Core values are important because they affect how the business impacts its employees and customers, and affects how they behave in relation to your business.
Effects on your employees
Having a clear set of values can help employees to make decisions that achieve your business’ mission. It provides them with guidance on appropriate courses of action.
Values can also boost employee morale. Employees are usually more motivated to work for companies that share their values.
They can also help attract the best talent for your business as they provide prospective employees with an idea of what it’s like to work in your business. A business’ core values affect its culture and work environment. Making these values clear at the recruitment stage can help you to hire the right people by attracting those that share the same values. This helps your hires to fit into your workplace culture, increasing their productivity and the likelihood that they’ll stay with your business for longer.
Your business’ public image
Through your business values, your potential customers and investors can gain a comprehensive understanding of what your business is about, its mission, and what it stands for. A strong set of business values makes your business more appealing to potential customers and investors that share the same beliefs. This, in turn, fosters brand loyalty.