General

Why values are valuable to your business

You know it is of value to differentiate your business from your competitors to win business. It’s a fiercely competitive world. But how do values come in?

What makes up a business’s values will help your customers decide if they are going to buy from you. A stain on your brand means they won’t buy from you or trust you.

Some feel that some businesses e.g. supermarkets are out just for their own greedy, profits. They squeeze their suppliers for prices that become uncompetitive. Surprise the supermarkets profits drop. Or is it? Many remember the farmers having to drive their cows around the supermarket to get a fair deal. Is this the impression you want to create?

The reason often happens because the company has not aligned their values. They are in conflict. Result less actually profit.

What are Values?
Our values represent the essence of what’s important to us in life; the building blocks that represent what really matters. They are our personal guiding principles that we work with in order to make sense of our lives. Values come from many sources. They change over time. Importantly they affect what you do and how you do it.

Good leaders identify their own values and what are the values in their business. This helps to understand how they make an impact on the business through their attitudes, decisions and behaviour.

Time to take stock
Business go through an annual stock take of their physical assets. How many take stock, of what many consider their most important asset, their staff? This is where the most effective business leaders create compelling visions of what can be achieved. They share this with others to help galvanise the team and the organisation. A recurring theme with this strategy is that they enlist the support of others to share the ideas, enabling others to design, produce, promote and sponsor this vision.

Vision and Values
In business vision and values need to be interconnected. Simply, a company’s vision is shaped by its values, and these come alive through its vision. Business should establish initiatives and to allow the teams to recognise, adopt and live by the company values. Aligning these values helps to shape a common purpose and set priorities. They provide guidelines for selecting new staff, managing internal politics, encouraging collaboration, empowering teams and raising motivation.

Getting your values in-line and ensuring everyone is fully engaged you have happier teams with a common purpose. Your purpose. They know what is expected of them. They are aligned, consequently: less conflict, a cohesive and clear public offering. Then customers know why they want to do business with you.

If you need help to identify your company values and implement them you should engage with an external, independent coach to facilitate the process. Naturally JRL Coaching are experienced in this field.