Are you ready to be a super entrepreneur? Are you clear on your business ethics? If you aim to be the business owner everyone respects and trusts, here are four reasons why defining your values will improve your business.
Super Entrepreneurs Have a Plan
A good starting place for a business plan is figuring out why you want to work for yourself and what you hope to accomplish. To work from home? Be your own boss? Make money? All these may apply and probably more.
All businesses provide a product or service to solve a problem or enhance the lives of their customers. Core values will help make your brand distinctive.
The successful entrepreneur identifies a marketing niche by getting clear on what makes their product different from any other and builds a plan to reach their target customers. There are loads of courses and applications to help new business owners build their list and automate ads and emails.
Building and marketing a better mousetrap can make you a successful entrepreneur, but a super entrepreneur’s plan will also build a business culture, and that’s where your business ethics come in.
There are companies, and then there are super companies. It is no accident that super companies are as known and respected for how they treat their customers and employees as they are for their products and services.
Super companies come in all sizes, from mega corporations to solo super entrepreneur businesses.
I have been fortunate to spend the more than a decade with a company led by owners who are consistently recognized as “super” by peers, employees, and customers for their integrity, excellent work product, and community service. They have clearly stated values that guide their business practices. Their success is a direct result of their reputation.
Defining core values and incorporating those values into your business plan will give you a firm foundation for succeeding in your business as an entrepreneur.
Established Values Help Decision Making
Once you have set your core values, it will make it easier to draft your business procedures and make decisions. Sooner or later, you will run into a difficult situation that falls on you, as the boss, to resolve. Always look to your core values.
When problem-solving, eliminating those options that run counter to your core values will help you drill down to making the best decisions for your business.
Your company values should be reflected in the processes and procedures you give to employees, including virtual assistants.
Keep your values in mind in your selection of vendors, suppliers, sponsors, and affiliates.
We all love to see and participate in collaborations with other entrepreneurs, and of course, you will want to make sure your collaborations are with business owners whose values are in sync with yours.
Business Ethics Promote Customer Trust
Articulate your values as part of your brand. Let your customers know what to expect from you, your products and your customer service.
Who can forget how Superman used to say he fought for “truth, justice and the American way”?
Customers appreciate hearing about your commitment to them, so make the effort to communicate more than just an intent to be honest. Do you promise orders to be shipped with a certain number of business days? Do you welcome emails from your customers? Respect for your customers time and attention is a value, too!
Values Build Customer Loyalty
Customers will try out your product and services if they trust you, and consistently providing value-based products and services create loyalty.
In retail, the rule of thumb is that loyal customers make up about 20% of a customer base, but are responsible for 50% of sales. Not only that, but loyal customers are more likely to recommend you to new customers.
Customers are more loyal and secure when dealing with people and businesses they perceive as having compatible values. Are you a “green” business when it comes to your raw materials and waste? Do you donate a percentage of profits to charity? Share those values with your customers.
Your Values Are Part of Your Brand
Whether you have a brick-and-mortar business, a full-time online company or are just starting out with a side hustle; you can be a super entrepreneur by establishing core values based on business ethics that are unique to you and your brand.
What values define your business? Are you more likely to give repeat business to a value-based company? Please share your comments below!