Book a free call with Juliette
There’s no denying the success of family businesses and the valuable contribution they make to the UK economy. Yes, they are also fraught with many potential problems, but if you can overcome them, and use them to your strength, you’re sure to be on to a winner.
One of the main strengths your family business has to exploit is the values upon which it is based, because these often run at the very heart of the business and the generations of family members involved in it. They are what led to the formation of the company and are what continues to drive it forward.
The key is knowing how to use those values to your advantage.
What do we mean by company values?
A company’s values are the beliefs and principles which guide the behaviour of everyone involved in the business and what your customers come to know you for. In successful companies, they underpin the culture and ethos of the entire operation.
So how do you identify and communicate your family business values?
We’ve touched on this before in our article about setting a vision and mission statement for your family business. Defining the values is a part of that process.
Values underpin your mission and vision and are the fundamental beliefs of the business; the standards by which you will operate and treat your customers and members of staff. They can foster a particular culture and help define goals and inform decisions.
If you haven’t already, have a go at defining your values in a clear and concise way. You could even get members of staff to work on it together as a team effort. Then make sure these values are constantly and consistently communicated to your clients, your employees and the world at large. This could mean adding them to your website, or as part of email signatures and even displaying on the walls in your offices.
Examples of company values
Most successful companies are guided by a set of company values.
Some high-profile examples include:
Adidas
Performance: Sport is the foundation for all we do and executional excellence is a core value of our Group.
Passion: Passion is at the heart of our company. We are continuously moving forward, innovating, and improving.
Integrity: We are honest, open, ethical, and fair. People trust us to adhere to our word.
Diversity: We know it takes people with different ideas, strengths, interests, and cultural backgrounds to make our company succeed. We encourage healthy debate and differences of opinion.
Focus on impact
Move fast
Be bold
Be open
Build social value
Focus on the user and all else will follow.
It’s best to do one thing really, really well.
There’s always more information out there.
The need for information crosses all borders.
You can be serious without a suit.
Great just isn’t good enough.
Starbucks Coffee
Creating a culture of warmth and belonging, where everyone is welcome.
Acting with courage, challenging the status quo and finding new ways to grow our company and each other.
Being present, connecting with transparency, dignity and respect.
Delivering our very best in all we do, holding ourselves accountable for results.
Why not have a go at defining values for your family business? Contact ActionCOACH if you need any further help and advice with your family business.
