Vinayak Mahtani is the CEO and co-founder of bnbme Holiday Homes.
Thoughtfully developed core values serve as a compass. They act as a framework that provides clear guidance and a sense of purpose and consistency. This, in turn, helps drive decision-making, shape the culture, and build trust and credibility.
When setting up my own venture, I was very particular of our core values, as I consider them to be the backbone of my business. At bnbme, each stakeholder strongly believes in the business and what it stands for. We demonstrate loyalty and passion toward the company and have a positive, growth-oriented approach as we charge against the challenges.
Just like every business has its strengths and challenges, what’s important is the approach and attitude you have toward the obstacles and how you thoughtfully turn them into an opportunity. This is where values come into play.
Core values are fundamental beliefs and principles that can be defined around aspects of integrity, goals and building a better world. They keep individual stakeholders at the helm.
The Role Of Leaders In Developing Core Values
A company’s commitment to its core values is reflected in the actions of individuals in leadership. It’s imperative that the CEO, board members and promoters are 100% aligned with the company’s mission statement and core values. This is an ongoing process, and leaders should review the values regularly to ensure they are still accurate and relevant.
Your values should be in line with your organizational structure, culture, strategy, operations, and evaluations, and incorporated into your onboarding process, training, recognition and feedback systems. Be sure to also reward and celebrate behaviors and outcomes that align with the company’s mission statement and core values to help further develop a strong and dedicated team.
What Core Values Look Like In Practice
Hospitality is an industry where core values play a crucial role. Common core values are customer service, flexibility, professionalism and safety. But what sets your hospitality business apart is your approach and attitude to offering a memorable customer experience, displaying a growth-oriented approach and providing work-life harmony.
Core values work to captivate your audience and help accelerate your business in the right direction. In my hospitality business, I believe the focus should be on creating unforgettable experiences by focusing on personalized guest services. A “make-it-happen” approach has been a driving force behind our success, which has gained both customers’ and stakeholders’ trust and reliability.
When you think about defining your core values, think about what sets your business apart in order to help you stand out against competitors. When it comes to hospitality, the core values that set you apart are those directly linked to creating a positive experience that internal stakeholders and customers will come to associate with your company.
Building A Strong Core Values Framework
To build a strong core values framework, brands must follow a systematic approach:
1. Identify your core values. Begin by identifying the core values that truly represent your organization’s beliefs and principles. These values should align with your company’s mission and vision. What problem is the company facing and in what way do you plan to solve them?
2. Communicate and educate. No matter the type of business, it’s crucial to communicate your core values through your website, your social networks, and, particularly, during the onboarding process. Customers, vendors, and internal stakeholders should all be educated on the significance of these values and how they contribute to the overall success of the organization.
3. Integrate core values into decision-making. Embed the core values into the decision-making processes. Ensure that every decision aligns with your values, from hiring and promotions to partnerships and strategic initiatives.
4. Lead by example. Leadership should embody core values in their own actions and behaviors. Their commitment to the values will inspire others to follow suit.
In conclusion, fostering core values helps define the personality of the company, which is unique to each business. It helps the company build a reputation that will stand the test of time.
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