What is it about your company that makes it unique and distinguishes it from others in your industry? It’s likely that your messaging and branding are the first things that come to mind. However, it’s actually your core values that defines the framework for your company: what you believe in, stand for, and aim for. They are the guiding principles that your company uses to manage its internal processes as well as its relationships with current and potential customers.

Let’s look at why it is important to determine your core values and what it means for your business.

What are core values?

Core values are the fundamental beliefs that guide a company and its staff. They set the standard for your organization. The caliber of your products or services, the quality of staff and clients you attract, what your business does and why: every single one of these aspects of company culture are influenced by your organization’s core values. They also communicate to potential clients that doing business with you is more than “simply “business.”

Why do you need core values for your business?

In a nutshell, a purpose-driven culture with engaged staff is needed for your company’s overall performance. Having well-defined core values will make this a reality. WordStream shares a list of the benefits of having all your people in alignment:

  • Improves output
  • Encourages better decision-making
  • Motivates action
  • Boosts customer services
  • Builds your company’s reputation
  • Creates resilience and confidence among your staff

Source: https://www.wordstream.com/blog/ws/2021/06/09/company-core-values

How do you define your company’s core values?

Defining your core values should start with a thorough evaluation of your company’s culture and vision. Think of how you may use your values to show what your organization aspires to accomplish and represent. Be sure to ask yourself questions such as, “What is important for my business and to me,” and “What do I want my business to be known for?” to help guide you.

When you’re ready to begin the process of determining your company’s values, consider the following guidelines:

  • Keep them short
  • Be specific
  • Address both internal and external objectives
  • Make them unique

MYOB’s Core Values

Here at MYOB, our core values guide everything we do and allow us to “RISE” as an organization. The following defines what is important to us:

Communicate with clients, respond to emails and messages as promptly as possible, keep staff and coworkers in the loop and updated as a courtesy – check in with each other.
Be on time for zoom calls and dressed appropriately to show respect to whomever you are meeting.

No excuses, step up and take responsibility, be accountable and reliable.

Give a little extra attention, answer the phone, make time to listen.

Confidentiality is critical, work hard, don’t waste time, be professional.

Over to you

Your company’s core values are its foundation. They are the enduring principles that show the world who you and your business are. They have a consistent impact on accountability and decision-making. And finally, they are extremely significant since they influence your company’s overall success. So, when deciding the core values for your business, be sure to do your research and remember to have fun when implementing them.

Written by: Jennifer Hanford, MYOB Blogger