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Do you know your company’s core values like the back of your hand? Or whenever you sit down to work on core values are you tempted to put it aside in favor of a more tangible project like Profit & Loss Statements or KPIs?
The good news about core values (whether you have them formally written out or not) is that you are likely already running your business using guiding principles. But knowing them and sharing them with your team, clients, and community is different things.
Core Values are the foundation of your business. They are the principles that shape your decision-making, determine who you bring onto your team, and define your brand so you stand out from the crowd.
And no – I am not talking about the generic principles like “Trust” and “Integrity” because although those are incredibly important values, just saying your brand values “Trust” doesn’t actually GUIDE you in any way.
Having a set of core values that truly define who you are as a brand is crucial to be able to use them to attract the right employees, franchisees, supplier partners, and especially the right customers/clients.
Having specific, authentic principles that guide your business means having them be more than “Honesty” because something vague will never be as relatable or memorable as something specific.
As an example, one of our core values is action = growth and what that means for our company is that we know that when we take action, we will either succeed or we will learn something.
Both succeeding and learning lead to growth as a team and company so we always encourage our team (and our clients) to take action.
If you’re wondering how exactly to get started – here is a handy process we have used for our team and with our clients…
Now you know why your core values are important and how to determine them, the next step is how to LIVE and breathe them every day in your business!
There are countless ways to do this but I’ll share a brief list to get you started…
I hope this blog post has been a valuable resource for you as you craft the guiding principles that will help define and solidify your business.
If you loved this post and are looking for more ways to work ON your business, you should try one of our roundtables for emerging and established franchisors.
The AC Roundtables are a free resource we offer franchisors who are seeking collaboration and peer-to-peer learning. We’ve been running these virtual roundtables since 2020 and we always love to have new franchisors join us!
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