Council Post: ‘FACES’ Of Integrity: How To Live Your Core Values

Clare Moore is the Head of Franchising at Tide Cleaners.

Your company might not be as valuable as you think. I hope that isn’t the case, but when you’re number-crunching and looking at your business’s net worth, you should also be examining your core values.

Having values isn’t something that’s “nice to have.” I believe core values actually make a company more valuable. After all, I don’t think anyone needs convincing that a business known for its strong values is more valuable than a business known for lousy customer service and underhanded treatment of employees. Brand reputation is often the difference between a successful enterprise and a doomed one. But are you living those your values and passing them onto your employees, your vendors, your customers and everyone else with which you’re coming into contact?

My guess is that you are. If you’re reading this, you probably care about your company’s values. But it’s never a bad idea to formalize them. Here’s what I mean:

Do you spell out your core values in a mission statement or an employee handbook?

There’s something powerful about seeing anything in writing. If that wasn’t the case, we wouldn’t need advertising. Restaurants wouldn’t include adjectives in their menus, describing foods as “full-bodied,” “rich” or “robust.” They know what those words do to us.

It’s the same principle when you craft a mission statement or an employee handbook. It matters if you’re touting your core values — the importance of customer service, quality and ethics — and all of the important rules of your life and business by which you want to live.

I’m not saying that every employee you hire will read the values in your handbook and think, “Whoa, let me memorize these core values.” But some of the conscientious ones will. Furthermore, at least your handbook is something to turn to if you catch an employee acting in a way you don’t approve of. You can say, “Look, right here. It’s in the manual.”

Putting core values down in writing isn’t a magic talisman. I get that. But it is a start, and it is a good way to get off on the right foot not only for your employees but also for you. Most days, we’re all running around, just trying to keep our heads above water. But whether it’s early on when you’re starting a business or you’re reworking a manual or your own goals, it’s important to take some time every once in a while and think about what is important to you — and put it down in writing.

At my company, we actually titled our value system as “FACES of Integrity,” an easy acronym that stands for focus, accountability, continuous improvement, excellence and service mentality, all with the focus of integrity. It’s simple but effective and something that everyone in the company can refer to, remember and apply.

Are you leading by example?

This can be harder than it sounds. When you own a business, sometimes you’re under a lot of pressure — and we all are under a lot right now — and you don’t always perform your best.

But if you let your temper get the best of you or you take a lot of shortcuts with quality, your employees, your vendors and your customers, they will all see that. Alternatively, if you’re even-tempered, you’re always looking for the best in people and you want everybody to work hard and be happy, everybody will see that, too.

That can be a lot of pressure if you overthink this, and please don’t. But if you’re a leader, your followers are going to take cues from you. So when you come into work, you need to try your best to be your best. That’s how you get the team you’re leading to act as a team.

I know it can sound sappy, but I think anyone following the business world knows what I’m talking about. Generally, whenever a big business comes under some sort of scandal, you almost always wind up learning that the leadership at the top either were fine with it or tacitly encouraged the behavior by ignoring what was going on.

Do your policies and practices reflect your core values?

I realize, especially in this economy, that you might not always be able to pay employees what you think they deserve, especially if you’re like me and think everybody deserves more than just their fair shake. Maybe you can’t offer full benefits to each employee.

But maybe you can offer a flexible schedule. Or maybe you make every Friday morning Free Coffee and Doughnuts Day. Maybe you have a practice of sending flowers to any employee who loses a parent or grandparent, or maybe you give them flowers every year on their work anniversary.

We’re all different. Maybe you hate flowers or are allergic. That’s fine, but you can at least say “thanks” and “please” a lot and be a great person to work for, right?

My point is: You could be the nicest person in the world, but if your business doesn’t reflect your core values, you might end up sending the wrong message to, well, everybody.

So the next time you’re wondering how valuable your company is, go ahead and add up your assets and revenue, and look at earnings multiples and do a cash flow analysis. But don’t forget to also ask yourself whether your company is operating under your core values. If it isn’t and your core values aren’t part of your business model, I guarantee your company is poorer off for it.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?