{"id":19577,"date":"2023-03-16T16:42:32","date_gmt":"2023-03-16T16:42:32","guid":{"rendered":"https:\/\/liquidcapitalcorp.com\/?p=19577"},"modified":"2023-03-20T13:02:05","modified_gmt":"2023-03-20T13:02:05","slug":"unlock-new-potential-the-importance-of-core-values-for-futureproofing-your-company","status":"publish","type":"post","link":"https:\/\/liquidcapitalcorp.com\/fr\/blog\/unlock-new-potential-the-importance-of-core-values-for-futureproofing-your-company\/","title":{"rendered":"Unlock new potential: The importance of core values for futureproofing your company"},"content":{"rendered":"

For companies that dare to be different, the importance of core values is fully embraced to achieve long-term success.<\/span><\/em><\/p>\n

\"The<\/p>\n

Most companies have a <\/span>core set of values<\/span><\/a>. After all, they\u2019re one of the building blocks for creating a great company culture. Often you\u2019ll see words like integrity, respect and collaboration, sometimes emblazoned on t-shirts or coffee mugs. But not all companies <\/span>live<\/span><\/i> those values.\u00a0<\/span><\/p>\n

Having strong core values\u2014and walking the talk\u2014 is more than just some words on a piece of swag. Company values are a living thing that should be reviewed and updated often. They should be used as a guiding force when making decisions, growing the business, attracting new talent and increasing customer loyalty.<\/span><\/p>\n

Dare to be different<\/h2>\n

One company that\u2019s <\/span>made headlines<\/span><\/a> for its core values is Patagonia, a manufacturer and retailer of outdoor apparel and gear for sports such as climbing, skiing and trail running. Among its core values is protecting the planet, which it does by embracing regenerative practices and partnering with grassroots organizations and frontline communities \u201cto restore lands, air and waters to a state of health.\u201d It\u2019s also a certified B-Corp.<\/span><\/p>\n

Another of its core values is quality: to create products that are long-lasting, repairable and recyclable. This ties into protecting the planet, because the company makes products \u201cthat give back to the Earth as much as they take.\u201d Indeed, about two-thirds of its products are made from recycled materials, and any product can be taken in for repairs at any Patagonia store.<\/span><\/p>\n

But aligning profit with purpose has taken on a whole new meaning at Patagonia with the monumental decision last year to dedicate all future <\/span>profits to the Holdfast Collective<\/span><\/a>, a non-profit focused on fighting the environmental crisis.<\/span><\/p>\n

\"Patagonia\"<\/p>\n

So how\u2019s that going for Patagonia so far?<\/span><\/p>\n

According to the New York Times, Patagonia is worth about $3 billion<\/span>. <\/span><\/i>It has one of the largest market shares in the outdoor apparel market, operating more than 70 stores worldwide and selling more than $1 billion of outdoor gear annually. Perhaps most importantly, the company has a loyal customer base \u2014 customers know they\u2019re helping the environment when they purchase a Patagonia fleece or backpack.<\/span><\/p>\n

Strong core values can help to build a brand and, if done with thoughtfulness and authenticity, can build trust with customers, partners and other stakeholders. One study found that B Corp businesses \u2014 organizations certified at the highest standards of corporate social responsibility \u2014 grew <\/span>28% faster than the national average<\/span><\/a>.<\/span><\/p>\n

Increased workplace engagement, productivity and attracting and retaining employees with the right cultural \u2018fit\u2019 can also arise from strong core values. Purpose-driven companies report <\/span>30% higher levels of innovation and 40% higher employee retention<\/span><\/a> than their competitors.<\/span><\/p>\n

Ultimately, doubling down on your core values can give a company a competitive edge and a guide to help scale, grow and diversify.<\/span><\/p>\n

Ready to do something daring like Patagonia? Stand out from the crowd with these tips:<\/strong><\/h3>\n

 <\/p>\n

1. Dare to be intentional with your words<\/h2>\n

Core values provide guidance in decision-making, from hiring new employees to informing long-term strategy. These core values should still resonate even as a company scales, grows and diversifies, so choosing the right words is important. For example, if \u201ccollaboration\u201d is a core value, but the CEO favours and rewards individual achievement, that can create employee confusion and frustration.<\/span><\/p>\n

2. Dare to be authentic<\/h2>\n

Words are just words unless they\u2019re backed by action. When creating or updating core values, consider the meaning behind the word. If a core value is \u201cintegrity,\u201d what exactly does that mean, and how is that incorporated into day-to-day decision-making? Empty value statements\u2014or worse, misleading or dishonest ones\u2014create the opposite effect, undermining a company\u2019s credibility and alienating employees and customers.<\/span><\/p>\n

For Patagonia, this meant announcing that it will <\/span>no longer co-brand its products with corporations<\/span><\/a>. The reason behind the policy change was truly authentic: they believed it was bad for the planet. Patagonia argued that adding corporate logos to garments reduces the lifespan of the item since people change jobs and it\u2019s hard to pass logo\u2019d gear on.<\/span><\/p>\n

3. Dare to be different<\/h2>\n

In a <\/span>study<\/span><\/a> of core values by <\/span>MIT Sloan Management Review<\/span><\/i>, integrity was found to be the most common value (cited by 65 percent of companies), followed by collaboration (53 percent) and customer focus (48 percent). There\u2019s nothing wrong with using one of those words as a core value, but consider core values that are memorable and differentiate the business.<\/span><\/p>\n

\"Build<\/p>\n

For example, Build-a-Bear Workshop is a retailer that allows customers to create and customize their own stuffed animals. This company has doubled down on daring to be different by including the very deliberately spelled <\/span>core values of Di-bear-sity, Colla-bear-ate, and Cele-bear-ate<\/span><\/a>.<\/span><\/p>\n

4. Dare to align your processes with your values<\/h2>\n

For core values to be meaningful, they should obviously and intentionally guide every decision, process and policy a company makes. For example, if a company values innovation, it should actively hire, reward, and promote more innovative employees.\u00a0<\/span><\/p>\n

When Patagonia founder Yvon Chouinard boldly announced \u00ab\u00a0Earth is now our only shareholder\u201d the company made a very public commitment to its core value of protecting the planet. This meant that 100% of the company\u2019s voting stock was transferred to the Patagonia Purpose Trust, created to protect the company\u2019s values; and 100% of the nonvoting stock was given to the Holdfast Collective.<\/span><\/p>\n

5. Dare to work with partners who share the same values<\/h2>\n

Look to work with partners<\/span><\/a> that have a similar mindset and share similar corporate values. For example, when one of our clients, the <\/span>Institute for the Development of African American Youth (IDAAY)<\/span><\/a>, ran into a cash crunch, the Liquid Capital Principal they were working with personally drove down to an event site with the funds the organization needed.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u201cLiquid Capital has given us the courage to move forward and build our program. Money is needed for everything\u2014and the company has been an enormous help. It\u2019s not just a resource. Unlike the banks, Liquid Capital actually cares. They work hard to build a relationship.\u201d – Archye Leacock, Executive Director, IDAAY<\/p><\/blockquote>\n

 <\/p>\n

The path to success isn\u2019t easy but when you have honest, meaningful, and, most importantly, actionable core values, you will have a guiding star that can help you take your business to the next level of success.<\/span><\/p>\n

\n

Looking for new ways to support your growth? <\/b>Contact your Liquid Capital Principal <\/b><\/a>today to learn more about invoice factoring.<\/b><\/h2>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

For companies that dare to be different, the importance of core values is fully embraced to achieve long-term success. Most companies have a core set of values. After all, they\u2019re one of the building blocks for creating a great company culture. 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