Values and Your Business Plan

by | Oct 18, 2010 | Planning Your Business, Video

values statement
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Whether you are aware of it or not, your business has a set a values. Of course, becoming consciously aware of what these values are will help you become more consistent in living up to them. This is why a values statement is often included in a business and marketing plan.

A value for your business is a belief, mission or philosophy that underpins and creates meaning for your business. It is a statement of your business’s intention and commitment to achieving top-notch performance in regards to a specific qualitative concept.

Examples of values your business might have include customer service, creativity, reliability, innovation and integrity.

Of course, for these values to have meaning and a standard to measure your success at achieving them, you need to define what these values mean to you and your business. For example, customer service can mean different things for different companies. How will your business exemplify the concept of customer service?

Continue reading below, or watch this video for the complete article

If you’d like to include a values statement in your business plan, here are some steps you can take so that they are meaningful and actionable.

Step 1: Identify your values
List out three to five values that you want your business to embody. Make sure they have meaning to you and are relevant to what you want to accomplish with your business.

Step 2: Define your values
Now describe what those values mean to you. For example, what does customer service mean in your business? Create standards that you want to meet for each value.

Step 3: Develop your Values Statement
Now, take what you’ve created so far and create a values statement. Values Statements often look something like this:

XYZ Company is committed to the highest level of customer service, reliably provided with integrity.

ABC Company’s mission is to provide creative, innovative and reliable products and services with the highest customer satisfaction rating in the industry.

MNO Company promises to be reliable, innovative and creative in delivering products and services with a customer-centered focus.

When taken together, your mission, vision and values create a framework that empowers you to make wise decisions about the strategies you’ll use to grow your business. You’ll be able to select the objectives that are most meaningful and relevant for your business. And, most importantly, when you ask yourself does this activity move me closer to or further from my goals, you’ll have the guidelines you need for making that answer correctly.

If you need some help coming up with ideas for values, you might find these online resources useful:

 


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