Mar 22, 2024
This Podcast Is Episode 568, And It's About The Power Of Core Values In Your Trade Business
As a construction company owner, you're the architect of your
business's vision and culture. But some of the foundation often
needs to catch up in the hustle to improve services, chase sales,
and keep the lights on. Core values—those guiding principles that
shape your company's identity—are more than words on a wall or a
statement in a handbook.
Getting leads and doing the work is only part of the answer.
Not answering them and acting on the knowledge is why many
construction companies wither and die. They focus on the wrong
areas to innovate or improve. They focus on the wrong enemy and
threat. As a result, they need to catch up on what they could be
doing to succeed and prosper over time.
Is the elevator pitch you used a year ago – even six months
ago – still accurate? Unless you are crystal clear on who you are
as a construction company, whom you're here to serve, and what you
hope to achieve in the next one to three years, it will be hard to
come up with meaningful goals.
These aren't just buzzwords to sprinkle throughout your
website—your business's core values can act as the compass for your
business, sharpening much about it. If your brand needs tweaking to
reflect where your construction business is today and where you
want it to go, start there.
Let's dive into why core values are critical to your
entrepreneurial journey.
1. Core values establish
a company culture.
A company without defined core values is like a boat without a
rudder—adrift without direction. Sure, you're moving, but
where?
Core values foster a sense of identity and
purpose
Your core values anchor your company's culture. They define
your company's personality. When employees understand and live
these values, it unifies them.
Guide decision-making and conduct
Values should be your company's moral compass, setting the
course for how you want your team to operate in every situation.
From difficult decisions to everyday choices, they help your team
stay true to the company's ethos.
2. Attract and retain
talent.
In a competitive job market, your company's values can attract
like-minded individuals.
Appeal to employees who align with the
values
Millennials, and now Gen Z, not only seek employment but also
meaningful work. They are drawn to companies whose values match
their own. When you promote your business's core values, you'll
find it easier to recruit those who are best suited for your
team.
Increase employee engagement and
loyalty
Employees who connect with your values are more likely to be
engaged in their work and committed to the company's long-term
success. This engagement translates to higher levels of staff
retention, and engaged employees are much less likely to look for a
job at other companies.
3. The currency of
trust: build trust and reputation.
Consumers want to buy from companies they believe in.
Demonstrate integrity and authenticity
When your core values drive your business practices, you stand
out as a company that's not just about profits but about people and
principles. This authenticity in business operations builds a
strong foundation of trust with your customers.
In a world of cynicism, displaying your core values shows that
you mean what you say.
Enhance customer trust and loyalty
A company that walks the talk regarding values will create
loyal customers who return for repeat business and refer others to
you.
4. Provide a framework
for decision-making
One of the trickiest parts of leading a business is knowing
which opportunities to chase and which to pass up.
Help plan actions and initiatives
Clear core values make evaluating opportunities easier and
aligning them with your company's long-term strategies.
Guide strategic planning and
goal-setting
Strategic plans also benefit from a values-driven approach.
Your values help you set more meaningful, impactful, and achievable
goals that resonate with your business mission.
5. Drive business
success.
Ultimately, businesses are run by people. And it is people,
working together under common values, that power growth and
success.
Create a cohesive and aligned team
When everyone's values align with the company's, you create a
culture of respect, understanding, and support.
Set the foundation for long-term growth and
sustainability
A business founded on strong core values can withstand market
challenges and changes in leadership. It's the foundation for
building a resilient, adaptable, and sustainable business.
In the construction industry, where safety,
teamwork, and accountability are of utmost importance, having a set
of core values can help establish a healthy and productive work
environment, build trust among team members, and ensure that all
stakeholders are aligned toward a common goal. Core values can also
help attract and retain top talent, as employees who share the same
values as the company are more likely to be engaged and committed
to their work.
In
conclusion
Integrity is the overarching essence of core values.
Core values are not mere internal branding nor a dusty document to
be rolled out during public relations crises. They are the heart of
your construction company.
In crafting core values and integrating them into your
business strategy, you're not just creating a checklist of moral
standards; you're shaping your company—its culture, impact on the
world, and its legacy.
In every action, every decision, and every interaction, your
values should be the guide that keeps your construction business on
course.
So, if you haven't already, now is the perfect time to sit
down with your team and chart the values that will define your
business.
PS
We offer free resources to
help you save time and money that you can download and print
now.
About The Author:
Sharie DeHart, QPA, co-founded Business
Consulting And Accounting in Lynnwood, Washington. She is the
leading expert in managing outsourced construction bookkeeping and
accounting services companies and cash management accounting for
small construction companies across the USA. She encourages
Contractors and Construction Company Owners to stay current on
their tax obligations and offers insights on managing the remaining
cash flow to operate and grow their construction company sales and
profits so they can put more money in the bank. Call 1-800-361-1770
or sharie@fasteasyaccounting.com