Why Every Service Needs Defined Values
Whether you’re just starting out or have owned a service business for decades, you want your service to run like a well-oiled machine. Here’s where having a list of defined values will help.
Consider some of the most successful tech companies. Industry-leaders such as Airbnb, GoDaddy, and Etsy all have excellent core business values that have contributed to them becoming some of the most loved companies around.
In this article, we’ll touch upon the benefits of incorporating a set of defined values as a foundation to successfully establish and grow your service.
1. Values attract the right employees
Employees can either make or break the success of the business employing them. While clients and cash flow are important, hiring employees who are aligned with your service’s goals is essential.
Most of us want to feel that our efforts are meaningful in one way or another.
Finding an employer that shares a candidate’s values acts as an incentive for talented employees to work hard, stay aligned with service goals, and remain loyal. But what happens when a service lacks values?
Without clearly defining your service’s values, employees can’t make decisions that align with your goals. Thus, your service becomes reactive to issues rather than proactive at preventing them.
Over time, this can throw off the balance of your service, causing avoidable problems — problems that could’ve been prevented by having values in place.
Be open about your service’s values. Explain the accountability, quality, communication, and other components of your workplace values you expect your employees to respect.
2. Values attract the right clients
People are looking to have their needs fulfilled by a reliable service. However, having defined core values in place lets them know what they should expect when choosing your productized services.
By defining your service’s values from the start, you’ll set the tone for your relationship with clients. The clients aligned with these values will be the easiest to work with since they understand precisely what they’ll get out of these business interactions.
Being transparent about your values also deters the wrong clients. By deciding to define and present your values, you’re showing who you want to do business with.
Consider any client traits that ensure your services are operating as effectively as possible. Whether you value your time, timely payments, or something else — keeping these desirables in mind as you’re creating your service’s core values will minimize your chances of bringing on problem clients.
3. Values help to achieve and maintain client satisfaction
You’re setting expectations when you openly define your service’s values. In turn, your clients understand how you conduct business from the beginning of your working relationship.
Customer experience is a key contributor to customer satisfaction. With this being the case, having your values clearly defined means you’re attracting clients who want the experience you’re offering — and this translates to higher client satisfaction rates.
So as long as you continue to operate in align with the values you put in place, client satisfaction is easily achievable.
4. Values help you determine goals and how you’ll achieve them
Regardless of what your service’s goals are, its values can lead the way towards making them a reality.
What makes values so powerful? And why should they play such a pivotal role in determining and achieving goals?
According to Neil Farber from Psychology Today, even though our goals might change, our values are generally unwavering. They also effectively highlight what is and is not important.
Values also act as an infinite source of motivation and energy. This ensures your service is on the right path and consistently moving forward.
5. Values guide you when it comes time to make tough decisions
With so many pressures coming from every direction, some decisions are rather difficult to make as a productized service provider. This is why when it comes time to make a tough call, you should refer to your service’s values for guidance.
What do you value? What should your service value? Commit to being actionable with these values in mind to keep your decisions consistent.
For example, let’s say you know a potential client will cause trouble or adversely impact the work you’re doing for current clients. The value you place on keeping your clients happy should play a role in making the decision to avoid working with that potential client.
Use the values you set for your service to navigate through potentially problematic or confrontational decisions. Basing your decisions on these preset values makes it’s easier to come to a conclusion without being forced to overthink the situation.
Define your values to improve your service
While it’s possible to base your service on bringing on as many clients as possible, setting defined values is the right choice when considering these benefits. Between finding and retaining the right employees and clients, outlining and achieving your goals, and guiding tough decisions, having a set of values in place will facilitate growing your service successfully — with nowhere near as much stress.