At KYT one of the most important services we provide is helping companies define and live by their core values and mission statement. We see so many companies either overlook them entirely or create but not follow them. What many businesses don’t understand is the real impact these statements can have on the bottom line.
Establishing and maintaining company values and mission statements not only shows potential clients what to expect from you, but unifies your company behind a singular focus. Leadership can refer back to these values when creating long term goals, or creating new policies that ensure the company is a great place to work. From marketing and sales, to product development and company policy, a solid set of values and a clear mission statement help shape every level of a business, including client relations and employee interactions.
That means your core values and mission statement needs to be more than words written in a handbook: they have to be practiced. There’s plenty of examples of companies who failed to follow through. In 2017 for example, Wells Fargo was forced to pay over $3.2 million to their customers who were wrongfully charged. The federal government determined they had practiced “discriminatory and illegal credit practices … resulting in significant harm to large numbers of consumers.” So much for their core values at the time: “People as a competitive advantage, ethics, what’s right for customers, diversity and inclusion, and leadership.”
Obviously this is an extreme example, but shows what can happen when a company doesn’t take their own core values seriously.
So how should you go about creating core values and a mission statement? Remember these values act as a reference for every worker, and govern operations at every level. They should resonate with your company. For example, our core values are “ease, value, trust, knowledge, and passion” while our mission statement is to “optimize organization’s most valued asset, their people, through creating awareness and leveraging behavior to translate into action.” We do our best to ensure every interaction, whether with clients or co-workers, reflects these values. And while these are excellent guidelines, they’re also much more. They’re the foundation of our business – concepts we are truly passionate about and believe makes a difference. So when you’re coming up with your own values and mission, ask yourself what really matters to your business? What does your company do that excites you? How do you want it to make a difference?
Core values and mission statements provide the bedrock for a company to grow. Ready to craft yours? We’d love to help! Together we can define the foundations of your company, and the tools to build from it. Contact us today to get started!