MANAGEMENT • 4 MIN READ

Building Values For Your Business: A Must-Know Guide

Are You Stuck Working “IN” Your Business?

In the ever-evolving business landscape, establishing a strong foundation of values in the workplace is crucial for long-term success. Workplace values not only shape your company culture but also attract the right talent.

The goal of this article is to illustrate the importance of building values for your business, the benefits, and the steps to achieve them.

What Do We Mean By Building Values

Establishing strong values in your business is a crucial step towards creating a thriving organizational culture that promotes growth and success.

Your organization’s vision, mission, and goals are guided by your company values.

In essence, values in workplace environments can provide a clear and consistent framework for how your organization operates.

Building values in your business involves:

Identifying core principles that define your company’s purpose and vision
Aligning these principles with your business strategy and goals
Communicating these values effectively to employees, customers, and stakeholders
Implementing practices that reinforce values in the workplace
A continuous evaluation and refinement of your values

Are Business Values Important?

According to the U.S. Small Business Administration (SBA), companies with strong workplace values have:

Lower employee turnover rates
Higher employee engagement levels
Better productivity levels

These statistics highlight the significance of building values in driving business success and employee satisfaction.

Benefits of Work Values

Work values within your business have a multitude of benefits that contribute to the overall success and sustainability of your organization.

Here are some of the key advantages of building values for your business:

Improved Employee Engagement: Values-driven organizations foster a sense of purpose and belonging, resulting in higher employee engagement and satisfaction.
Enhanced Customer Loyalty: Companies with strong values often enjoy greater customer trust and loyalty, translating to increased revenue and long-term success.
Reduced Turnover: Clearly defined values help attract and retain top talent, reducing turnover costs and promoting stability in the workplace.
Increased Innovation: A culture built on the right values encourages creativity and innovation, paving the way for a competitive edge in the market.
Better Decision-Making: Shared values act as a compass for decision-making, guiding employees to make choices that align with the organization’s goals.

How Professionals Build Values

Organizations that build values are better-off in the long run. We at 2X want to guide and assist you towards unlocking these benefits and creating a thriving, value-driven organization.

Here are some of the key steps for building values for your business:

Step #1 - Assess Your Current Values

Begin by reflecting on the values that have shaped your business thus far. Evaluate how well they align with your vision, mission, and objectives, and identify areas for improvement.

For instance, if customer service is one of your core values, consider how well you are delivering on this promise and what changes could be made to improve customer satisfaction.

Step #2 - Gather Input From Stakeholders

Involve employees, customers, and other stakeholders in the process of building values. Their insights and perspectives will help create a more inclusive and diverse set of values.

This is important because employees, customers, and other stakeholders are the ones who will be living and working within the company’s values. By involving them in the process, it ensures that those values are reflective of their experiences and values, which can create a more cohesive work environment.

Step #3 - Define Your Core Values

Narrow down your list to a set of core values that truly represent your organization’s identity. Make sure they are clear, actionable, and easy to communicate.

For example, a core value of “integrity” could be translated into action by always making sure to never compromise on quality, customer service, and employee safety.

Step #4 - Align Your Values with Business Strategy

Integrate your values into your business strategy, ensuring they guide your decision-making and goal-setting processes.

This will help keep your team focused on the most important objectives and ensure that you are making decisions that align with your core values. Your values should drive your strategy and be the foundation of your business.

Step #5 - Communicate and Embed Values

Share your values with employees and stakeholders through various channels, such as internal communications, marketing materials, and training programs. Reinforce their importance regularly to ensure they remain top-of-mind.

Step #6 - Measure and Evaluate

Establish metrics to gauge the impact of your values on employee engagement, customer satisfaction, and financial performance. Use this data to refine your values and make necessary adjustments.

Utilize OKRs and KPIs to measure your progress in achieving these objectives, and assess how well your values are being executed. This will enable you to identify areas for improvement and ensure that your values are having the desired effect.

Step #7 - Foster a Culture of Continuous Improvement

Keep your values in mind and encourage your employees to do the same. Actively uphold and improve your values and encourage your team to do the same. This will create a culture of accountability, growth, and excellence.

When employees are actively involved in upholding and improving company values, they feel more committed to the company and its goals. This creates a sense of ownership and responsibility, which can help to drive better performance and higher levels of excellence.

Challenges and Solutions

Embarking on the journey of building values for your business comes with its own set of challenges. However, with the support and guidance from 2X, you can effectively navigate these obstacles and create a solid foundation for your organization.

Below are some common challenges and their corresponding solutions.

Resistance to Change

Employees may be hesitant to embrace new values, especially if they have become accustomed to the existing ones. This resistance could hinder the successful implementation of the new values.

Solution: Overcome this by effectively communicating the rationale behind the new values, highlighting the benefits they bring, and involving employees in the process to foster a sense of ownership.

Inconsistency in Implementation

The challenge of ensuring that everyone in the organization consistently upholds the new values can be daunting. This inconsistency could lead to confusion and undermine the impact of your values.

Solution: Address this by establishing clear expectations, providing ongoing training, and holding employees accountable for their actions through regular feedback and performance evaluations.

Balancing Short-Term Goals with Long-term Values

The pressure to achieve short-term goals might cause businesses to overlook the importance of adhering to their long-term values. This challenge can result in decisions that compromise the company’s values, potentially harming its reputation and long-term success.

Solution: Tackle this challenge by emphasizing the importance of values-based decision-making, setting realistic short-term goals that align with your values, and celebrating small wins that showcase the positive impact of upholding your values.

Building Values at 2X Efficiency

2X specializes in helping companies build strong values and scale to new heights through coaching and mentoring.

With a team of experienced coaches, 2X provides tailored guidance, support, and resources to help you create a values-driven organization.

Their book, From 6 to 7 Figures, offers valuable insights into work values and scaling your business. The book emphasizes the importance of a strong foundation based on well-defined values and provides practical tips on how to create a thriving workplace culture that supports long-term growth and success.

By partnering with 2X, businesses can: