Core Values For Business Advantage

Core Values For Business Advantage

Clarifying and implementing corporate core values – corporate DNA – will result in a business advantage.

Two questions every company should ask:

1. Why did each employee select our company and why do they stay?
2. Why did each customer select us and why do they let us continue to serve them?

Those are easy to answer if your company's core values – or corporate DNA – are clearly defined and communicated. Core values should be created to highlight or market the company's true personality. Core values are not words or statements made up by creative teams or marketing consultants. Core values are the existing principles that drive behavior within the company. And they don't change over time but continue on as guideposts for company growth.

For instance, many companies describe themselves using the word “quality.” But what does quality mean? And how does an employee get or give more of it? It is not a value word that can drive behavior. Core values must be specific about the behavior that's expected from employees.

Here is an example of core values developed by two different companies. The value statements fit each company perfectly.

COMPANY ABC:

We offer diverse backgrounds of experience
We openly communicate with respect
We thrive in a quick and agile learning environment
We are focused on strategic change by linking research to solutions
We are ambitious, proactive and persevering about growth

COMPANY XYZ:

We operate through teamwork
As individuals, we are community role models
We are resourceful
We know how to translate various points of view
We offer an enjoyable experience

Each company's core values frame the kind of individual who would best thrive at the company. Recruiting directors at each company should use these value statements to make sure that new hires understand AND FIT these values. These are statements that must drive behavior and can be supported or discussed during employee performance reviews.

As Jim Collins says in his book Good to Great, make sure the right people are on the bus. The company value statements should describe the bus and all the seats that are needed to offer a competitive business advantage.

For more information on developing core values, click on Core Values