The rapid spread of Coronavirus has redesigned how businesses work overnight. As we slowly assess the impact of COVID-19 on our lives and the future of businesses, all companies have been delivered a crucial reminder: Your business's core values set the tone for how your business works and thrives.
Your organization's core values are designed to support:
Lockdown orders forced many businesses to implement new marketing strategies and remote work policies. During times of crises such as this, most companies focus on the technical competencies but forget that core values are the underlying competencies that make their companies run effectively.
Examples of Common Business Core Values
Not all companies have the same set of core values but most core values are based on employee and customer metrics such as:
● Accountability: assume responsibility for actions, products, services decisions, and policies towards customers, and employees
● Balance: proactive stand towards developing and maintaining a healthy work-life balance for your staff
● Commitment: provide an improved product, service, and other initiatives that are impacted within and outside your business
● Communication: ability to reach out and convey your brand message to staff and clients
● Diversity: intentionally employ a workforce comprised of individuals of varying gender, religion, race, age, ethnicity, sexual orientation, education, and other attributes
● Innovation: create new ideas that meeting growing consumer needs
● Integrity: no compromise in what your brand stands for when it comes to transparency, truth, and honesty
● Safety: prioritize the safety and health of others, especially when it conflicts with your product or service
The right set of core values will impact employee experience and, likewise, the relationship you develop with your staff, customers, or partners. Therefore, now more than ever, here is why you need to define and align these business core values to help your company rise post Coronavirus.
To Help Your Employees in Decision Making
The significant impact of Coronavirus on the future of work makes it quite unclear for most employees how to carry on now. Thus an organization with a clear set of core values can help employees understand what you stand for, [especially during these times] and the best steps to proceed forward.
Your business values can provide your employees with the necessary guidance for their work and an added sense of job security. In a volatile business environment faced with constant technology, societal, environmental, and consumer behavior changes, core values are a necessity.
With this level of clarity, your employees are more likely to make the right decisions towards achieving company goals and vision. Making decisions will be as a result of them understanding the company's mission and vision, sharing brand values, and believing in your organizational goals.
To Help Your Customers Understand What Your Brand Stands For
With the outbreak of COVID-19, business reviews are not just written by experts and business owners. Consumers are more critical of the brands they buy from and what these companies stand for. With fewer dollars to spend consumers will ask why they should pick your brand over others. In addition to your employees knowing and believing in your core values, it is equally important that your customers understand your values and the essence of your brand.
For instance, if your brand's core value includes accountability, you can attract new customers who value accountability and transparency from their vendors.
When you bring forward your business's core values it clarifies your brand identity and educates your consumers about what your company stands for. With a specific and unique set of core values, you're more likely to strengthen relationships with your clients. This will also give you an advantage in the highly competitive market that will rise post COVID_19.
Strengthen Your Marketing and Internal Communications Team
Right now, most companies are working effortlessly towards developing marketing strategies that fit the times. Whatever your marketing message is, there needs to be an alignment in communication between your marketing and internal teams. This is only be possible with a strong and well understood set of business core values.
Consistency in communication is essential to ensure marketing goals do not get lost in translation. Furthermore, when marketing teams are clear on what the company stands for, the campaigns are much more successful in attracting more leads and conversion.
Improve Your Employee Communications
Effective employee communication plays a vital role in building a better workforce. Most of the world's workforces is working remotely due to the Coronavirus. Remote work could result in a loss in communication, however, if you can draw from your core values, interactions with employees become consistent and clear.
Solid communication and a more reliable workforce will go a long way in optimizing your business strategies post-pandemic. Furthermore, your employees will embrace and live by your company's core values when there is better communication between staff and management.
The global crisis brings business's core values to the forefront, ensure your business is among those that actively use values to make decisions. Your company will emerge stronger, your employee more satisfied and your customers and partners more loyal.