure clarity, conciseness, and alignment with your business’s identity and culture.

Examples of Values Statements

1. Google: "Focus on the user and all else will follow. It's best to do one thing really, really well. Fast is better than slow. Great just isn't good enough."

   Google’s values statement highlights its core beliefs (focus on the user, do one thing well, fast is better than slow), guiding principles (user-centric approach, excellence in one area, speed), and cultural elements (commitment to excellence).

2. Zappos: "Deliver WOW through service. Embrace and drive change. Create fun and a little weirdness. Build open and honest relationships with communication."

   Zappos’s values statement emphasises its core beliefs (exceptional service, embracing change, fun and weirdness), guiding principles (WOW service, openness, and honesty), and cultural elements (fun and open communication).

Defining your values is a critical step in building a successful business. Values serve as guiding principles, build trust, shape culture, drive engagement, and differentiate your brand - they are your North Star.

By identifying your core beliefs, defining your guiding principles, and describing your cultural elements, you can create values that truly represent your business’s core principles and set the stage for long-term unwavering success.

If you would like help working on your values, how to live and breathe them and communicate them to all, why not book a discovery call to find out exactly how.... Book a Free Discovery Call