Values are something that cannot be ignored anywhere, be it in personal life or professional. They play a vital role in our lives. We know that values build people’s personality, similarly they are the driving factor for any company’s growth and prosperity. In this article we will discuss about some of the values that are considered as a core requirement for any budding enterprise.
The importance of values can be visualized through smart hiring practices, reducing turnover and absenteeism, increasing productivity and quality of work, improved decision-making skills, improved customer relationships, and increasing employee morale.
For any business enterprise, the startup phase is the best time to think about core values because it’s much easier to make changes early on and ensure that every aspect of your business is in alignment as you grow. Determining your company’s core values will have a big impact on the type of organization your startup becomes, therefore, you need to choose them very wisely.
Here is the list of core values that most of the successful businesses have in common.
- Passion: This is one of the very common values of any business. Be it a big company or a startup firm, passion for doing something always drives the company to reach the level of success it dreamt of. This passion leads the company to achieve its short term and long term goals by motivating the team.
- Happiness: Who doesn’t want to be happy? Everyone wants happiness and is willing to do anything to achieve the same. Similarly, try to spread happiness at the workplace that leads to more productive employees, fewer workplace problems, and a higher quality of work.
- Training/ Education/ Learning: This is not with reference to any formal education or training of employees. Rather, it is about building a culture that values continuous education where your employees will grow with your organization and deliver better results. All these are possible only with the regular training and learning programs conducted by the companies.
- Innovation/ Creativity: It is needless to mention that innovation is probably the value that will give any company the biggest competitive advantage. It has been seen that given the encouragement to innovate, employees bring breakthrough ideas to the table. Google even has a secret lab devoted to moonshot ideas, such as self-driving cars and Google Glass.
- Transparency: Being genuine and transparent has become a norm in today’s business world. Be transparent in your business starting from your business partnerships to your marketing campaigns, so that your stakeholders can tell you at any time if you are not genuine. This helps them evaluate the company’s performance as per its vision and mission statements.
- Customer first: In business world, customer is considered as the king. And it is the primary responsibility of the owners of the company to make its customers happy by providing the best services. As customer satisfaction will make or break your business, therefore, focusing on customer centric approach will help businesses to achieve great success.
- Corporate Social Responsibility (CSR): This is one of the measures to make your surroundings happy and prosperous. Working towards the betterment of the society will help you achieve more success and your employees will feel proud of working with you and your customers will show their interest in your products and services. Most of the successful businesses have made CSR a core part of their organizations.
Startups can inculcate few or all core values mentioned above and reap the benefits they offer. Merely having core values will not make your startup a success. You have to work to embed them in your culture in such a way that these core values will become a part of your business.
Many aspects of your company culture may be flexible and need not necessarily affect your work on a daily basis. However, your values impact absolutely everything. When choosing values, think of the kind of people you want to be a part of in your team and the experience your company provides. Use these attributes to shape your values as they’ll impact your company for years to come.