By the end of this module, you’ll be able to –

Recognize the importance of core values with real-life examples that show why defining them is critical.

A business's core values are at the center of everything it does. These core values reflect the company's purpose, vision, and culture. They are constants that underlie every decision a business makes.

This last point is especially important. No matter what trends in the market come and go or economic changes occur, these core values don't change. For example, if having strict quality standards is a core value to a business, it won't cut corners during an economic downturn.

Core values are not dependent on industry, type of company, products a company sells, or the market. They are created by the founders and leaders of a company and based on their vision of the company.

It's easier to understand core values if you compare them to a family's values. Some families are very practical, watching carefully how they spend their money and guarding their future savings. Other families value a sense of adventure over security and stability. Company values work in exactly the same way but on a larger scale.

Examples of core values include:

• Trust or Accountability – A company guarantees that it will provide for customers and employees when they need it.
• Commitment To Quality – A business puts its high-quality standards for its products or services above all else.
• Innovation – Some companies are known for their ability to keep coming up with new and revolutionary products.
• Building Community – A business may revolve around the idea of creating a positive, supportive community for its customers and employees.

These are just a few examples of the countless possibilities and combinations of core values. Later in the course, you'll get many more examples, and by the end of the course, you will have identified your business's core values and have ideas for applying them.