Do you know what gives your startup a strong foundation for growth and makes it different from its competitors in the field? Yes, you guessed it right – organizational values. It is one of the most important aspects that every business big or small has to successfully address in order to thrive as organizational values make your brand more unique and credible among many other reasons.
A report developed by Pivotal Advisors states that 88% of the employees and 94% of the executives strongly believe that a set of defined core organizational values are critical to a business’s success. It has a direct impact on the company culture, corporate branding and ultimately, the company’s bottom line. Shocking, isn’t it?
What are organizational values exactly?
Core organizational values are a clearly defined set of philosophies, principles and beliefs that form the essence of a company’s identity in front of its employees and the outside world. They are things that you believe are most important (high priority) and should be reflected in the way the company lives and works daily.
Core organizational values help you support the company’s vision and mission, define who you are and also give shape to its working culture. More than just talking points, they are the founding principles that guide an organization’s strategies and decisions and are used to communicate the intention behind its action and the method in which they’re going to execute those actions.
Organizational values are in no way a one-time statement of intent or a set of aspirational values that don’t reflect the reality of a small business or startup.
Importance of organizational values for a startup or small business?
Core organizational values influence all the aspects and departments of your business and thus, they need to be clearly written down and communicated both to the external stakeholders (customers, vendors, partners) and internal stakeholders (employees) so that everyone is aligned in their business intentions and actions. It is essential that each and everyone involved authentically embodies those core values. Hence, it should be an essential part of your internal communications strategy.
There are many benefits of defining your core organizational values:
- They help the organization project themselves as the ideal destination to get recruited in and do great business with as well. They help the organization earn and build goodwill through a positive brand image. Displaying your core values on your website, integrating them into your marketing campaigns and demonstrating them in all the aspects of your business – right from hiring and strategy development to customer service and client communication – helps in raising the company profile in the public eye.
- They help to attract prospective clients/partners/employees that believe in and follow the same value system, drives and beliefs in their day-to-day professional life as that of the company’s. This way, retaining them also becomes easier. The same core values will help to create a more pleasant working environment for the employees where they will want to work, continuously learn and progress within. The same is true for prospective clients/partners where they will want to associate with you for mutual growth and achievement of their business objectives.
- They help to define the company goals and set the direction of the company towards “success”. In effect, the values of a commercially focussed company will be very different from an environmentally focussed one. Onsurity believes in a holistic and customer-centric approach when it comes to serving the healthcare needs of its clients (SMEs and startups) and as a result, it has been able to deliver varied product and service offerings successfully and achieve an accelerated growth ever since its inception.
- They help to set the tone for your working relationships/working environment and also motivates one and all to do the best job they can. It is only when your employees believe in your core values that they respect them and achieve a greater understanding of their job role and its significance in achieving business goals. They feel more empowered, connected and committed to their work and hence, they are more productive and engaged in their jobs.
- They help you build a more trustworthy and harmonious relationship with your customers by giving them a more efficient and user-centric experience. Knowing the core organizational values helps employees deliver high-quality customer service to their users and tailor their products and services specifically according to their needs.
Do you need to assess organizational values?
Amidst the Covid-19 pandemic, we have seen that many businesses have been actively assessing their core organizational values in order to regain and build the trust of their employees and customers alike.
So, YES. There’s a need to reassess your core company values at regular intervals to check if you’re on the right track and not only when a major crisis occurs. However, do keep in mind that reviewing them doesn’t automatically mean that they need to be changed. Some of the instances where reviewing your company values become extremely significant are Employee Education, Audience Expansion, Company Acquisition, Paradigm Changes in Global Technology.
List of common organizational values
Here are some common company values that you can refer to if you’re just starting out as a small business and wanting to define your core philosophy:
Organizational values are the heart and soul of a company that remains “constant” even when people and products come and go. So, spare some time and visit your core company values again to see if they need a revamp.
Onsurity is helping startups and small businesses to achieve their objectives by ensuring that their employee teams are at the best of health at all times with their affordable comprehensive healthcare and wellness plans and more technology-oriented solutions. Click on the button below to know more.