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Welcome to The Business Rising Podcast!
Today we are talking about the value in having values.
Kenny - The PHNX21creative Agency’s founder - talks about his recent experience with ironing out his company’s core values and why it is important
to him to have them.
What Are Core Values?
Values are your "how" that helps funnel your vision and your mission into what you do - your mission is your "why" and your vision is your "what".
Values are also a filter by which you can evaluate things such as: should you hire this person, should you take on this client or project, should you grant this customer's extra request?
Core values wont tell you what decision to make, but they will help you make better ones , and more often.
Because they serve as your moral, or ethical, compass that you can have on paper and funnel everything you do through - in order to get where you want to go.
Why Should You Have Core Values?
Everyone has core values - whether they realize it or not.
We all have things we prioritize that we use to filter our decisions.
As well, your business needs to exist as its own entity and have it's own corporate values.
Having corporate values within your business, instead of just relying upon all your team member's individual values, is important to many different aspects of your company.
These values come into play when you are going into hiring process, going into a meeting with potential and existing clients, and when you are setting goals for the future of your company.
Core values assure that not only you and your team members know who you are, what you do, and what you prioritize, but even your current and potential clients know as well.
What Happens When You Come Across Something That Is Contrary To Your Core Values?
You will be faced with tough decisions when it comes to hiring or not, working with a client or not, or agreeing to do an extra project that is technically outside of your "for sale" services, but you know how to do.
Don't allow your values to be up for purchase.
There will be times when you want to take on a client or project because you see how the company, your team members, or even your family could benefit from the extra money.
In some instances, you may have to take on these "non-fit clients" in order to provide, but as you grow and continue on the journey, saying no to clients you know are not ideal for your company will prove to be more beneficial, rather than taking on the client because of the dollar signs.
Don't have the mindset: "Hey I value you this but for the right price I don't have to."
This is where having concrete core vlaues - preferably written down (whether printed or digitally) makes it harder to budge in certain areas, becasuse you have a concrete filter you can funnel things through.
Short term there will be deals that seem good, but you have to think about the long run.
Blurring lines in your core values in order to take on a client has the potential to cause friction, and friction leads to negative experiences.
Once you cause a negative experience for someone you lose them as a referral - which means missing out on the potential business that could come from their sphere of influence.
People are much more likely to talk about negative experiences than they are positive.
As well, if you are in a client service driven business, you know that clients are not a one time purchase.
Partnering with people who are not a fit for your business, or you took on even though you had to bend on your core values for, will potentially be a long term struggle - not just a one time bump in the road.
Have "closed hand" and "open hand" approaches.
A close hand approach is viewing clients, requests, and potential hires through the lenses of your core values - things you go into a meeting knowing you cannot and will not budge on.
An open hand approach refers to things such as a client's style preference when doing a project or task.
Being close handed from the get go really protects you, your team members, and your business.
Core values are not just a good idea - they may be the one tool that helps you stay in business for the next three to five years and beyond.
However, if you treat it casually, they may be the thing that sinks you.
Core values help you create a culture within your company - create one that protects not only the company but brings unity amongst your team.
- The Business Rising Podcast - Ep. 1 | Transactional vs. Relational
- Accidental Creative - written by Todd Henry
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D&M Audio | Website: dmaudiopros.com