What Are Values?: Identify and Use Personal and Business Values

Understanding The Role Values Play

You’ve probably heard about the concept of values. We all have them, both personal and professional ones. In fact, almost every company, whether big or small, seems to have them. When it comes to values there are a number of things we really need to understand. Specifically what they are and how they impact us.

In this article, we are going to cover the following key areas for an understanding of what are values:

• The Meaning of Values
• Personal and Professional Values
• Examples of Values We Live and Work By
• How to Implement Our Values

So, join us on this journey to better understand everything about your own values and how to ensure they are aligned with your current situation.

What are Values? – Meaning and Definition

To put it simply, values are the beliefs and principles we have. By definition, values are:

“Principles or standards of behaviour; one’s judgment of what’s important in life.” (Oxford Languages)

“The moral principles and beliefs or accepted standards of a person or social group.” (Collins Dictionary)

With these definitions in mind, start to think about your own personal values that make up your moral compass or guide you when making decisions. Regardless of what situation you face, no matter how major or minor, our values will help determine what direction we take.

Also, start reviewing the values your company claims and how they align with your own personal ones. This is an important review to keep in mind while we cover this topic in our article.

Personal Values and Their Impact

Throughout our lives, we are guided by our own personal values. Over the years, as situations change, so will some of our values. While some will stay with us over time, others will evolve, new ones will be introduced, and some will fall away in place of others.

Many factors impact how our personal values develop. These include:

• Upbringing/childhood/family
• Society/culture/environment
• Education
• Faith/religious or spiritual beliefs
• Mentors
• Personal experiences

As such, at different stages of our lives, these may look very different.

Identify Your Personal Values Effectively

There are several steps we can take to identify and use our personal values that guide us in the right direction.

#1: Make A List

There are many lists out there that can get you started. Some are very long and feel overwhelming. However, find a list that can get you to make this first step. Another option is to think of people you admire and have learned from over the years. Identify their values and how they positively impacted you. This helps in terms of understanding where you want to go and what values are going to help you get there.

#2: Shortlist Your List Based on Positivity

Now, start reviewing the list. It’s time to shortlist your choices. Ideally, you want a “Top 10”. Otherwise, there’s too much clutter. We want to keep it short and easy to use. That way, our values get the proper focus and attention they deserve. Eliminate any values that create a negative feeling when you review their previous use.

#3: Prioritise Your Remaining Values

Next, understand what order your values come in based on their importance. For that, prioritise them. Understand from your list what is the most important above the others. Rank them in order of importance and preference. Use past experiences of when you applied these values to ensure you get them in the correct order for you.

#4: Focus on The Top of Your List

Then, make sure your top 5 picks are given full focus. They will play the most important role when you’re making everyday decisions, or even, making major life changes. You should, regularly, review your list and ensure your top choices are still aligning with your current situation and what’s happening in your life.

Remember, your personal values are your roadmap that guides you on life’s journey.

Business Values and Their Role in the Organisation

Usually, developing organisational values goes hand in hand with building company culture. This is the collective culture of principles, behaviours, and attitudes in your business that includes your values, work environment, mission, vision, leadership style, ethics, and goals among other things.

In this regard, great company values are the ones that can help you build and sustain a positive culture in your company. Defining company values will largely depend on your current mission and vision as well as the personal beliefs of your employees, the leadership in your organisation, and the environment in which your team is working.

Importance of Values in Business

There are many reasons why good core values for a company are as important as a business strategy or a marketing plan. The most important reasons why company values and behaviours are critical for a successful organisation are that they:

#1: Help Employees Make the Right Decisions

Companies with good values often have some of the best employees in the industry. This is not just because these employees are good at what they do but also because they make the right decisions. Doing so can be incredibly difficult, especially in times of crisis, but having company values can make the decision-making process easier by guiding employees in the right direction when they need to make a decision.

#2: Improve Communication Between Employees

There are different types of business values (more on this later) and the ones that involve personal relationships can actually help you improve communication between employees. Trust, honesty, and respect are often listed as some of the top company values every organisation should have precisely because they make your team work together better.

#3: Motivate and Engage Your Team Members

Company core values are also necessary for motivating and engaging your team members. When your employees know what they are working for (except for their own salary), they will be more interested in actually doing their jobs well. Besides, core corporate values often include passion or drive for the company’s work, so motivation is by far one of the most essential purposes of company core beliefs.

#4: Let Clients Know What Your Brand Stands For

Connecting with customers can be particularly difficult for big companies that seem like corporate machines to many consumers. Luckily, by having strong company values that you promote to the public and actually live up to with everything you do, you could establish that connection with your audience much faster. Brands can be known for their products, but the experience customers get is also valued greatly by their respective client bases.

#5: Attract and Retain Top Talent in the Industry

As mentioned earlier, the top companies usually have the top talent in the industry, and one of the reasons for this is the presence of good company principles and values within those organisations. Potential employees are attracted to these company beliefs and values, so there will be more candidates applying to work for you. And, once they come to your company, they will want to continue working for you for a long time because of the company culture you have built with the help of these company culture values.

#6: Simplify Marketing and Internal Communication

While cultural values in business have a positive internal effect, they can also be used externally in marketing and communication. When using these corporate core values, it will be easier to make decisions related to your marketing and communication (e.g. launching ad campaigns, handling critical situations, and so on).

Examples of Common Values

It’s important to understand that we can have 2 sets of values, personal and professional, and still achieve our life goals. While some can be seen in both sets of values, some are specific to just one group. However, for us to have peace of mind and find contentment, they cannot be directly opposite, otherwise, we run the risk of suffering from internal conflict.

To better understand the most common values people live and work by, it’s worth looking at each of these examples one at a time and examining what they actually mean in practice.

5 Common Personal Values

#1: Relationships

For many of us, family and friends, our closest relationships, have the greatest impact on what we do, and why we do it. They are front and centre of our minds whenever we make decisions that will impact how we live. I know from personal experience that, once I became a mother, all decision-making focused on how it would impact my child. We use these relationships to create clarity and focus on choices we make, either good or bad. Also, we consider the effect our decisions will have on those we love.

#2: Success/Achievements

In many cases, our drive and motivation come from a desire to be successful and achieve great things for ourselves and others. We want to be happy, also, we want to be proud of what we have done. As such, many choices we make derive from a need to succeed and establish a future we can look forward to.

#3: Honesty

Personally, honesty from those in my life is a driving factor in how I choose to live my life. I am honest with those in my life, and of course, expect the same in return. For relationships to work, trust and honesty need to be present. In this regard, be trustworthy in order to receive the same in return.

#4: Balance

There are many areas in our lives where balance is a key factor for having a better life. Some of these areas include:

• Work/Life Balance
• Success/Mental Health Balance
• Spiritual or Religious/Relationships Balance
• Money/Ethics Balance

In many ways, we struggle, from time to time, to find the right balance between many of these areas. For example, time with your family versus extra money from overtime hours for basic material needs. Personally, only we can make the choices that are right for us and match our beliefs.

#5: Faith

Around the world, and across faiths, people base their life choices around their religious and spiritual beliefs. As such, they ensure that their faith leads their decision-making. Regardless of your personal views of these beliefs, people can become fully immersed in ensuring their faith is always at the top of their list of priorities throughout every life choice they make. And, this is a very personal choice to make.

There are many more examples of what people choose to focus on when it comes to their lives and the direction they take.

Common Company Values

In terms of business values, the list is a very long one. Here, we have a list of common values that many companies embrace in their policies and practices.

1. Honesty
2. Integrity
3. Boldness
4. Trust
5. Respect
6. Fairness
7. Collaboration/Teamwork
8. Diversity/Inclusivity
9. Accountability/Ownership
10. Innovation/Creativity
11. Continuous Learning
12. Passion/Engagement
13. Leadership
14. Quality
15. Commitment to Customers
16. Professionalism
17. Humility

When it comes to choosing good values specifically for your organisation, you need to take into account what you already have. What is your mission and your vision? What is your work environment? Which values and beliefs do you and your employees already share? What kind of image does your company have?

Best Tips for Implementation

The best values are not just the ones that were chosen correctly but also the ones that were implemented in the right way. This is why you should carefully plan how you will be implementing your chosen business values in your organisation. Here are some tips to help you do this successfully:

Implementation in Your Personal Life

So, when it comes to actually applying our personal beliefs, there are several steps we can take.

#1: Keep Them Visible

Have your top selection visible as a regular reminder. This can be a hand-written note on your fridge, a framed image that sparks recollection, or a slideshow on your devices. Whichever option you choose, ensure they are located in places that will be easily visible.

#2: Share Them with Loved Ones

Include them in conversations and explanations you share with those closest to you. This will strengthen your connections and allow others to better understand where your focus is and how you make important decisions.

#3: Have the Right People in Your Life

While not everyone in your life needs to have the exact same outlook as you, life can be challenging when those closest to you have completely different beliefs. Surround yourself with people who understand you, as a basic starting point. In that way, your beliefs will be easier to live by, rather than continually question or doubt.

#4: Include Them Into Your Daily Practices and Conversations

Use them as a habit. Avoid allowing external pressures from you from being able to live your life in the right way, for you. Focus on what is important for you and make your choices accordingly. Also, speak openly and honestly about your beliefs. Don’t be afraid of living by your chosen principles.

#5: Evaluate Your Use of Your Top Values

From time to time, ensure your values are still working for you. Remember, they can change over time depending on your current situation. Therefore, conduct regular reviews of your top-listed ones and realign them as needed.

Implementation in Business

#1: Get Professional Help

If you are unsure about your own abilities, seek professional help. You can check the best essay writing services to hire a professional writer who will help you define the most important business values for your organisation. You can also get in touch with an agency that can give you expert consultations on this matter.

#2: Lead with Your Mission Statement

As mentioned earlier, to define your core business values successfully, you need to turn to what you already have. In other words, you should look at your mission statement, vision, ethics, and so on.

#3: Find a Strong and Reliable Leader

A strong, reliable, and inspiring leader is already important for a company, but they become an even more influential figure when you consider the implementation of your business values. A good leader will help you integrate these values smoothly into the existing organisational system.

#4: Clearly Communicate Your Values

Always make sure to clearly communicate all your values both to your employees and to your customers. If you have executives who aren’t usually hands-on, you will also need to explain these to them because they will influence your business decisions going forward.

#5: Let Values Evolve Over Time

Last but not least, don’t be afraid to change your company values over time and let them evolve. By doing this you will ensure that you stay up-to-date with the trends, including societal and political changes.

Final Thoughts

All in all, the values we live by are a guiding force that allows us to achieve contentment and harmony. Those of a company are extremely influential on its inner structure when prepared and used effectively. Personally, they impact our life choices and create positive experiences when we live by our principles. In business, it impacts the brand’s success in the long run. By understanding what these are, you can apply them in your everyday actions and start implementing them in your business strategy.

Updated: February 2024 by Ailish O’Rourke-Henriette