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2. Dont Devalue Your Values
Why Purpose, Values And Culture Are Critical To Your Business
Copyright 2011.Hilaire R. Henthorne, Passionate Purpose
Coaching.All rights reserved. Nopart of this presentation can be
reproduced in oral or written form without the written permission
of the author and without proper attribution in a footnote or
endnote.
3. Dont Devalue Your Values
Two purposes for todays talk:
Develop a strong culture, rooted in a clear purpose and enduring
values; and
Create the basis for a great business which customers, employees,
vendors and the local community will love being associated
with
4. Dont Devalue Your Values
Profit alone is NOT a good enough reason for a business to
exist
5. Dont Devalue Your Values
An organizations values and culture flow directly from its
purpose
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Businesses follow their values and their cultures reflect those
values.
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Purpose:the reason your company exists.
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Strong Relationship Between Purpose and Profit
Companies with strong purpose, values and culture outperform
general market 15:1
Companies with strong purpose, values and culture outperform
comparable companies 6:1
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Harvard Business School study showed that firms with strong
purpose, values and culture outperformed firms with weak
purpose/culture.
At firms with strong purpose, values and culture, revenue grew 4x
faster; rate of job creation was 7x higher; stock prices grew 12x
faster; and profit was significantly higher
You cant afford not to care about purpose!
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An organization without a clear purpose is like a car without
steering.
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Its a mistake to be guided only or primarily by what people will
pay for if a given product or service doesnt fit your
purpose.
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Know what your purpose is, so that if others in your company say
Our competition at XYZ is doing such-n-such and so should we, you
can assess whether the proposed change(s) fit your purpose.Keeps
you from making knee jerk responses to competitors.
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Pampers Purpose:Dry bottoms vs. Healthy Babies
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5 Characteristics of A Clear Purpose:
1. It inspires your employees.
2. As valid 100 years from now as today.
3. Helps you think broadly about what you could do, but arent
doing.
4. Helps you decide what NOT to do.
5. Its truly authentic to the company.
Jim Collins, Inc., 1997
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Value:A principle, standard or quality which you consider
worthwhile or desirable.
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3M:Core Value = Stimulate Innovation
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Umpqua Bank:
Core Value = Community Responsibility
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You cant get people to adopt or buy into your core values.Employees
either share them or they dont.
Jim Collins, Aligning Action and Values, June 2000.
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Once you identify your core values, your next task as a business
owner is to find the people who share your values.So be clear with
others about your purpose and values.
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Alignment with your values is critical for your business to
function effectively and credibly.
Owners need to periodically assess whether their business values
and practices are misaligned, and to correct misalignments.
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Core values dont change over time; policies and practices do.
Worry about what you do as a business, not just what you say.
22. Dont Devalue Your Values
Culture:The shared attitudes, beliefs and practices that
characterize members of an organization.Culture describes the way a
companys owner(s) and employees think, feel and act.
It is the set of rules, spoken or unspoken, that you live by.Adrian
Gostick & Chester E. Hom, The Carrot Principle, O.C. Tanner
Co., 2007, 97.
23. 2 Video Clips on Business Culture:
http://businessonmain.msn.com/videos/coolrunnings.aspx?cp-documentid=25253987
http://video.success.com/from-the-magazine/tony/
DontDevalue Your Values
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Cultures That Dont Serve Businesses Well:
Culture of Resistance:Ex. Bear Stearns
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Culture of Denial: Ex.s BP & Transocean Ltd.
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Culture of Do As We Say, Not As We Do:Ex. -Raytheon
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Culture of Silence: Ex.s- NASA Shuttle Disasters & Transocean
Ltds Safety Issues
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Cultures That Serve Companies Well
Innovation Ex.s: John Deere, Umpqua Bank
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John Deere dealer:Curiosity Bonuses
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Umpqua Bank:Makes banking a community event and a sensory
experience
31. Dont Devalue Your Values: Umpqua Bank
32. Dont Devalue Your Values:Umpqua Bank
33. Dont Devalue Your Values:Umpqua Bank
34. Dont Devalue Your Values:Umpqua Bank
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DHL:Outstanding Customer Service
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Transparency & Candor:Whole Foods & SRC Holdings
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Threat to Inf0rmation Flow:Beware of the Shimmer Effect
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Kent Thiry, CEO:DaVita:Rewards employees for levelingwith him about
bad news
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Culture of Passion:Southwest Airlines
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Culture of Employee Recognition/Appreciation:Recent study by the
Jackson Organization indicated that 65% of American workers
received No recognition from a manager during the previous
year.
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Culture of Employee Recognition/Appreciation 79% of North Americans
who quit their jobs cite lack of appreciation as a key reason for
leaving
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Culture of Employee Recognition/Appreciation A Watson/Wyatt survey
asked workers to identify very significant motivators of
performance.66% said Appreciation.
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Culture of Appreciation/Recognition:
Investing in recognition is good for business.
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For recognition to be effective, it must be:
Frequent every 7 days
Specific
Timely
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Recognition must be specific
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Recognition Must Be Timely At work as at home
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Business Trends:
Reduce Corporate Real Estate Footprint
Reconfigure Corporate Office Space
Emphasis on green building or conversion of existing
buildings
Labor outsourcing
Reducing turnover costs
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Paradigm Shift:
1 Office + 1 Employee + 1 Desk model is becoming extinct
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Business new role:community gathering place Umpqua, Wegmans,
Safeway
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Business Trend:Increasing Shortage of Skilled Workers
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Every Customer Is a Reporter Now, Jay Baer,
ConvinceandConvert.com