The importance of defining the mission and ethical values of your company
The ethics of the company determines its personality. It is a fundamental aspect since it determines the relationship it establishes with customers, suppliers and even with the members of the business.
In addition, defining these aspects presents an image of the company to the outside world. It will also help it to know in which way some functions should be performed, always trying to respect these values.
The goal of defining values and ethics helps establish your role with society:
- The commitment to various causes such as the environment for example, is very important to society. This has caused most companies to try to be respectful with him, improving their production models and working on their corporate responsibility.
- Avoid unfair competition between companies. Despite being in a very competitive market, business ethics urges that this type of behaviour be avoided, which exposes the companies that carry it out.
- Comply with quality standards. Failure to do so not only hurts the image of the brand, but it also hurts consumers. For this reason it is important to apply quality standards and not cheat with poor quality products.
- Do not use misleading advertising in order to make the public believe things that are not real. This point is related to the previous one, it harms consumers and the image of the company.
- Promote a respectful and healthy work environment, in which positive values are transmitted to create an optimal and motivating work environment.
These aspects are very important today. In addition to the ethics of the company, the values and the mission and vision that constitute the company are defined.
Mission and vision of a company
The mission and vision are two aspects that reflect the rationale of the company. Both define its objectives and make up its identity.
- The mission describes the motive or rationale of an organization, company or institution. It focuses on the objectives to be achieved in the present. It must be precisely defined and will serve as a guide for day-to-day work.
Example (IKEA): "To offer a wide range of well-designed, functional home furnishing products at prices so low that most people can afford them."
- The vision represents the ideal expectation or goal that the company hopes to achieve in the future. It is more generic and less specific than the mission. Its function is to motivate the team and reflect the brand image that we would like.
Example (IKEA): "To create a better everyday life for our customers, workers and suppliers."
The mission and vision are part of a strategy and seek to achieve the same objective. Both concepts play an important role as psychological and organisational aspects within an institution. They are usually formulated by the top management or the founders of the organisation.
Definition of values in the company
Company values, also known as corporate values or core values, are the core beliefs on which your business and behaviour are based. The company's values guide its actions, unite its employees, and define its brand. According to its values, this is how the company will manage relationships both internally and with customers or suppliers and society.
These values must be firm and unshakable, as they guide the rest of the organisation's aspects. They must affect every aspect of the business, from employee benefits such as the work environment to marketing strategies and customer service.
Example (IKEA): The brand has 5 fundamental values, these are the following:
Why is it so important to define the mission and values of your company?
Defining these aspects considerably improves the brand identity of the company. In turn, this has many benefits:
- The business image will improve notably among its public and environment.
- The trust of customers will increase and they will identify with the values that the company transmits.
- Workers are more loyal to the business. If there are values that appreciate their work and well-being, they will commit to the company. Also, they will be much more motivated.
- Entities that have these values are often recognised among the public and among other companies, this can lead to future collaborations and negotiations of great value.
- The rights of workers, clients, investors and all parties involved will be respected and protected by the professional ethics of a company.
- Common standards will be established for all, thus, in turn, creating a safe and respectful environment at work.
Building the brand identity is an essential element to improve relationships and market presence. What's more, the success of a brand begins with its corporate identity. At BCM Marketing we know this, that's why we help you to consolidate the identity of your company, to spread it and connect with your audience.