Why company values impact success
These days, people want to be part of something that will change the world—a business that has meaning and purpose. Reinforcing those values, and communicating the purpose of the organization is essential. While not every business can be a Tom’s or a Warby Parker, donating goods each time a sale is made, every business should stand for something.
“At its core, a company’s purpose is a bold affirmation of its reason for being in business,” says Nate Dvorak and Bryant Ott in a recent article published by Gallup called A Company’s Purpose Has to Be a Lot More Than Words.
One of the milestones of starting a business is developing the company vision and mission statements and establishing the core values. But unless a business truly adopts their vision and values and applies them to the everyday operations of the company, those words are meaningless. In fact, businesses who don’t put a strong emphasis on their company values are losing an opportunity to attract better talent and higher quality clients. Research supports that employees who are more aligned with their company’s identity perform higher on key business performance metrics than do employees who are less aligned.
The bottom line is that for a business to be truly successful, its company purpose must be defined, promoted and reinforced. “No matter how it’s communicated to employees and customers, a company’s purpose is the driving force that enables a company to define its true brand and create its desired culture,” says Dvorak and Bryant.
It’s vital, it’s relevant and, we believe it is quickly becoming the key differentiating factor when both brands and individuals make the decision to work with or not work with an organization.
To make sure that you don’t miss out on creating a purpose driven company, here are three steps to bring your company purpose to life.
- Define Your Purpose. Start by getting to the heart of why you are in business. Think about the impact you can have when people use your product or services. Approach this exercise with the big picture in mind and dig deep about the why. Putting your purpose into words will make it much easier to communicate to your employees and potential customers.
- Promote it. People want to be part of a company with a massive transformative purpose, an organization that will change the world with its deeper meaning and purpose—which applies to both employees and clientele. The more that you talk about your purpose, the more it will become engrained in the brains of those with whom your business interacts. Put your purpose on your email signature, on your website and in marketing collateral. Promote your purpose as part of your why.
- Reinforce it. Many businesses make the mistake of writing a mission and value statement and simply adding it to their company website, without reinforcing those values daily as part of the company culture. Acknowledge your company purpose, and make it part of every aspect of your company, from hiring new employees to onboarding new customers.
Carver Peterson Consulting works with businesses to define company culture, drive employee engagement and improve overall results. If you have questions about how to refine and integrate your company purpose into the everyday workings of your business, please contact us to get started.