Every day we hear how companies are falling apart due to the economic situation. However, there are also companies out there that are able to succeed and grow in these bad times. How do they do it? A big factor comes down to the company values.
It’s about the principles and values that companies have always used to run their business. The most successful companies are the ones who have established a foundation of trust and from there were able to build a strong brand and reputation.
What can companies do to ensure their brand and reputation stays strong during an economic downturn?
Define your values to serve as a guideline to help employees to stay on track. Determine what the company stands for and communicate this to everyone in the organization and how they can play an important role. Examples of strong corporate values are: treat people fairly, be honest, give back to the community, strive for excellence and hire talented people.
After defining your values – execute your values. Companies should be consistent in the way they treat employees and interact with their customers regardless of external pressures. Consistency is what is going to build trust.
No business is immune from the effects of the economy, however it can still exceed with a strong brand and reputation that consistency performs their competitors in good times and bad.
Begin by asking yourself…
What values do your company believe in?
What values is the company weak in, and should probably adopt in the future?
How are you going to adopt these values throughout the company? Are you really committed to adopting them? Who will be in charge of adopting them?