Business values are good for profits ... and you, too

I have a question for you: What values are most important in your business? Making money? Being fair? Creating a great product?

To some people - the ill-informed, the judgmental, the na?ve - "business values" sounds oxymoronic. After all, how could an entity whose main job is to make money have any values other than that?

And of course, in the extreme, they may be right. But it is the extreme of anything where problems often arise - extreme religiosity, extreme ideology, and yes, extreme capitalism. Back in the day, I recall stories of makers of baby formula working to get poor African mothers to stop breastfeeding so as to force them to start buying formula. It is still a repugnant thought and it is indeed the essence of a company without conscious.

But those outlier sorts of stories are not the norm. Businesses are run by people, people have values that are important to them, and those values are reflected in those businesses. I find this to be especially true in small business where the owner sets much of the tone.

Think, for example, of Tom's Shoes. There are no shortage of shoe makers out there, but Tom's became what seemed like an overnight success. Why? Because of its values. The idea of giving away a free pair of shoes to the needy for every pair of shoes bought captured people's imaginations. It was and is a bold business move, one that seemingly would not pencil out . . . except that it did.

It was all about the values.

Starbucks spends more money on health care for employees (work there 20 hours a week and you are in) than it does on coffee. Why? Because as a child, Howard Schultz saw what a lack of insurance did to his family.

It's about values, priorities.

As an employer, you can be a jerk slave-driver who drives people hard, fires them on a whim, and leads through intimidation, or you can be one that cultivates loyalty, dedication, and excellence by treating people with respect, even kindness.

Every year, Fortune magazine lists the 100 Best Companies to work for. Inevitably, the best of the best live their values. That, in fact, is why they are the best. At Edward Jones Investments, a woman tells the story of how, when adopting a new child as a single mom, the company gave her extra time off, allowed her to bring her baby to work, and even offered an adoption reimbursement plan.

That's walking the walk.

As a business partner, there are all sorts of ways you can treat your colleagues and associates. If making a buck is your bottom line, you will make different choices than, say, if building a brand or creating mutual value is your priority.

As a spouse, you can choose to be a workaholic who justifies his or her behavior by saying to yourself, "Hey, someone has to bring home the bacon!" Or you could bring home the bacon, and some milk too when you get home in time for dinner most nights. What's important?

Look, we all love profit, but the best companies prove that you stand a better chance of making more money over the long haul if you run your business the right way, in a way that exemplifies what you think is important.

Now, it is true that not a few entrepreneurs think that having values and running a business are mutually exclusive, that running a business with distinct values is nice in theory but tough to do in practice. I submit that the opposite is usually true. Running your business based on integrity, on the values you deem important, inspires people, inspires you, evokes respect, and sets your business apart. It actually creates business.

Source http://www.usatoday.com/