What Are Business Values?

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A business that meets several core values will work to the benefit of both employees and customers.
A business that meets several core values will work to the benefit of both employees and customers. (Image: Thomas Northcut/Photodisc/Getty Images)

Businesses are often thought of in terms of products, services, dollars and cents. However, there are a number of values that also play a relevant role in running a business and ensuring the business is being run in a proper way that helps ensure its long-term success.

Physical Values

There are a number of business values that apply to how the business physically conducts itself publicly. Common values in this sector include ensuring a clean and organized workplace, holding regular, timely and efficient meetings and ensuring high-quality products are made in a safe, but efficient manner. Striving to meet these values will ensure that a business is being run efficiently with a minimum amount of waste, but also will ensure the business is being operated so that it treats both clients and employees with respect.

Organizational Values

Organizational business values refer to how a business organizes its work and resources, in such a way as to ensure the best is done for workers and the business as a whole. Common values within this type include standardizing business operations and instilling a cooperative, teamwork mentality among employees. Holding individuals accountable for work, instilling discipline to meet the work, and ensuring everyone is able to communicate their needs and concerns clearly all fall within the organizational value framework.

Psychological Values

Businesses may exist in buildings of brick and mortar, but values addressing the psychological needs of the people working there are also vital. Business values that address the mental aspect of things include establishing an environment of equal respect and harmony, while also making clear a hierarchy that allows for quick and flexible decision-making. Other mental values include encouraging innovation among employees, and working to develop the talents of the people working there.

Ethical Values

A business that strives to do well by clients and employees also will need a variety of ethical values as well. These values ensure that everyone is treated with the respect and honesty they deserve, and that those human values are not overlooked in the pursuit of profits. An ethical business will operate honestly with customers and avoid deceptive practices. It also will make decisions with the well-being of workers in mind, ensuring they are not being abused or taken for granted.

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