Many Companies' Core Values Are Generic Platitudes.
Core values are important for a company's culture. However, most companies miss the mark by using words that represent table stakes rather than a strategic choice.
As a business coach, I spend a lot of time with company leaders planning growth and developing strategy. A key part of this process is establishing the fundamentals for why an organization exists and how it chooses to do business. This step includes creating its mission, its vision, and, most important, its core values.
Unfortunately, many companies miss the mark when it comes to creating an effective set of core values. They either create a set of aspirational statements that describe what they wish they were--rather than what they truly are now--or they create values that define basic business best practices, rather than differentiating values that define the company's unique identity.
Core values, like missions and visions, are there to help leaders in a company make tough decisions about how they execute their strategy. They provide guardrails and heuristics about what is the right--and what is the wrong--path to take. A good set of company core values should make it easier for everyone to make tough decisions.
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