Why Core Values are Important

Everyone has principles by which they live. For the business owner it might be financial freedom; for the school teacher, impacting the lives of the next generation; for the Christian, faith. Whether they are aware of it or not, all have values that shape their attitudes and direct their actions. Consciously or unconsciously, they constitute the heart and soul of the person; its who they are.

Companies also have tenets they operate from. Many that have identified them may refer to them as core values. These are the things that make for the culture of a company. They might be written in mission statement on the wall or simply assumed, but these are what makes the firm tick; they constitute its core.

Whether you are an individual or a huge, multinational corporation, it is important to dig deep and find out what these are. Once found, wrap yourself or your company around them and bring everything you do into alignment.

Author Gino Wickman, in his book Traction, provides a wonderful process for determining what your businesses’ core values are. The book is worth the read just for this helpful information. He even provides tools to guide you through the discovery–and yes, it is a process of discovery; what you really believe in your heart may surprise you, good or bad.

Core values can be changed. My mentor for twenty years, the late Jim Russell, once told me, “Terry, your business will take off when you change your thinking about it.” What he meant was, the underlying guiding principles that held my company at bay needed to be altered. What I held to be true about T. L. Hart, Inc. had to change.

I believe it was Michael Gerber in his book, The E-myth, who pointed out that your business is you. In other words, your business is a direct reflection of who you are as a person. I understand that most companies may have more than one person to be considered, but the maxim is the same; who you are–or, who your team is, will be seen in the firm as a whole. This is why you not only need to do some digging yourself, but include other key players in your organization.

I went through the process a few years ago and included some team members. We came up with a list of seven or eight key qualities that we thought best represented our company. I wrote them down, and for a year or so taught them at our monthly staff meetings. After a while, I quizzed the group at to what they were; not one got them right.

I learned what Wickman presents in his book: keep them to a few; no more than seven or eight, but better yet four or five. So we took another look and boiled them down further. I am now confident that our four core values truly represent who I am and what I stand for. There is buy-in from the team, and they are fast becoming corporate culture.

To put this to work your core values need to permeate the entire operation. You hire and fire by them, you make your decisions based on them, and you build your products and services around them. Your core values dictate what you do and how you do it.

In my next article I will tell what my company’s core values are and why, and how I incorporate them into what we do.

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