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A-Z of Business: V – Values – Your Guiding Principles

You may think of value as being the value you provide to your clients.  This, of course, is important.  After all, if you are not providing value to your clients (or customers), why should they work with you?  The value of your product and service needs to be clear and tangible to them if you are to have a sustainable business.

However, just as important are the values which drive you in your business.  Values are what you consider to be important.  They link into your vision, your mission and your strategy.  They are your guiding principles.

Values are also part of your brand – the personality of your organisation.

As well as guide you, they can be a barometer in decision making.  Let me take an example.  Let’s say your values are:

  • Quality
  • Teamwork
  • Integrity
  • Customer delight
  • Innovation

If there is an opportunity to buy into a joint venture which stacks up financially with a quick and generous return on investment, but the quality of the offering is lower than your current product or service offering, this will undermine your values of quality, customer delight and possibly integrity.  So, while on paper the deal may appear lucrative, the net effect is likely to be negative as people stop trusting your brand and you lose customer loyalty.  If you lose customer loyalty, this will, in turn, impact your revenues.  Remember it is more cost effective to keep an existing customer than it is to attract a new one.

But more important than that is your reputation.  Working counter to your values undermines your brand and your brand values become different to your espoused values.  They become your reputation – what people are saying about your company when you are not in the room.  It is important to really understand the values which underpin your business.  So, here are some questions for you:

  1. What is important to your business?  Truly?  (This is no time for self-deception)
  2. What do you want your clients and customers to be saying?
  3. How is this different to what you imagine them to be saying now?
  4. Are your values supported in your decision-making processes?
  5. Your marketing?
  6. Your logo?
  7. Your website?
  8. Your communications?

Remember that everybody in your organisation is an ambassador for your business (for good or ill), so it is important that they buy into your values with their own behaviours and attitudes.  To what degree are your values reflected in the following:

  1. Your hiring processes?
  2. Your hiring decisions?
  3. Your inductions?
  4. Your training?
  5. In your leadership style (and that of your other managers)?
  6. In how you the performance of your staff is managed?

Perhaps your lived values are different from the values you would like to be known by?  If so, it is possible to change them.  However, it requires a structured and integrative approach.  They need to weave into everything and to underpin everything with buy-in from each and every member of your staff – otherwise it is just a PR exercise which will backfire.  Getting this right can create more customer loyalty, more employee satisfaction and attract new business to you.
© Tricia Woolfrey 2013

About Tricia Woolfrey – click HERE to find out about the author.

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