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Why company values matter

Company values are imperative for any organization.

Big or small, start-up or established, it is often the core values of a business that steer its course and contribute to its long-term success.

Therefore, setting out clear values for your organization from the outset is key as it helps everyone involved to understand who you are and what you are about. Once you have agreed on what these are, there are many ways to communicate them. They should be integrated in everything you do, from your marketing materials to your staff training, but also through the actions of the business and its employees.

Here we take a look at why values are important for the people who interact with your business.

Customers

Having well-defined values that run through all that you do helps your customers to recognize what your organization stands for, and what they can expect from your products or services. It helps build a strong brand with substance which truly means something to the people who interact with it.

Increasingly, people make their purchasing decisions based on more than just the product or service offering. We all have a social conscience and as consumers we are more aware than ever before of the impact our buying decisions can have. Having clear, strong, values can help customers feel aligned to your brand. It can also be an important factor in positioning a business and helping your organization to stand out from the competition. If your customers choose you because they share your values, rather than basing their decision purely on factors such as price or location, then they’re much more likely to remain loyal.

Employees

Employees gain a better idea of what is expected of them through their understanding of the organization’s values. They contribute to company culture and help to shape the business over time.

Defined values that are key to how the business operates can also be incredibly useful when it comes to empowering staff to make decisions. Often this is subconscious, but staff feel more confident to be proactive and make crucial decisions when they feel comfortable that it’s aligned with the overall values of the business.

Prospective employees, stakeholders and suppliers

People want to work with organizations that share their values and priorities. This is often overlooked by employers who assume that the most important factors in the recruitment process are the role and salary.

If your company is committed to sustainability then make sure you are communicating that, as there will be environmentally conscious individuals who will want to join you. Equally, if your organization holds work-life balance in high regards and prioritizes family as part of its culture, then shout about this. It might just help you to recruit talented and experienced working individuals who are looking to add value to a business that respects and understands their priorities.

Remember that suppliers and other stakeholders will also be looking for partners to work with that share their beliefs. This can be key to building strong business partnerships which stand the test of time and become more than the sum of their parts.

Our company values are at the heart of everything we do at Moneypenny and we firmly believe this has contributed directly to our growth and success. What’s more, 89% of our staff agree that our organization is run on strong values and principles* – a stat we’re incredibly proud of!

*Source Best Companies 2019

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