UNDERSTAND AND LIVE BY COMPANY VALUES - Ajai Lal

Ajai Lal - "Leadershift | Passion | People | Process | Performance"

IBGR - PROFIT Radio Network. Everything a business owner needs to start, grow or exit a business. Come grow with us.

Introduction
This is the second show of Season 3 in our People Lane at IBGR Network. In this block we are talking to Stage III business owners. In Stage III, you have been experiencing growth of your company and consistent revenue. Stage III topics prepare you to grow to Stage IV while giving you strategies for maximizing results in your current stage. Check out the other shows in this series. They all have the number 3 after their letter title (e.g. P3.002). Listen>Apply>Engage - Let’s Grow Together!

Show Objectives
Your company values are essential for your organizational culture and growth. While most companies may have a certain set of values, it is important that these are applied and understood by the people of the organisation, across levels.

Company Values – WHY?

1. Values are principles and standards of behaviour, which influence our decision making, our behaviour under stress and even to analyse and solve challenges
2. By identifying your company’s core values, you build a structure to define your company culture - beyond the tangible products or services you offer
3. Builds your values keeping in view the long-term 
4. In a world full of competition - our values become our distinguishing factor
5. Acting through company values leads to customer and employee loyatly in the long-term

Company Values – WHAT YOU NEED TO KNOW?

1. You may not have had a set of values on Day 1 of your organisation – It is a process of discovery
2. Certain core values of a company are timeless
3. Profits are not only a set of numbers but a set of values
4. Creating a set of core values and living by them gives a company, clarity in it’s functioning across all levels
5. Ensure values are imbibed in the company culture and there are no gaps between the ‘ideal’ vs ‘real’ values
6. Focus on building a comprehensive and integrated approach to creating and sustaining a culture, as opposed to a stand-alone initiative or program 

Company Values – HOW TO SET COMPANY VALUES?

1. What is unique in your company? - What is your differentiator from the rest of your industry?
2. What major challenges has your company overcome in the past? - Make your list and discover what were the common values used in the process of addressing these challenges
3. What is most important for your company? - Adopt the bottom-up approach. Involve all team members and get them to pen down what is important to your company and discover the commonalities

Company Values – WHAT YOU NEED TO DO?

1. Less is more - Identify your core values. The fewer…the better because they’re more likely to be remembered and imbibed in action and decision-making throughout the company.
2. Make your values memorable - Re-inventing and Re-packaging even generic values helps it become a talking point within the organisation.
3. Don’t ignore the shadow side - Shadow values are the values that motivate you at the core. 
4. Let values be your company’s operating principles
5. Incorporate values in your hiring and induction process
6. Ensure alignment between internal and external messaging - Does the company messaging in marketing materials and social media accurately, reflect the value system, externally?

Shows
Previous: Episode P3.01.3 Overview - People Stage III Business
Next: Episode P3.03.3 Position Descriptions are Linked to Processes

Written by Ajai Lal

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P3.02.3SA