Integrating Core Values Into Your Business

Sidney Halpern, Chartered Accountant, Scottsdale, AZ

Entrepreneurs when developing a business plan should recognize that core values are an integral part to developing their company’s vision. Developing and implanting core values are as critical to success and the value of a business, if appropriately implemented

To ensure that core values become integrated into the culture of the business and all its employees, it’s important to make sure they are clearly stated and more importantly defined. They should be part of corporate orientation and employee development strategies.

Some examples of values that are often demonstrated to being of high importance are:

• Family Values: Commitment to enhancing the personal growth of staff to enhance family strength – Treat them as we would wish to be treated and not as a commodity
• Integrity: Ethical behaviour and honesty in dealing with everyone from employees, colleagues, suppliers resources etc.
• Environmental Concerns: All elements of the enterprises should recognize the need to keep our planet clean and environmentally safe
• Community: Strengthen community by encouraging volunteerism and charitable contributions
• Continuous Improvement: Everyone should be motivated to be thinking and creating improvements in every element of the enterprise

The establishment of the values should be finalized by consultation appropriate to individual circumstances so that everyone has input and the final decisions are the property of everyone.

Upon developing a set of values, detailed explanations with examples should be created so that they are clearly understood by everyone within the business.

Management must then take a leadership role in leading by example and be sure that these values are part of the ongoing operations. This can be done through regular assemblies, or internal communications with staff.

The benefits of building a strong workplace culture that surrounds your businesses vision and values will result in:

• A great staff relationship, great Union relationships and Happy strong families resulting in happy employees;
• Better customer relationships resulting in increased sales;
• Great supplier relationships resulting in better relationships;
• Better Financial Institution Relationships;
• Better investor or shareholder relationships and;
• Better Community relationships.

All of which will result in better profits, greater shareholder returns and enhanced business values.

Check out this blog post on creating a compelling vision and related values for your business.