The currency we've spent

How important are values in business?

Having values in business means you have clearly defined principles that guide how you make decisions, treat people and measure success.

As values aren’t really tangible as such, they are often pushed to the bottom of the pile of things we need to consider in our business.  However, they usually show up in other ways and, although they can’t be seen, they can definitely be ‘felt’ by those around us – whether our team or our customers.

I did a quick search online to see if I could find a definition of what values in business mean, and my favourite result was: “values are the internal operating system of a business”.

LOTS OF PARTIES

I am currently in the process of looking for an investment property.

Although this process has been going on for a while, it is coming to fruition very soon, I hope.

Along the way, there have been lots of parties and activities involved – handymen to look at a few things; making sure all the certifications are up to scratch; dealing with property agents and solicitors; and speaking to tenants.

THE CHICKEN AND EGG SITUATION

With approximately 30 million homes in the UK, you would expect that there is some sort of standard procedure across the housing industry.

As we continue to work with a variety of people, we are seeing huge differences in values – not all service providers are providing an equal service.  As I said earlier, values aren’t tangible, but they are generally related to how you make someone feel.

When buying a property, it can be the classic ‘chicken and egg’ situation.  We want to see what properties are out there to see what is available, but often you have to prove you can purchase it before seeing it.  

Some property agents have suggested that we can’t see a property until we have the finances ready, so we have to go through the process of applying for a mortgage or getting the right documentation in place.  As a potential buyer, this feels like they are making life difficult for us (although I completely appreciate that there are probably a lot of ‘tyre-kickers’ out there who have little intention of buying a property).

SOME ARE MORE EQUAL THAN OTHERS

We went to see one property, and the estate agent couldn’t get rid of us quick enough.  His focus was on what he gets out of the transaction, rather than making us feel comfortable.

The agent that we met prior to this to see a different property was absolutely exceptional.  He was attentive, communicative, and made time for us.  His values clearly showed, and we would have no hesitation recommending him and his business.

As demonstrated in the two examples above, not all businesses are equal, and sometimes values are misplaced.  However, those values aren’t always directed at the customer – sometimes they manifest themselves in our we conduct ourselves in business.

For example, another property agent we saw turned up and didn't even know where the property was, so he had to call the tenant to come out and give us a wave! Surely knowing the location of the property you’re trying to sell is a basic requirement for an agent.

NO JUDGEMENT

I am sure that everyone reading this will have a story about how a service provider has let them down in some way.

In this whole process (which, at the time of writing, is ongoing), we’ve met some brilliant people, but also some people who leave a lot to be desired.  On top of all this, there are some that we haven’t met at all - we've had promises from tradespeople who say they'll turn up and don't, which can be frustrating.

Of course, I am not making sweeping statements about whole industries – there are good and bad people everywhere, and often, we don’t know what is going on in someone else’s life.  However, if you are delivering a job, then your business values should be easy to see - much of how you behave impacts how you show up professionally.

NOT JUST A WEBSITE PAGE

Business values are not just words that live on page hidden away on your website - they are a guide which helps with making decisions.

They protect your business by defining boundaries: what you stand for, what you will tolerate (and, indeed, what you won’t tolerate), and the standards by which your character is judged.

Values can also sharpen your judgement.  In HR terms, they can help you decide who to hire, who to partner with, which clients to serve, and when to walk away.  They provide an internal compass to add a layer of consistency across the business, and create a level of trust in those who work with you and your business.  

Solid business values means that your team knows where they stand, and clients know what to expect.  They form the basis for a positive workplace culture which grows from the consistency of repeated decisions and everyday behaviours. When values are rooted in culture, they stop being statements and start becoming standards.

REPEL THE WRONG ONES

Ultimately, your values will attract the right people, and repel the wrong ones.  I am grateful that my business has been on a successful trajectory so I can choose to work with the right clients with aligned values.

Working in HR and supporting businesses with their workplace cultures means that I have to lead from the front.  There are many business pressures that come from not having the right values, and I believe that having the right foundations in place can ensure success and business longevity.

If you are an employer and need HR support in your business, then please do not hesitate to get in touch and arrange an informal chat about how me and my team here at AJB HR Consultancy Services can help you and your business.

P.S. the title of this blog is a line from ‘Rent’ - a song by the Pet Shop Boys.

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