ENTREPRENEURIAL HACK OF THE WEEK #46
Vision and Values
3 ways to be an authentic company
In the dynamic and ever-evolving business world, having a clear vision and a set of solid values is paramount. These pillars define a company’s identity and serve as a compass for navigating the turbulent seas of commerce.
Let’s delve into three crucial aspects of harnessing the power of vision and values in business.
Strong identity
A company’s identity can be its most potent weapon in a marketplace flooded with choices. Your vision and values should be the foundation of your brand. It’s not enough merely to articulate these ideals; you must embody them consistently. They become your identity.
Consistency in branding builds trust. Customers notice when you consistently adhere to your stated vision and values — and they feel a sense of security interacting with you.
When they encounter such a company, they know what to expect, and this predictability can foster loyalty.
This also applies to internal operations. When your employees see that your company aligns with its words, they are likelier to embrace your purpose and take pride in their work. This commitment can lead to increased motivation and productivity.
Positive behavior
Ethical leadership is a must in today’s business landscape. Harvard Business Review reporters Nicholas Epley and Amit Kumar discuss “How to Design an Ethical Organization” in a 2019 magazine article.
In it, they point to Wells Fargo’s deceptive sales practices between 2002 and 2016, which resulted in a $3 billion penalty, and Uber’s failure to disclose a massive data breach, which cost the company a $148 million settlement.
In addition to the financial penalties related to such behavior, Epley and Kumar say, “Unethical behavior takes a significant toll on organizations by damaging reputations, harming employee morale, and increasing regulatory costs.”
The actual behavior of its leaders — much more than any marketing material — must reflect a company’s values. The adage “Actions speak louder than words” certainly rings true here.
Ethical leadership sets the tone for the entire organization. When leaders are transparent, honest, and fair, employees are more likely to trust their guidance. Trust, in turn, fosters a positive work environment in which collaboration and innovation thrive.
I remember a headhunter who called me for an incredible job opportunity. It was to do strategic planning for a company with smoking products. I declined because I didn’t want to be responsible for providing strategies that led people to be more addicted to nicotine.
He told me he would never call me again, and he didn’t. But I have never looked back on that moment with regret. I had watched my father (who smoked since he was 14) die of lung cancer. I didn’t want anyone else to suffer such a loss.
Social injustice, environmental concerns, and other problems also influence your customers. Today, consumers demand more socially responsible companies . They want the brand they support to address social and environmental issues, and many of those consumers pay close attention to those efforts when making purchase decisions.
Drive for innovation
Innovation is the lifeblood of a successful business. Your vision and values should be dynamic but evolve with the times. Encourage a culture of innovation by weaving it into your core values.
Employees should feel empowered to suggest new ideas and approaches that align with the company’s vision. When innovation becomes part of your identity, you are better equipped to adapt to changing market conditions and stay ahead of the competition.
Remember, innovation doesn’t always have to be groundbreaking; it can be about continuous improvement. Encourage small, incremental changes that add up to significant advancements over time.
The relentless pursuit of innovation excellence is no accident. The most successful companies have a performance culture that cultivates the implementation of innovation as a consistent business discipline.
A company’s vision and values are more than words on a page or a sign hanging on your wall; they drive your success. By being firm and consistent about your company’s identity, leading ethically, reinforcing positive employee behavior, and always being open to innovation, you can build a resilient and thriving business, no matter the ever-changing business landscape.
Embrace these principles — these pillars of vision and values — and your business will stand firm in the face of challenges and continue to grow and prosper.
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Karl R. LaPan is the director of UF Innovate | Accelerate, the place-making, entrepreneurial support organization within UF Innovate dedicated to working with entrepreneurs, innovators, and business builders. Through two award-winning, globally recognized facilities, UF Innovate | Accelerate delivers industry-leading entrepreneurial programs and services designed (1) to accelerate the growth and development of its client companies and (2) to increase the likelihood of success of the business ventures it serves.
Originally published at https://www.linkedin.com.
