Values
- Moral values are the guiding principles which a business will always abide by and with which it will never compromise. They answers the following:
- What are the moral values that we will always follow in all our business transactions?
- How will we treat our customers, employees, suppliers, society and the government?
- How will our business be known by all the parties with whom we deal?
- These are the principles which help us in making decisions or choices when multiple options exist.
- Our moral values must not remain just decorative words on our reception, conference room, web site or brochures, but they must be a part of our daily practice and conduct.
- Everybody who deals with our business must get to experience these moral values through our practices.
- When the business ownership changes hands from the founder(s) to the next generation, the new leaders of the business can get a lot of clarity in making various choices about policies towards customers, employees, vendors, society etc.
- The consistent practice of established values lends a consistency to the business practices.
- Establishing a clear set of values to be followed by the business is one important step towards the smooth running of a family business for generations to come.
- Some examples of values:
- Integrity, Honesty, Respect, Fairness, Trust, Care, Commitment, Passion, Speed, Customer Focus, Understanding, Excellence, Unity, Responsibility etc.
Vision
A business leader must always remember that the business exists for fulfilling some mission. To track its progress on the journey towards fulfilling the mission of making a positive difference in the world, the organization must set periodic milestones which it wishes to achieve. A vision is the next near term milestone a business wishes to achieve.
- A vision sets the agenda about where does the company want to reach?
- A vision gives a direction to the efforts of everybody in the company.
- A business leader must articulate the vision to the company employees in such a way that it wins their commitment and energizes them to act in ways that move the company along its intended growth path.
- A clear vision gives clarity to the employees of the company about what they all collectively have to achieve.
- Unlike a mission, a vision is time bound. It needs a periodic revision. A vision may be for few years. Periodically, a vision gets accomplished. Then new, revised vision must be set.
- Visions which aim at turnover or profit or growth rate do not excite all employees unless they see some benefit to them in the increased revenue, profit or growth rate. Here are some examples of possible energizing visions:
- To become the most preferred brand by the year ___.
- To become the leader in market share by the year ___.
- To achieve 100% customer satisfaction by the year ___.
- To reach every third home in the country by the year ___.
- To have x number of branches in the next 3 years.
- To be present in y number of countries in the next 5 years.
(Expert advice to GROW your business wherever you are, whenever you want.
SMEBusinessGuide.com… https://goo.gl/E3pfoQ)
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