Establishing a small business can be nerve-racking, exciting, and difficult. Your business is a reflection of your personality. Your goals, determination, energy, and most importantly, your values, all impact every decision you make.
The problem is that in the haste to grow, market, sell, and scale, it’s simple to lose sight of the exact things that first motivated you to start your business—your core values. Later, your business may begin to seem a little problematic when you deviate too much from core values and build a small business, as if it were no longer yours. As if your logo were being used by someone else. But that’s really not the case!
So, how do you expand your company without going insane? Let’s discuss how to build a small business based on core values and its importance.
Why Core Values Matter in a Small Business?
You may be asking yourself, “Values? It sounds light and fluffy. I require practical tactics. The reality is that your approach is your basic values. They are the basis of how you run your business and are not just words you put on a wall or include on an About page.
Here’s the importance of core values:
- Build Trust
Today’s consumers are increasingly concerned about a brand’s values when making a purchasing decision. They notice everything—your actions reflect your values.
Additionally, customers will pick your company not just because you are competent but also because you are authentic and trustworthy
- Guide Decision-Making
Your core principles guide all of your decisions, from connections to hiring to product development. When things get unclear or complex, they serve as your internal compass.
- Keep You Grounded
When your company begins to expand (which we believe it will!), the values will keep you on course. They enable you to grow without going out of business.
- Attract the Right People
Hiring? People who share your mission and vision for a small business can be included, and those who don’t can be excluded. Value is added when your team is in agreement about what matters most.
You can discover the best books on business ethics for entrepreneurs that every small business owner should have on their shelf.
Strategies for Creating a Value-Driven Business Model
Developing a value-driven business model involves aligning your business operations with your own core values and priorities. We’ll go over easy, practical strategies to help your company grow.
- Define Core Values
- Remember why you started. Was it freedom? Innovation? Assisting others? Resolving an issue that nobody else was interested in? There are hints in your reasoning.
- List times when you felt satisfied with your company. Which values, such as integrity, excellence, or fairness, were you reflecting on at the time?
- What do you refuse to compromise on? Perhaps it’s openness, sustainability, or respect for workers.
Choose between 3 and 5 values that matter the most to you. It’s not enough to choose values just because they “sound good.” Pick the ones that you believe to be the most authentic.
- Integrate Values Into Your Business
Now that you know your core values and want to build a small business, it’s time to put them into practice.
Put Them in Writing
Not only on your website, either. Your fundamental core values in business should be evident in:
- Handbooks for employees
- Customer emails
- Bios and captions on social media
- Mission statements
- Materials for onboarding
Instead of using business jargon, use everyday words. If “People Over Profit” is one of your beliefs, don’t write it like a boardroom catchphrase. Say it like you mean it.
Make Value-Driven Decisions
This is when the real deal begins. Maintaining your values is simple when the business is growing. But when funds are limited or a shortcut becomes available? The real test is that.
For instance, if sustainability is one of your values, you may still opt for a less expensive supplier that uses unsafe materials. Adhering to your principles may be more expensive up front, but it builds enduring loyalty.
Use in Hiring and Training
Your values should guide how you create your team. Employ individuals who share your beliefs. Additionally, discuss your culture, values, and the “why” behind your company throughout training, rather than just teaching skills.
Pro tip: During interviews, ask questions that provide value. For instance, “Describe a situation where you had to make a tough ethical decision at work.”
- Let Customers Be A Part
Do you want to create lasting loyalty? Bring your customers along for the ride.
Here’s how:
- Seek input that aligns with your values. (“How can we better serve you while maintaining our environmental awareness?”)
- Make customized referral bonuses or loyalty programs.
- Organize events that show your values—in-person or virtual.
- Tell customer stories that support your objective.
Customers will remain loyal to you even if competitors approach you if they feel like they’re a part of something greater than a transaction.
- Share Your Values With the World
Essential values shouldn’t be kept a secret. Customers are more likely to relate to your brand on a human level when they see what you stand for.
Ways to showcase your values:
- Share social media stories that demonstrate the values you hold in action.
- Make a series of behind-the-scenes videos that highlight your logical or moral business decisions.
- Show your team members who embody the values and describe how they contribute to the business culture.
- When you fail, own up to it. Being transparent builds trust.
Example:
Suppose that “Community” is your value. Show it instead of just saying it. Talk about the small but meaningful contributions you make to the community, the NGOs you support, or your collaborations with small businesses.
- Review and Evolve
As your business grows, its processes may change, but its core values should remain unchanged. Going back and refining your expression of them is a good idea.
Your initial value might have been “Kindness,” for example, but after time, you might realize that you really mean “Radical Empathy in Every Interaction.” That’s growth, not compromise.
Every 6 to 12 months, review your values and inquire about:
- Are we experiencing this every day?
- Does our team remain in sync?
- Are we effectively conveying our values to our customers?
Values apply not only to the first year but also to years ten and after.
Final Takeaway!
You don’t need to be the most successful, fastest-growing, or loudest company on the block right after you started your business. However, it should be the most authentic portrayal of your values.
Your secret weapon is your core values to build a small business. In a world where everyone looks alike, they are what makes you unique. When things become tough on the entrepreneurial roller coaster, they are what keep you sane. They also serve as a reminder of why you initially started this entire effort.
Expand your company. Scale it. Make it a huge success.
Check out the interesting books at Collett Thorpe if you’re looking for useful, actionable guidance on building a company that aligns with your values.
