A company is a complex entity whose main objectives are economic. It is no secret that the ultimate goal of the vast majority of companies is to obtain the highest performance and economic benefit. However, for this you must take into account many factors that do not have to be exclusively economic, such as business values.
The most important business values are those aspects of the behavior of a company with its customers, suppliers and even with the competition, which mark its line of action and its ethical principles. Next, we will show you 7 key business values that cannot be missing in your business as they impact cultural alignment.
Corporate values of your company, how to define them?
Companies, like people, have a series of elements that define them and distinguish them from all organizations. These elements fall into a category called corporate values of a company.
It is good to clarify that these values are not expressed solely through aspects such as the logo, the slogan, the colors, the business cards and other resources of the corporate image. They are just some of his expressions, but not the only ones. They are also present in the organization model, the type of leadership, the communication of its members and, ultimately, in the heart of the corporate culture.
Why is it important to define the values of my company?
A good part of the entrepreneurs believe that developing their own business idea is based on two elements: the initial capital and the product or service that is offered to a specific audience.
And they are right. However, there is a third component that we cannot forget in this process: defining who we are as a company. That is, to clearly establish what are the principles that govern us as an organization.
The corporate values cannot be, therefore the product itself; this is, rather, an expression of those. What is truly important is what is implicit in the product and even beyond it. If your product is the only thing that defines you as a brand, you need to be thoroughly involved in this matter!
A value is that which sustains the productive activity in an organization and sets the behavioral guidelines among its members and between it and the consumers or clients. They are lines of action, performance maps, guidelines in which the meaning of our commercial activity is framed.
Developing a profitable business idea that responds to a specific need is not enough to succeed in the market. You need to differentiate yourself and know what the principles that give life to our brand are.
Check Also: How to Start a Business Without Money
Are the mission and vision of a company corporate values?
When we talk about corporate values, it is also common for two recurring elements of corporate communication to come to mind: the mission and vision of a company. However, is this idea correct?
In reality, the mission and vision are not values in themselves: the first concept refers to the activity carried out by the company and the needs it intends to cover; the second, on the contrary, are those objectives or goals that we set for ourselves in the short, medium or long term as a brand.
What we can affirm is that there is a direct relationship between mission and vision and the corporate values of a company, since these are defined based on both what we do and what we propose for the future.
Corporate values: five basic steps for their definition
Now, that does not mean that defining the corporate values of a company is a simple task. Many companies take a long time to define them and, sometimes, they are not able to fix them completely and they become relative values.
The corporate values need not be rigorous or strictly be unchangeable. Experience has shown us on many occasions that the organizational culture of a company must adapt to certain contexts and, therefore, rethink the principles that motivate its activity.
However, that does not mean that they are disposable. Companies must be consistent in making any changes to their corporate philosophy and, as far as possible, adhere to the same ethical guidelines.
The question then is: how to define them? How are values fixed to the corporate philosophy of a company? What values best fit what we do? Let’s take these five steps as a reference:
1) Define the important things for our company:
You can start by making a list of the most important things for your business. For example, if you dedicate yourself to courier and parcel, without a doubt, punctuality, responsibility and speed should be part of that list. These things are almost always defined based on the client or internal processes that we consider essential to achieve results.
2) Establish priorities:
From this list it is necessary to underline the most significant elements. Remember that in a business not everything has the same importance. Speed may be the most valuable element for you, while another company that does the same thing prefers to prioritize responsibility. That’s what it’s all about: knowing what matters most to us as a company.
3) Reduce or eliminate contradictions:
Be careful, review your priorities in detail. You may find contradictions in them that can cause problems when defining your corporate values. Eliminate them or reduce them to the maximum. Remember that values cannot override each other or create ambiguity. The corporate philosophy is expressed through a compact, solid and coherent discourse.
4) Habits that support priorities:
The next step is to determine what daily habits or practices can help us promote the values we have chosen. It can happen that we come up with a lot of ideas. But it can also happen that a certain value cannot be put into practice because it is inconsistent with the organization model. This will also have to be taken into account.
5) Identify distinctive features:
Finally, another way to identify the most appropriate corporate values is from those elements, aspects or features that make us different from other companies in the market. For example, if we have the most advanced technology in the sector, a value that can go hand in hand with this will be the efficiency of the processes. Distinctive features, which are also called competitive advantages, become values if we know how to exploit them in our favor.
Whatever the area of performance or productive activity you want to venture into, be sure to review these steps. The corporate values are much more than mere concepts. They are the ones that express your way of understanding business.
Types of corporate securities
Some of the examples of corporate values most in demand today are transparency, participation and integrity. They are not the only ones. Do you want to know some more? Then keep reading.
What are the values of the companies?
Respect for your employees
One of the main conditions for employees to feel comfortable and motivated in a company is that it treats them with respect and offers them all possible facilities for the performance of their work or for their personal and professional growth.
Every company, especially large ones, has a social responsibility towards the community where it is located. Every company should contribute, in some way, to improve living conditions in the areas where they are established, or to promote initiatives that contribute positively to the life of the community.
Transparency and honesty
Likewise, a company has the obligation to be honest with its customers, suppliers and competition, as well as to show complete transparency that must be reflected in the presentation of periodic and accessible financial accounts. Transparency and honesty are essential for a company to achieve a good reputation.
The highest quality as a goal
Every company must seek to offer the best service at the best price. For this, it is essential to improve the productive processes and the operations, in order to improve efficiency and effectiveness.
Analysis and self-criticism skills
All companies must carry out periodic analyzes that allow them to discover what their strengths and weaknesses are. Know what mistakes they made in the past and they should not happen again. Mistakes of companies is to think that they are always right and their strategy is the right one. However, self-criticism is capable of detecting errors in time that, in the long run, can be very expensive.
Learning and adaptability
The capacity and awareness of a company that it must always be in constant learning. This is useful for all those people who are part of the company. This constant learning is essential to be able to adapt to the changes that may occur in the future.
The company must know how to instill in all its employees the value of hard work and perseverance. Likewise, employees must see that their perseverance is reflected in results, which result in both personal and company benefits. This helps to reinforce their sense of identification with the company.