Rethinking Company Values: How to Build a Better Future with Your Company
As the economic downturn of 2008-2010 showed us, the consequences of being uncompetitive can be long-lasting. Country-specific companies may have been the butt of international humor, but they have a lot to answer. To succeed in the global economy of the 21st century, companies need to become more global themselves. In other words, they need to change. If you’re a small business, changing your company values is as easy as changing your mind. Changing your company values is no small task if you’re a big business. But if you’re a big business with more than 500 employees, you might want to reevaluate.
This blog post will guide you to rethink your company values and adopt a new direction to help you thrive in the new economy.
Why rethink your company values?
Many leaders cite three significant reasons for rethinking company values:
a)Increased Need for Social Conscience: As more people realize the need for social consciences, the need for a social conscience in business will increase.
b)Increased Need for Inclusion: More companies are starting to include people of different backgrounds and situations in their leadership teams.
c)Increased Need for Intersectionality: We live in an era where people are more aware that race, gender, and other factors don’t have an exclusive code. This awareness will grow over time, and more and more people will have a nuanced understanding of how their environment and identity impact their day-to-day experiences.
1. Be honest with yourself: Start with what’s valid for your business and work toward what’s true for your company. Your values are an indication of who you are as a business. If your business values differ from yours, you’re in trouble. You want to be who you are, not who someone else wants you to be.
2. Identify your core values: Identify your core business values, and make a list of the top three values that come to mind. These are your foundational values. You may have other more specific matters to your job or organization, but these are the ones you need to prioritize.
3. Bring your core values to the table: It’s easy to talk, but actualizing the matters is required. Engage with your company values, and ask yourself: Where did these come from? Who was involved in their creation?
4. Be brave: Be bold and daring. Be different.
5. Don’t forget to engage with your customers: Customers should see your values in your actions and feel them in their wallets. That means making sure to incorporate your company values into your marketing strategy.
In a world where competition is stiffer than ever, businesses must adopt a unique culture to thrive. To succeed in the new economy, companies need to become more global. This will require leaders who are proud of who they are and what they stand for. Leaders willing to experiment with new ideas and adopt new strategies will be rewarded with high growth and success, as declared by Dr. Jordan Sudberg.