I wrote the other day about the importance of having a clear and compelling vision. Part of that vision should spell out the values and principles that will guide your business and define its culture. However, too often we see entrepreneurs who are long on rhetoric about their values, but fall short when it comes to putting those values into action day-to-day in how they run their business.
Our values should drive our specific actions toward each of these stakeholders:
– Toward partners, investors, family members
– Toward those who provide debt financing
– Toward employees
– Toward customers
– Toward vendors and other resource providers
– Toward competitors and industry
– Toward the community and society
You need to commit to specific actions and policies for each principle and stakeholder that are important to you based on your values.
For example, it is not enough to say that we are going to be open and honest. We should develop specific policies on who we are going to provide information, how much we will provide, and in what form we will provide it. We cannot realistically be open and honest about every aspect of the business to anyone and everyone. There is some information that employees just do not need to know and should not know. So define what this value really means and how you will put it into operation in your business.
As another example, saying you value your employees and want to create a family atmosphere in your business is a lofty principle. How are you going to bring this to life in your business each and every day is the challenge. You need to commit to specific actions and policies or the odds are that this principle will remain words on paper.
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