Our most recent blog provided insight into what creates a positive business culture within your organisation, including strong communication channels between employer and employee. In this blog, Triple Three Solutions dives deeper into the theme of business culture by discussing the importance of the values that are associated with your business.
What do we mean by ‘business values’?
‘Business values are the core principles or standards that guide the way you do business. They sum up what your business stands for and what makes it special. While business plans and strategies may change the core values of your business remain the same.’–nibusinessinfo.co.uk
Ultimately, values within a business are the principles in place that dictate how all people in the organisation should behave, respond and act in particular situations. Business values help the employers and employees distinguish between right and wrong, in line with the business’ beliefs. This in turn, benefits both the company itself and all people involved. Business values should relate directly to the business’ main goals and targets and should therefore be on brand with your organisations core beliefs and intentions.
What are the benefits of articulating your business values?
Business values educate potential clients/customers and employees about the company: allowing them to establish whether the business is suitable for their needs. Having values enables a company to create their ideal identity, portrayed through the work that they do and the goals they achieve. Your business’ values create your unique selling point, helping you to stand out from the crowd and differentiate from competition.
Business values create a particular path of thinking when making vital decisions with a company. This encourages employees to make similar decisions to portraying consistency and efficiency within the workplace. An example was used by Wendy Pat Fong, who said that if you “stand behind the quality of your products, any products not reaching the satisfactory standards are automatically eliminated”- 7geese.com. This in mind, in enforcing business values you eradicate any blurred lines when it comes to making decisions alone as well as within a team.
Clear business values are crucial when a company is looking to attract and retain talent within their business. It’s essential that any new potential recruits are aware of the company values so they can make a decision as to whether they are congruent with theirs. Using values, and the associated behaviours that are aligned to those values, are a critical part of the selection process. Employers should be using those expected behaviours to explore the candidate’s suitability for the role. Asking questions based on a competency and behavioural framework allows the employer to assess whether a new recruit holds similar values themselves and would be able to function well and fit in within the company.
We are all familiar with team values from our personal lives – whether it be family values or team sport value for example. Having a set of values in your business that your whole team can relate to provides more opportunity for a far more collaborative working environment whilst supporting the strengthening of teamwork across the business. It also enables everyone within the company to be on the ‘same page’ as they introduce a common ground in problem solving and decision making. Having your values as an intrinsic factor of your business, where shareholders, directors, managers and staff live those values on a day to day basis, it creates an energy within the business that will contribute your company’s success.
‘Where energy flows, success grows’Tony Robbins
Overall, Triple Three Solutions believes that every company needs to identify, acknowledge and articulate their business values in order to thrive. For more information on how Triple Three Solutions can help you to identify the values of your business, or for any other HR advice, please get in touch. Give our HR consultants a call on 0333 050 3330, use our contact page or reach us via email at email@example.com.