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26.11.2023
Business Culture as a Foundation for Growth - Purpose, Vision and Values
What is your business culture? It’s the essence and identity of your business, what makes you ‘you’, what sets you apart from the competition.
Businesses frequently dismiss the importance of a well-defined business culture or define it with generalisations like ‘relaxed’ and ‘flexible’. Or maybe their vision and values are written up on a board somewhere in the office, or on mouse mats (but still their people can’t quite remember what they are!)
They’re squandering a great growth strategy! A well-defined, empowering, embedded business culture will help your business:
- Attract and retain better talent
- Attract and retain better clients and customers
- Lower levels of absenteeism, sickness and staff turnover
- Empower your people to greater productivity
- Make for faster strategic decision making
- Add up to 60% more value to your business when you want to exit
Think of companies like Apple, Virgin and Skyscanner. They know the importance of purpose, vision and values.
Purpose: This is what Simon Sinek calls your ‘WHY’. Why does your business exist? Apart from why you do, it’s a higher function, something like ‘promoting freedom’, which was the purpose for putting a man on the Moon.
Vision: this has a timescale in decades and is huge enough to slightly scare everyone – and to excite them, inspire them and fire their imagination! Skyscanner's vison is 'to lead the global transformation to modern and sustainable travel’.
Values: most businesses cite things like ‘integrity’ and honesty’ (which it’s to be hoped apply to any business!) Your values should be unique to your business, the things only you can offer your clients and customers. Virgin’s values are ‘forward-looking, innovative and disruptive’.
Whether you’re looking to get everyone in your organisation ‘on board’, or you’re a two or three (or even one!) person enterprise, a solid culture can be the difference between an empowered and disempowered business.
If it’s something you’re interested in, lets have a free, no obligation chat.
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