Your core business values are important for attracting customers, investors, and employees. Developing personal and business characteristics may even help you achieve a competitive advantage in the marketplace. Here’s why personal business values matter and how you can use these passion-driven characteristics to improve your business.
Why Personal Business Values Matter
Your business values mean something. They represent the beliefs behind the decisions that drive your actions. For entrepreneurs, personal values often correlate directly with business values, in large part because when you’re running a small business or a start-up, it’s all-consuming; your life is your work. Personal business values not only guide how you will conduct yourself in the business world, but they also describe to the rest of the public what is important to your company. Some typical personal business values that we’ve seen include self-discipline, honesty, and integrity.
Communicating your core values to other companies is essential for building trust. Articulating your personal business values to candidates will give you a competitive edge in attracting top talent. But these days, having and sharing personal business values with potential clients will also help build your brand and sell more products and services.
Forbes did an article recently on the increasing importance of branding your company as a socially minded business that acts ethically in the marketplace. They pointed out the importance of core values and their impact on the sales numbers of a company. For example:
- Today’s consumers are increasingly empowered by the Internet to make buying choices based on their research about your brand. Forbes says customers have high visibility into the actions of companies, and they are increasingly basing their buying decisions on why you’re in business, not just what you sell.
- Consumers are more coordinated via social media and social activist websites. It’s a heady mix that allows customers to make real-time decisions based on the latest market buzz.
- Millennials have a hand in the recent push to select products based on corporate values. Research shows that seven in 10 millennials consider personal company values before making a purchase.
- But Forbes points out that this fact negates that older populations want to do business with companies that exhibit strong core values; the beliefs behind the products also motivate one-third of baby boomers.
A Forrester report suggests that companies must create strong personal business values “to survive consumers’ volatile values-reckoning.” So, while there is ample evidence that customers are flocking to companies that fit a values profile that is important to them, there is also evidence that strong personal business values benefit companies in other ways. For example:
- EOS Worldwide stresses the importance of establishing core values to attract key talent. Values typically help develop corporate culture, something that candidates typically consider when evaluating their next position.
- Conversely, having core values can help guide your recruitment process by helping you hire candidates that fit your culture.
- All business says having core values can unite employees under a shared sense of purpose that can help with productivity and teamwork.
- Ask HG says, “One key point that investors do or at least should consider when determining who they invest in is the establishment, and more critical the active engagement of company core values. Just like any customer, investors look to fund companies that mirror their beliefs.
Are You Looking to Build a Stronger Team?
Personal business values matter. Exelare’s core values include creating the best software to help streamline your recruiting and hiring efforts. Talk to us today about how we can give you a competitive edge.