A value statement is a description of a business’s core principles, used to create a positive image of the company among customers, employees, suppliers, the local community members and the media. Value statements vary widely and include general concepts and specific actions a business takes to achieve positive outcomes for its stakeholders.
Value statements include general principles, such as a commitment to the environment, fair treatment of employees, charitable work within a community or contributions to improve an industry or profession. Value statements of small businesses often align with the personal principles of an owner, who might want to share his conservative, liberal or spiritual values, or explain why he runs the business the way he does to stakeholders. Larger businesses create value statements that align with the perceived principles of customers to increase customer loyalty and brand preference. General values can include honesty, integrity, fairness and diversity.
Value statements can include specific descriptions of how a business pursues its principles. For example, a business might donate a portion of its profits to local youth charities or national veteran’s organizations. Companies that want to ingratiate themselves with environmentally conscious customers might use green materials in their production and packaging, recycle in their offices, use vendors and suppliers that have green programs and donate a portion of sales to environmental groups. Business that sell to women might donate a portion of sales to breast cancer research. Incorporating this into their value statements documents to stakeholders that such actions are a core part of the business.
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