If you want to have a successful business, you need to have one with instilled company values.Values help to direct employee decisions, and inform customers about who you are, and what you do. When it comes to company values, here's what you should know:
1. Values drive behavior. What you value will impact how you act. This is the same in personal life as it is in business. If you want your employees to treat your customers well, one of your company values better be customer service based. The idea here is by creating a value set that your company follows, you help dictate how everyone behaves. If you value a cleaner environment, your behavior is going to reflect that, you will choose green manufacturers, reward green choices, etc. Values are the catalyst behind many choices and behaviors.
2. When values are clear and defined, expectations are clear.Anyone who has ever run a business knows how important it is that every person working there knows what is expected of them. If you have company values, the level of expectation is clear. People will know what you expect, and you will not run into the many problems that come with undefined or unclear expectations in the work place.
3. Clear values allows for more time efficiency as there is less time spent sorting priorities. If you value customer service, for example, and have a 100% money back guarantee, then you do not need to have customer service representatives waste anyone's time looking for a supervisor to approve a refund, because they know you value the customer more than the sale, and if the customer is unhappy, they deserve to get their money back. Values clarify priorities, and if you aren't spending time trying to figure out what matters most, the profit or the customer, or whatever the case may be, you can get a lot more done in a day.
4. Values should impact who you hire. People make a business, and while you want someone who is qualified to work for your company, you also want to find someone who is a good fit, and shares the values your company prescribes to. Having company values will help you sort potential employees, and applicants, to determine which will fit within your business constructs the best. This is invaluable.
5. Values should impact who you do business with. Having clearly defined company values helps you determine who you will work with. This can be in regards to customers, suppliers, manufacturers, etc. If they do not hold the same values (environmentally friendly practices, for example), then you won't be doing business with them.
Just like a mission and vision statement, setting clear company values will help direct your company in the direction it wants to go, giving everyone purpose and clear guidelines. This mans no wasted energies or efforts, and a lot more success and satisfied customers.