Why Are Core Values Important for Your Business?

Most businesses view core values as a fundamental component of their organization. But, why are core values important? Core values are the essence of a company’s identity and help when making decisions for company growth. If a business does not have clearly defined core values, they are making a costly mistake.

Learn more about why core values are important for your business. When you need help defining your core values, call the professional and experienced business coaches from Wolf Creek Business Growth Institute to identify your core values.

What Are Core Values?

Core values are what define your organization and keep it viable and functioning. In a nutshell, your core values are your company’s beliefs, motivation, guiding light, and foundation. Core values are important when making decisions. They also define what matters to your business.

Even if a business does not have its core values written down on its website or framed in the break room, it likely still has core values. For example, suppose a manager stresses respect in the workplace and treats their employees with respect and employees within the department treat each other with respect. In that case, respect is a core value they follow – it just is not set in stone.

If your business does not have any core values written down, you should take the time and evaluate what they might be. If your business already has core values, reassess and reevaluate them and ask yourself if they are appropriate for the current stage of your business. Core values are important as they build the foundation of your business. You and your staff should turn toward them when deciding how to best move the company forward in the right direction.

Remember, no company is too young or small to have core values. Do not put off establishing your core values. If you have difficulties implementing your core values, contact the business coaches at Wolf Creek BGI. They can help you create a business growth strategy and determine what values are important to your organization.

Core Values Are Important to Guide Your Staff

Your team wants to see how their contribution matters to your organization. Core values are important in your business as they give your employees a shared sense of commitment. Employees can use core values when faced with difficult situations and achieve better results for themselves and your business.

However, if you are a business owner and expect your employees to live by your core values, that accountability starts with you. As a business owner, you have the responsibility to live those values. If you cannot abide by your values, how can you expect your employees to?

Share stories of you or current or past employees exhibiting your core values. Also, make sure that every action you take reflects your core values. If accountability is a core value, make sure you take explicit steps to promote accountability in the workplace. It is important to have those core values in front of your employees so they see clear examples of what is expected of them.

Related: How to Make Personal Accountability a Core Value

Core Values Are Important During Your Hiring Process

Hiring is a challenge in itself. However, it can be easier when you have candidates who exhibit your core values. Candidates who live by your core values are important. They’ll have less difficulty fitting into the company culture and will have an easier time situating themselves with your mission and goals and their work responsibilities.

If a candidate is more experienced but does not align with your core values, strongly consider the candidate that best reflects your values. You can always train a candidate to perform the essential responsibilities for the role, but you can’t always train someone to align with your core values.

In fact, if you believe a candidate doesn’t exhibit your core values, you shouldn’t bother interviewing them. This may sound harsh, but you should focus on candidates that closely reflect your core values. Candidates who reflect your core values will support your business goals and integrate into your company and the culture without many complications.

Make core values an important part of the interviewing process by telling candidates what your core values are from the start. You can do this by displaying your core values in the job posting and listing them on your company website.

To make core values an important aspect of the hiring process, ask candidates to share examples of how they live by your core values. You can then determine which candidate is worth hiring based on how similar their values are to your company’s.

Related: How to Find the Right People to Hire

Make Core Values an Important Part in Decision Making

Business owners should always make decisions based on the company’s core values. Core values should guide every decision from hiring and firing to setting weekly and long-term goals. For example, if you plan an ambitious goal or objective for your business, a core value can help clarify what you want to achieve and the best way to achieve it.

While core values are important during the hiring process, they can also be helpful with firing. If an employee violates a core value, you don’t want to keep them around. An employee who does not follow your core values will only disrupt your staff and business.

For your core values to be an important part of decision-making throughout the company, you need to have clearly defined values that everyone can understand. Values should be defined in a word or a short, clear statement. There should be no doubt in anyone’s mind what you are trying to communicate. Some common examples of core values include:

• Honesty
• Integrity
• Accountability
• Empathy
• Courage
• Respect

When you make core values an important part of your business and live by them, your team will strengthen and become more committed to your business growth. If you have not set clearly defined core values yet or feel like your business can benefit from business coaches, contact Wolf Creek Business Growth Institute.

Our coaches can analyze your staff and business to determine what core values are best for your business and create a growth strategy custom-built for your organization. Call today at 225-219-8866 to get started.