Last week, I was reading about core values and it got me into thinking mode. These values define not only a company itself but also its founders, partners, employees, and other stakeholders. When we filter which engagements to say yes to, by default we always look through this lens — one by one. So ultimately, core values define our way of thinking as a company, which is why I want to share this article with you. I have so many thoughts about core values to share, but for today, for you, I’ve curated 5 reasons why every business should consider having core values.
(1) Ground Rules
Core values set the premise for every engagement, conflict, and discussion. Therefore, these become the ground rules that everyone should respect and care about. This also creates a safe space for everyone. Everyone should abide by the ground rules and if otherwise, they know what to do.
A culture is defined by the employees you hire. After you hire them, you sort of lose control of defining the culture to a certain extent. Why? Because you can’t force a culture on people unless you hire people who are already a culture fit. Plus, a bad hire affects so many aspects of your business, including the team members. To avoid this, you should invest in a proper hiring process. Throughout this process, use core values to guide some of your interview questions.
It’s super important that everyone in your company is aligned with the vision and mission. A misalignment or no alignment can waste so many of your resources. Therefore, to avoid this pitfall and only focus on what matters, we again need core values. These values should derive from your vision and mission and they should be embedded in the mission statement and vision statement. That way everyone at your company knows where to look for the North Star.
(4) Purpose of existence
Core values highlight the reason WHY your company exists. This reminds me of a quote by S. Smiles:
A man without principles and will is like a ship without a compass; it changes direction with every change of wind.
The same goes for your company as an entity. We all have a purpose if we’re alive today. It’s deep-rooted in humanity and human creations. So core values guide your company to a meaningful purpose which provides the reason for your company’s existence.
(5) Equals attract
Like it or not, your company has a brand. Whether it’s a good brand or not, that’s up to you. But that brand attracts people and entities who believe in the same set of values as you do, that’s communicated through your brand. Values that we believe in really matter when we engage with other humans. Therefore, it’s helpful if you intentionally define what core values you strive for.
This is it for today. I hope this helped you think about your company’s core values and reflect on what matters most. As your company grows, when things get more chaotic, when you have to make tough decisions, core values will help you guide to the right direction — your vision!
Talk to you soon in another article! :)