568: The Power Of Core Values In Your Trade Business

This Podcast Is Episode 568, And It's About The Power Of Core Values In Your Trade Business

As a construction company owner, you're the architect of your business's vision and culture. But some of the foundation often needs to catch up in the hustle to improve services, chase sales, and keep the lights on. Core values—those guiding principles that shape your company's identity—are more than words on a wall or a statement in a handbook.

 

Getting leads and doing the work is only part of the answer. Not answering them and acting on the knowledge is why many construction companies wither and die. They focus on the wrong areas to innovate or improve. They focus on the wrong enemy and threat. As a result, they need to catch up on what they could be doing to succeed and prosper over time.

 

Is the elevator pitch you used a year ago – even six months ago – still accurate? Unless you are crystal clear on who you are as a construction company, whom you're here to serve, and what you hope to achieve in the next one to three years, it will be hard to come up with meaningful goals.

 

These aren't just buzzwords to sprinkle throughout your website—your business's core values can act as the compass for your business, sharpening much about it. If your brand needs tweaking to reflect where your construction business is today and where you want it to go, start there.

 

Let's dive into why core values are critical to your entrepreneurial journey.

 

1. Core values establish a company culture.

 

A company without defined core values is like a boat without a rudder—adrift without direction. Sure, you're moving, but where?

 

Core values foster a sense of identity and purpose

 

Your core values anchor your company's culture. They define your company's personality. When employees understand and live these values, it unifies them.

 

Guide decision-making and conduct

 

Values should be your company's moral compass, setting the course for how you want your team to operate in every situation. From difficult decisions to everyday choices, they help your team stay true to the company's ethos.

 

2. Attract and retain talent.

 

In a competitive job market, your company's values can attract like-minded individuals.

 

Appeal to employees who align with the values

 

Millennials, and now Gen Z, not only seek employment but also meaningful work. They are drawn to companies whose values match their own. When you promote your business's core values, you'll find it easier to recruit those who are best suited for your team.

 

Increase employee engagement and loyalty

 

Employees who connect with your values are more likely to be engaged in their work and committed to the company's long-term success. This engagement translates to higher levels of staff retention, and engaged employees are much less likely to look for a job at other companies.

 

3. The currency of trust: build trust and reputation.

 

Consumers want to buy from companies they believe in.

 

Demonstrate integrity and authenticity

 

When your core values drive your business practices, you stand out as a company that's not just about profits but about people and principles. This authenticity in business operations builds a strong foundation of trust with your customers.

 

In a world of cynicism, displaying your core values shows that you mean what you say.

 

Enhance customer trust and loyalty

 

A company that walks the talk regarding values will create loyal customers who return for repeat business and refer others to you.

 

4. Provide a framework for decision-making

 

One of the trickiest parts of leading a business is knowing which opportunities to chase and which to pass up.

 

Help plan actions and initiatives

 

Clear core values make evaluating opportunities easier and aligning them with your company's long-term strategies.

 

Guide strategic planning and goal-setting

 

Strategic