A solid business strategy starts with a Mission Statement, Vision Statement and Positioning Statement. These three documents set out what’s important to a business and to its prospective customers. Combined, these documents help to define a business, provide a road map for where that business wants to go and plans for how it will get there. They are parts of a company’s brand.
To some businesses, a Value Statement is also a brand component and is just as, well, valuable. A Value Statement sets out the core beliefs of a company — its goals and priorities. You’ll see action words like: strive, pursue, recognize, encourage and promote and desired achievements like: sustainability, diversity, loyalty, accountability and transparency.
One target of a Value Statement is Customers: the hope is that, by defining the company’s beliefs, those beliefs will align with those of their potential customers and provide another reason for customers to patronize the business. The second audience for the Vision Statement is employees who have, at the ready, an understanding of their employer’s priorities and goals and what the expectations are of them while on the job.
Practice What You Preach
“Conviction is worthless unless it is converted into conduct.”
― Thomas Carlyle
Of course, a business must “walk the talk,” and in all its dealings, reinforce the statement of core values. At each “touch” a customer has with a brand; every experience, message or interaction with the brand, the implementation of the beliefs set forth in the Value Statement must be upheld by the company espousing those values.
A Typical Value Statement:
- Is a series of short statements
- Incorporates action words and priorities
- Defines how those words and priorities will be demonstrated by the company’s dealings with customers and employees
- Is a public document (available online or in printed materials)
Samples Excerpts From Core Value Statements:
Innovation: Infuse and energize the organization, enhancing the lives of those we serve, through the creative ideas and unique talents of each employee. (The Mayo Clinic)
We believe our strength is rooted in our core values: putting people first, pursuing excellence, embracing change, acting with integrity and serving our world. These values are our legacy and our future. (Marriott)
Diversity: Commitment to diversity in all staff, volunteers, and audiences, including full participation in programs, policy formulation, and decision-making. (Cornell University)
Taking the time to create your brand’s Value Statement can pay off in terms of refining the essence of your brand and garnering increased business by those who want to do business…with a business like yours.Business & Finance Articles on Business 2 Community