Updated: Nov 11, 2021
Businesses are simply a money-making tool unless you center it on core values designed to help all those involved. Today, we are going to share with you the fundamentals of creating a value-driven business. Whether you are just getting started or are already well on your way, we encourage you to take the next step in creating a valuable business from heart to product.
What is a Value-Driven Business?
A value-driven business confirms its core values in every business decision. It is a company that doesn’t just write pretty words but takes action to exemplify those values every day.
Value-driven businesses are held above the rest because they aren't just after money; they are pursuing excellent business practices by holding true to their beliefs every step of the way. These actions gain trust and respect from customers because of the clarity and honesty they provide. Transparency in business is worth its weight in gold, and there is nothing more transparent than a value-driven business.
Assess Your Values
Before you can create a value-driven business, you must assess your personal and business values. Values that may resonate with you are affordability, honesty, reliability, customer service, innovation, quality, and more. We recommend that you write down a list of values that are important to you. Go ahead; we will wait.
Now, hold on to that list. You will need it soon.
How to Apply These Values to Your Business
Above all else, your chosen values need to be compatible with your personal life and business goals. To take those concepts and convert them into a value-driven business, you would want to follow the steps below.
1. Write Them Down
We all have a long list of essential values to us, but to include them all would be overwhelming. If you tried, your message would get lost in the noise. We recommend that you choose 3 to 5 values for your business and make them specific.
To make it a bit easier, let's look at an example. Jill is a mother of two who wants to create an eco-friendly product business. Her goal is to create a company of affordable, high-quality green products that will help keep the earth a healthy place for her children.
You can probably already identify her values just from the sentence above: affordability, quality, environmentally friendly, and family. However, just writing those words is too vague, as every customer will interpret them differently. This is where you have to get specific. Jill, for instance, may choose to say, “Providing affordable green products for the working class” or “Creating sustainable products to benefit the next generation.” Even this is still a bit vague, but she is getting close.
2. Emulate Values in Life and Business
The next step to applying your values to create a value-driven business is to emulate those values both at work and in real life.
Emulating Values in Life
As the business owner, you are the shining example of what you stand for, and you need to emulate those values in every facet of your personal life as well.
Again, let's look at Jill. As a green product business owner, it wouldn't be pretty if she was found to be driving a gas-guzzling car, throwing trash out the window, or using non-recyclable products. A business owner must take their business values into the world. If they act in the opposite of their values, customers will view them as inconsistent, hypocritical, and dishonest.
Therefore, Jill would need to be driving an eco-friendly car, properly using recycle bins, and always utilizing green products (especially her own.)
Emulating Values in Business
Your business values need to be an ever-present layer of your business. You and your managers should lead by example, communicate those values to employees, and find creative methods to reinforce them and ingrain them into every facet of the business.
Let's look again at Jill. At Jill's company, you certainly wouldn't find Styrofoam cups in the breakroom. Instead, you would discover sustainable products throughout the business, with the employees being environmentally friendly as well.
You want your employees to feel good about going to work each morning and be able to express how your business values are present and pursued in the business.
3. Don’t Compromise When Faced with Adversity
Your business decisions should be in line with your values. When faced with adversity, you never want to compromise those values, even if it means making more money by brushing your values aside. You must hold true.
In addition, you want to surround yourself with those who believe in and emulate your business values already. When hiring employees or creating partnerships, you can certainly have different backgrounds, skillsets, and ideas, but they should still share the beliefs and practices that define your company.
Brainstorming Values and Practices
While our example of Jill is a relatively easy one to follow, you may have a more challenging time identifying values that are important to you that can be expressed in business. This is where brainstorming values and practices with friends, family, coworkers, or others can be helpful. We do want to caution that while brainstorming with loved ones is an excellent first step, it often takes an outside professional viewpoint to really hit it home. If you are looking for that, I can help!
At Go Confidently Coaching, we offer guidance in every facet of your business. I get that it is challenging because I have done it myself. Let me share my experiences, knowledge, and training with you so you can streamline your business without as many bumps in the road as most new business owners face. For more information, click HERE.
Additionally, we also offer our Confident Co-op, where you can learn, share, and speak with other business professionals on the same path as you. By connecting with others in a similar position, you will gain a wealth of knowledge and support. To learn more, click HERE!