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Writing a Great Value Statement Can Bring In Tons of Money for Your Business

Writing a Great Value Statement Can Bring In Tons of Money for Your Business

Stepping into the world of business can be exciting at first, but it’s only a matter of time before you realize that not everything will go according to plan. Regardless of industry, all businesses will have to contend with unexpected challenges. Customers complaining, sales dropping, employee productivity going down – it’s an endless struggle that will push entrepreneurs well beyond their limits.

Amidst all the chaos, what’s important is that your business never loses its identity. If you remain true to a single value statement,[1] everyone – including employees, customers, and competitors – will give your brand the respect and recognition it deserves.

What is a Value Statement?

A value statement, also referred to as “mission statement”, describes an organization’s core beliefs. It often gives potential customers an idea on what to expect, which in turn may impact their purchase decision. Within the organization, value statements are declared to provide motivation and guidance to the staff.

Below are the four most important parts of an effective vision statement:

The problem – What is the specific problem your company is trying to solve?

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The solution – What services or products can you offer to solve this problem?

The audience – Who will benefit mainly from your proposed solution?

The commitment – Lastly, what are the core beliefs that make you different from your competitors?

Examples of Effective Value Statements

Time after time, industry leaders come up with powerful value statements that boost the popularity and authority of their brand.[2] For example, social media giant Twitter has a simple yet inspiring statement:

“To give everyone the power to create and share ideas and information instantly, without barriers.”

L.L. Bean’s statement, on the other hand, revolves around providing value to customers and the importance of business ethics:[3]

“Sell good merchandise at a reasonable profit, treat your customers like human beings, and they will always come back for more.”

Other than businesses, entrepreneurs must have their own personal brand identities that can guide their future ideas into fruition and mold the way they function as business leaders.[4] Of course, powerful value statement messages also work wonders for PR. For example, Bill Gates and his wife Melinda highlights this statement in Gates Foundation:[5]

“…And so we are dedicated to improving the quality of life for individuals around the world. From the education of students in Chicago, to the health of a young mother in Nigeria, we are catalysts of human promise everywhere”.

The Benefits of Having a Value Statement for Your Business

For some companies who overlook the importance of a value statement, it’s just a string of words that hang on the wall. But for others, it’s a method of empowerment for many reasons:

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It Simplifies Decision-Making

By getting your priorities straight from the get-go, future decisions can be based on which option benefits your core values the most. In other words, a value statement creates a template for future decision-making, allowing you to save time and focus more on developing strategies.

It Diminishes the Fear of Failure

The amount of money made is often used as the measure of success in an endeavor. But if every decision you make aligns with your value statement, then every outcome can be just as rewarding – knowing that it brought you closer to fulfilling your company’s purpose.

It Motivates Employees

The low employee engagement rate is a lingering issue in workplaces worldwide. According to statistics, only 29% of the U.S. workforce are fully engaged and committed to their organization.[6] This is mainly because paychecks become their sole motivators in companies that lack a concrete value statement. But if they know they’re contributing to a bigger cause, then not only will they work harder, they’ll also feel more connected with the company culture.

It Fosters Customer Loyalty

Surveys reveal that 34% of consumers will spread the word about a brand that is fair, honest, or pursues ethical actions.[7] 48% says that a company’s ethics is determined by employee treatment. By creating a value statement that resonates with both your employees and your target audience, you will surely win their trust and loyalty.[8]

How to Write a Powerful Value Statement for Your Business

If you can get employees working towards a common goal and customers believing in your cause, then success will surely follow. Here are some additional tips on creating a value statement:

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Get Everyone Involved

If you’re in the early stages of a startup, then there’s still plenty of time to gather everyone’s input and identify a vision that everyone is willing to share. Try asking every member to explain why they think the company exists. As a rule of thumb, prioritize a private meeting with board-level members before consulting everyone else.

Revisit the Identity of Your Brand

In the brainstorming process, try to focus on basic questions that help get to know your brand. For example, what is the story behind the company’s founding team? What do you want the company to look like in 5-10 years? Answering these questions will help you learn what has worked out for your brand so far.

Use the Three-Step Method

In the world of blogging, a core message is often condensed into one editorial mission statement, which can be created using three simple steps: addressing the audience, specifying the deliverables, and describing the desired outcome. For example:

“This article helps business leaders and entrepreneurs (the audience) with practical and actionable advice (the deliverables) on developing a powerful value statement to elevate their business (the outcome).”

Review, Revise, and Clarify

A value statement isn’t something you can easily change in the future. That said, try to come up with several drafts at first and let everyone vote for the best one. Make sure it’s succinct, attention-grabbing, and memorable.

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Remind Everyone

Finally, try to include your value statement in all touchpoints – including your company websites, product packaging, and various forms of branded content that are readily available to potential customers. Employees are typically made aware of your statement during the onboarding process and every day through in-office posters, ID tags, and company computer wallpapers.

Reference

More by this author

Vikas Agrawal

Vikas is the co-founder of Infobrandz, an Infographic design agency that offers creative visual content solutions to medium to large companies.

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Last Updated on March 29, 2021

5 Types of Horrible Bosses and How to Beat Them All

5 Types of Horrible Bosses and How to Beat Them All

When I left university I took a job immediately, I had been lucky as I had spent a year earning almost nothing as an intern so I was offered a role. On my first day I found that I had not been allocated a desk, there was no one to greet me so I was left for some hours ignored. I happened to snipe about this to another employee at the coffee machine two things happened. The first was that the person I had complained to was my new manager’s wife, and the second was, in his own words, ‘that he would come down on me like a ton of bricks if I crossed him…’

What a great start to a job! I had moved to a new city, and had been at work for less than a morning when I had my first run in with the first style of bad manager. I didn’t stay long enough to find out what Mr Agressive would do next. Bad managers are a major issue. Research from Approved Index shows that more than four in ten employees (42%) state that they have previously quit a job because of a bad manager.

The Dream Type Of Manager

My best manager was a total opposite. A man who had been the head of the UK tax system and was working his retirement running a company I was a very junior and green employee for. I made a stupid mistake, one which cost a lot of time and money and I felt I was going to be sacked without doubt.

I was nervous, beating myself up about what I had done, what would happen. At the end of the day I was called to his office, he had made me wait and I had spent that day talking to other employees, trying to understand where I had gone wrong. It had been a simple mistyped line of code which sent a massive print job out totally wrong. I learn how I should have done it and I fretted.

My boss asked me to step into his office, he asked me to sit down. “Do you know what you did?” I babbled, yes, I had been stupid, I had not double-checked or asked for advice when I was doing something I had not really understood. It was totally my fault. He paused. “Will you do that again?” Of course I told him I would not, I would always double check, ask for help and not try to be so clever when I was not!

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“Okay…”

That was it. I paused and asked, should I clear my desk. He smiled. “You have learnt a valuable lesson, I can be sure that you will never make a mistake like that again. Why would I want to get rid of an employee who knows that?”

I stayed with that company for many years, the way I was treated was a real object lesson in good management. Sadly, far too many poor managers exist out there.

The Complete Catalogue of Bad Managers

The Bully

My first boss fitted into the classic bully class. This is so often the ‘old school’ management by power style. I encountered this style again in the retail sector where one manager felt the only way to get the best from staff was to bawl and yell.

However, like so many bullies you will often find that this can be someone who either knows no better or is under stress and they are themselves running scared of the situation they have found themselves in.

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The Invisible Boss

This can either present itself as management from afar (usually the golf course or ‘important meetings) or just a boss who is too busy being important to deal with their staff.

It can feel refreshing as you will often have almost total freedom with your manager taking little or no interest in your activities, however you will soon find that you also lack the support that a good manager will provide. Without direction you may feel you are doing well just to find that you are not delivering against expectations you were not told about and suddenly it is all your fault.

The Micro Manager

The frustration of having a manager who feels the need to be involved in everything you do. The polar opposite to the Invisible Boss you will feel that there is no trust in your work as they will want to meddle in everything you do.

Dealing with the micro-manager can be difficult. Often their management style comes from their own insecurity. You can try confronting them, tell them that you can do your job however in many cases this will not succeed and can in fact make things worse.

The Over Promoted Boss

The Over promoted boss categorises someone who has no idea. They have found themselves in a management position through service, family or some corporate mystery. They are people who are not only highly unqualified to be managers they will generally be unable to do even your job.

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You can find yourself persistently frustrated by the situation you are in, however it can seem impossible to get out without handing over your resignation.

The Credit Stealer

The credit stealer is the boss who will never publically acknowledge the work you do. You will put in the extra hours working on a project and you know that, in the ‘big meeting’ it will be your credit stealing boss who will take all of the credit!

Again it is demoralising, you see all of the credit for your labour being stolen and this can often lead to good employees looking for new careers.

3 Essential Ways to Work (Cope) with Bad Managers

Whatever type of bad boss you have there are certain things that you can do to ensure that you get the recognition and protection you require to not only remain sane but to also build your career.

1. Keep evidence

Whether it is incidents with the bully or examples of projects you have completed with the credit stealer you will always be well served to keep notes and supporting evidence for projects you are working on.

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Buy your own notebook and ensure that you are always making notes, it becomes a habit and a very useful one as you have a constant reminder as well as somewhere to explore ideas.

Importantly, if you do have to go to HR or stand-up for yourself you will have clear records! Also, don’t always trust that corporate servers or emails will always be available or not tampered with. Keep your own content.

2. Hold regular meetings

Ensure that you make time for regular meetings with your boss. This is especially useful for the over-promoted or the invisible boss to allow you to ‘manage upwards’. Take charge where you can to set your objectives and use these meetings to set clear objectives and document the status of your work.

3. Stand your ground, but be ready to jump…

Remember that you don’t have to put up with poor management. If you have issues you should face them with your boss, maybe they do not know that they are coming across in a bad way.

However, be ready to recognise if the situation is not going to change. If that is the case, keep your head down and get working on polishing your CV! If it isn’t working, there will be something better out there for you!

Good luck!

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