Developing, adopting, and implementing values has been identified as perhaps the single key factor in the success of many high growth, high profit companies. A Value is a belief, a mission, a philosophy that a company follows.
Implementing values is critical for the success of business.
Every company has one or more values and it's a good idea to try to describe it in detail as it is a statement of the company's intention and commitment to achieve a high level of performance.
Some of the values are listed below:
- Continuous improvement
- Customer delight
- Developing people
- Innovation
- Maximum utilization (of resources)
- Commitment to society
Merely describing a value in the mission or values statement is futile. A Value is to be institutionalized by ensuring that it effectively permeates all levels of the company and is accepted and implemented. Effective Institutionalization can be guaranteed by standardizing the Organizational Structure, Streamlining Systems, ensuring clear definition of job responsibilities thereby ensuring absolute dedication.
Ponder on the following to evaluate the Value System adopted by your Business:
- What Values does your company believe in?
- What Values is the company weak in, and should probably adopt in the future?
- How would you ensure institutionalization and resolved commitment?