The Cost of Core Values
by Craig Myers, FR Nation Success Coach
Let’s start with an understanding that your business needs to have a clearly defined list of Core Values. But we’re not going to discuss how to put your list together. We’re going to talk about the cost to your business.
I’m sure most of you are familiar with Precision Nutrition. One of their most popular articles is titled The cost of Getting Lean: Is it really worth the trade-off?
It’s a fantastic article and got me thinking about the trade-offs fitness business owners have to make in building a successful business. There’s no way around it. You’re going to have to give up some things if you want a high performing business that provides the lifestyle you’re after.
In order to build a successful business, you’re going to have to give up some things.
So what do Core Values have to do with it? The truth is, whether you’re purposefully driven by a set of Core Values or not, it’s going to cost you. There are trade-offs either way, and you’re going to miss out on some things.
To make the details clear, we’re going to compare “living” a set of core values vs. not living them.
Just having them listed somewhere doesn’t do any good, so we’re looking at the cost of building your business around them in three key areas.
The Cost of NOT Building Core Values
Probably no surprise that lost time and money is a result seen in each key area. But don’t gloss over the negative impact on decision making and inner turmoil.
The Cost of Building Around Core Values
It may seem overly simplistic but think about what it takes to do those things. How often do new ideas and products distract you from what’s really important? How often are you stressed by clients or staff because in your gut you know they’re not a good fit? It doesn’t matter what area of business we’re talking about, the costs of running your business based on your Core Values are the same.
One of the hardest things you’ll ever have to do as a business owner is be honest with yourself.
The good news is when you are, it’s easier to make decisions and you’re generally happier! Plus, you typically start saving time and money and correct the other problems listed above.
So the costs of building around your Core Values are worth it!
Ok, since you’ve made it this far I know you’re on board and ready for your next steps, so here they are.
If you DO already have your Core Values Defined:
- Challenge them. Take some time to review and ask yourself why each one is listed. Are you really demonstrating these values in your business right now? This is the “Be Real” part that isn’t easy. Make any updates and revisions necessary.
If you DON’T have your Core Values Defined:
- Don’t worry, you have them 🙂 You just need to extract them and refine their meaning so they’re clear and actionable.
Remember, it doesn’t do any good to just have a list of Core Values written down so once you feel good about your list:
- Make them “DDV’ed” – Developed, Documented, and Visible. They need to be visible in multiple places and known by everyone on your team. They are a cornerstone of your culture. Keep them present.
- Identify parts of your business that aren’t connected to your Core Values and fix it. For example, your Core Values should be part of your hiring, firing, review, and reward process.
Looking for more help?
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