Mission, Value, Vision & Increasing Your Bottom Line
Is your company lacking direction? Are your employees just going through the motion? Having problems with employee turnover? If you haven’t already, maybe it’s time to create or rewrite your mission statement, set your company values and establish your vision.
You might be too focused on running and growing your business to focus on your company’s mission, vision, and values or maybe you’re just not communicating them effectively. But don’t overlook the power in a quality set of core principles. Your business’s overall company values will dictate everything in your business including your marketing strategy, branding, staff management, customer service, employee turnover, and above all, your bottom line.
For instance, an employee turnover in this industry costs a company a minimum of $750 per turnover, so any improvement in morale and turnover is like adding profit. Also notable is the damaging effect unmotivated and lethargic employees have on your business’s credibility and profits. Customers will be dissatisfied with employees who project poor attitudes and lack of effort and will be hesitant to recommend your service to friends and family.
Profitable businesses have a culture that exuberates their purpose in society, sets boundaries for decision making and establishes attainable goals. All of which can be communicated to your employees through Mission, Value and Vision statements and to your clients through corresponding customer service, marketing and branding. These codes of ethics will help retain your best employees and clients and act as the backbone to your business — setting the course for a profitable future. Your staff will know the core values of your business and refer to them while making decisions, during meetings, and when planning a course of action like a marketing strategy. If done right, your company’s mission, values, and vision will improve your customers’ perception of your business, improve customer service, take a load off your shoulders, and increase staff morale; all of which will increase your bottom line and your SANITY.
Your Mission is what you want to achieve everyday your business is operating. It describes your business’s purpose in society and should be evident in your branding and marketing strategies. Tying your leaders, employees and clients to a company purpose higher than just the service and products you’re offering will often inspire your workforce and create loyalty amongst your customers to keep them coming back again and again! Your mission should describe the Who, What, Why and How to your business. Customers will know what to expect and employees will know how to act.
Your company Values are the guiding principles to your company’s actions and your brand. They are the foundation to your company philosophy. Every day, your employees are making decisions in the field and in the office that will have an impact on current and future business. Values like integrity, customer satisfaction, and loyalty, will set guidelines for decision making and set standards for your employees’ actions. When push comes to shove, it will make staff management a lot easier. Employees will be reassured that if they abide by the core values of the company, they will succeed and have opportunity for growth/reward — which will motivate your staff and help retain your best performers. And clients will be reassured that if standards weren’t met based off your company values and mission, they will be compensated appropriately.
Your Vision will plot your course for the future. A vision statement could provide the framework for your company’s next five or ten years. Often confused with Mission statement, vision statements should offer more of a long-term direction, include a perspective of company values and articulate your business’s role in society. It should inspire your employees to push forward, even during the toughest times.
Establishing these values will help communicate to your employees and your customers what to expect and how to act. Try incorporating your employees when readjusting any of these codes of ethics in the future. When your employees feel connected to how the company is moving forward, they will work harder and be happier. You can guarantee that a good set of company principles will improve your customer service, guide almost every decision made, limit employee turnover, improve company morale and increase your bottom line!